Comments on: Capital One’s New Breed of Debit Cards: Would You Use It?

By: Pam

Pam — Wed, 17 Dec 2008 01:04:51 +0000

Completely untrue. My Netspend card was stolen, the thief bought gas, I filed a claim-my money was returned 10 business days later.

By: Samantha

Samantha — Tue, 26 Aug 2008 13:56:39 +0000

Tara, the problem with prepaid debit cards like yours is that if someone does steal the card/number, you LOSE the money loaded on the card and there is NOTHING you can do to get it back. A linked debit card like most banks offer carries the same protections as a Visa/MC credit card. Banks like to make you think you only have 30 days or less to dispute unauthorized charges and that simply isn’t true. As a chargeback rep for a major credit card processing company, I can assure you that timeframe is much longer… 120 days for Visa/MC and a whopping 365 days (for fraudulent charges) for Discover. I’m actually considering getting one of these Capital One debit cards for my current checking account and using that card instead of my Visa check card that comes with the account. My Visa card doesn’t offer rewards and I use it for probably 95% of my purchases since I don’t like taking the risk of losing cash or having it stolen. My husband has been mugged before and lost $200… gone… no way of recovering it. If he’d had the money on his Visa check card instead of cash, we wouldn’t have been out a dime. Neither one of us carries more than $30-40 in cash now.
The only thing that bothers me is HOW is Capital One making any money off this? What’s in it for them unless it’s just advertising. There must be some vital piece of info that isn’t in the adverts.

By: Tara

Tara — Wed, 27 Feb 2008 17:22:21 +0000

I don’t know about this card, but I have had a Capital One Debit Card for about 4 months now. It is NOT linked to ANY bank account. I load money on it each month (there is a $5.95 monthly service fee) and use it. If someone else were to obtain the card info and use it, they would only be able to use the amount of money I loaded on the card, which is usually $500 or less. They would have no access to my bank account. So far, so good with the debit card.

By: Flexo

Flexo — Sat, 13 Oct 2007 00:25:59 +0000

Protection or not… any card linked directly to a checking account can cause trouble, even in the day or two it takes for the company to reimburse you for a fraudulent charge. If my rent payment, for example, is being directly debited on the same day my debit card is used fraudulently, not only am I out for a day, two, or three for the fraudulent charges, but also the overdraft fees. That’s an unnecessary risk.

By: creditunionlady

creditunionlady — Sat, 13 Oct 2007 00:12:43 +0000

I guess most of you are not aware of the “zero liability” that comes with debit cards that are branded with the MasterCard or VISA logo. This is the same protection that is offered with credit cards so can you see there is not any additional risk involved using a debit card vs a credit card? If someone steals your cc number, they can charge up to your limit. If someone uses your debit card, they can charge up to the balance or daily limit. HOWEVER, both have zero liability so the funds would be reimbursed or credited within 3 days. That is required. Think about it: if you have ‘zero liability’ why NOT have a debit card?

By: Opening A Zecco Account, Reviews On ATMs and Credit Cards: The Weekend Roundup » Silicon Valley Blog About Money

Sun, 17 Jun 2007 16:39:46 +0000

[...] Commentary reviews a new debit card and asks Capital OneÃ¢â‚¬â„¢s New Breed of Debit Cards: Would You Use It? I agree with him, I still want the traceability of a credit card so I’m sticking with status [...]

By: MikeVx

MikeVx — Sat, 16 Jun 2007 04:36:48 +0000

A debit card connected to your household account is sheer stupidity. I have two debit cards, connected to dedicated accounts that exist to support the cards. If anything goes wrong, my important payments will not bounce, because there only an ATM card on the main account.

By: Chris

Chris — Fri, 15 Jun 2007 21:53:26 +0000

I would use a product like this (a debit card with credit card features/rewards) since I use debit all the time. But I certainly wouldn’t do it with a company with a reputation that Capital One has. If my bank offered it I would consider it, depending on the specific terms.

By: » Fun Friday Reading on Blueprint for Financial Prosperity

» Fun Friday Reading on Blueprint for Financial Prosperity — Fri, 15 Jun 2007 18:25:17 +0000

[...] Flexo writes about Capital One’s new breed of debit cards. [...]

By: Ian @ FamilyFinanceBlog

Ian @ FamilyFinanceBlog — Fri, 15 Jun 2007 16:49:09 +0000

To me, no matter how much protection they try to give you, when something is connected directly to your bank account, Bad Things can happen. It’s much much easier in my world to just keep using credit cards that I don’t keep a balance on. It gives my money 20-30 more days to sit in a bank and earn interest, and I never lose money to fraudulent charges.