One more reason to use your credit card online

Back around the holidays I mentioned that it was wiser to use a credit card vs. a debit card when shopping online. In fact, a reader asked a specific question on why. Well, a friend just pointed out a recent news story out of New Hampshire that makes the reason crystal clear. So, I feel the need to say it again.

Basically, a man bought a pack of cigarettes at a gas station using his debit card. His account was incorrectly charged over 23 quadrillion dollars. For those wondering (and, yes, I was one of them), a quadrillion is the next step higher above a trillion. Yikes. AND it is a 17-digit number. Double yikes!

Apparently the man spent two hours on the phone with his bank trying to get the mess untangled -- all the while making it that much harder for him to manage his daily cash flow. Not to mention the overdraft fee he must have been fielding. If he had used a credit card -- the issue would have been entirely different. You can issue a challenge on any charge on a credit card, and that allows for resolution time that does not impact your checking account balance.

Now, my question is what did the receipt say? I have only once in my life had the bank do something different than the slip (and that bobo was in my favor -- so it was all good). So, two pieces of wisdom -- it is easier to manage issues with a credit card vs. a debit card. AND always, always look at the receipt if shopping in person!

-reenie