The best piece of advice that I can give you when it comes to the use of ATM/debit cards is this: be careful.
Personally, I own a debit card and I do carry it with me, but mainly for emergency purposes and because it’s a debit card that can actually generate rewards. Believe it or not, I would say I use it maybe one time per year because of the huge dangers involved.
Am I sounding paranoid? Am I just spouting off and making a mountain out of a molehill? Here are 4 reasons to help you understand my perspective:
1. You Are Less Protected Than With a Credit Card
When compared to an actual credit card, you have fewer protections at your disposal when you use your debit card. For example, let’s say you book an airline ticket and shortly thereafter, the carrier goes out of business. With a credit card, you can do what’s called a “chargeback” and basically get your money back. You have no such protection with a debit card.
2. They Could Be Watching
Criminals have been known to use cameras and/or high-powered binoculars to peer over your shoulder to get your banking information, so you now don’t just have to worry about the guy standing behind you. Credit cards often have better policies in place that will allow you to retain your money in the case of credit card information theft.