Credit cards and your bank details

Sarahspangles

Josquin said:

elsien said:

I used to pay each month when the bill came in, but then I forgot and got hit with charges so now I do a direct debit for the full amount. 

I see.  

So the amount you have spent that month is  simply transferred automatically and not just the minimum?

A month with no spending at all means nothing transferred via the DD?

I would be happy with that I think.

Yes, I’ve always been offered the option of paying in full. With Nationwide I find it’s always 28 days from the bill to payment so I’ve got plenty of time if I’ve bought a holiday or something like that and need to move some money from savings.

Josquin

'If a scammer runs up a bill on your credit card, it’s the card provider’s problem.'

Not a run on your bank accounts.

Sarahspangles

531063 said:

Sarahspangles said:

531063 said:

Josquin said:

'I don’t want to give fraudsters my main bank account details 

You've never written a cheque then ?

It’s a different risk. There is more information on a debit card including CVV, which is enough for some vendors to accept an order. And used online in an insecure site the card data can also be connected to your email address and other data. You only need to have reused your password, say for email, and for this to have been pwned ant some point and the thief has control.

Exactly the same risk as a CC then. 

No, because my money is not stored in that account.

Josquin

Thanks, Will have a look at Nationwide's card.

M/S also .

Sarahspangles

Josquin said:

'If a scammer runs up a bill on your credit card, it’s the card provider’s problem.'

Not a run on your bank accounts.

I think that in both scenarios the account holder gets the money back, unless they've been very stupid. But the inconvenience of freezing a current account and possibly missing bill payments or not being able to draw cash is much higher.

I’ve seen people say that everyone should have two current accounts for this eventuality but that’s just another account to keep an eye on.

Josquin

'But the inconvenience of freezing a current account and possibly missing bill payments or not being able to draw cash is much higher.'

Hence use of a credit card.

Nasqueron

Sarahspangles said:

Josquin said:

'If a scammer runs up a bill on your credit card, it’s the card provider’s problem.'

Not a run on your bank accounts.

I think that in both scenarios the account holder gets the money back, unless they've been very stupid. But the inconvenience of freezing a current account and possibly missing bill payments or not being able to draw cash is much higher.

I’ve seen people say that everyone should have two current accounts for this eventuality but that’s just another account to keep an eye on.

Many people on here, myself included, have multiple accounts for various purposes where this backup is helpful, at the very least I use 2 daily accounts, with access to 2 others (empty), 1 single/joint account at Starling where I don't use the single one but have it alongside our joint account. I just opened a Santander one for the recent offer of £36 + £22 cashback etc etc 

born_again

Sarahspangles said:

531063 said:

Sarahspangles said:

531063 said:

Josquin said:

'I don’t want to give fraudsters my main bank account details 

You've never written a cheque then ?

It’s a different risk. There is more information on a debit card including CVV, which is enough for some vendors to accept an order. And used online in an insecure site the card data can also be connected to your email address and other data. You only need to have reused your password, say for email, and for this to have been pwned ant some point and the thief has control.

Exactly the same risk as a CC then. 

No, because my money is not stored in that account.

Sadly a lot of people think that. The risk is exactly the same. While a CC is a credit facility. It is your money being spent.
If you were to be held liable. You would still have to pay it back.