bad idea to have a debit card?

Discussion in 'Money Management & Banking' started by Synergy, 18th Jul, 2019.

Join Australia's most dynamic and respected property investment community
  1. Synergy

    Synergy Well-Known Member

    Joined:
    6th Jun, 2019
    Posts:
    118
    Location:
    Brisbane
    Is it a bad idea to have the offset account with a debit card attached to it? In case it gets stolen...

    Plan to have all income come into the offset. What does everyone else do?
     
  2. House

    House Well-Known Member

    Joined:
    13th Sep, 2015
    Posts:
    921
    Location:
    Sydney
    Set the max daily limit to >$2k or something low, easy enough to change if bigger spend needs to happen, should be able to raise and lower in the banks app.
     
  3. kierank

    kierank Well-Known Member

    Joined:
    20th Jan, 2016
    Posts:
    4,964
    Location:
    Brisbane
    I have never had a debit card.

    I much prefer credit cards (use OPM) and pay the statement balance off in full each month.
     
  4. Angel

    Angel Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    4,214
    Location:
    Paradise, Brisbane
    I have a debit card that I use all the time attached to our main bank account. However we have several sub accounts and all the savings are only accessible online, not with the card. We only keep a few hundred $$ in the debit card's account at any one time. Salaries go into one of the sub accounts.
     
  5. Joynz

    Joynz Well-Known Member

    Joined:
    5th Apr, 2016
    Posts:
    3,242
    Location:
    Melbourne
    Don’t use a PIN someone can guess!

    I have a debit card attached to my offset - which has a significant amount of $ in it.

    I have a daily limit set and I use a PIN unrelated to my name birthdate etc. My salary also goes into this account.
     
  6. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    6,568
    Location:
    Canberra
    It may be worth while to have a debit card as well as a credit card (if you use one).

    Fees on a debit card may be less than those on a credit card (for those places which charge fees extra).

    Some bill payments aren't accepted using a credit card (I pay rates to one council with a cc, the other one treats it as a cash advance which is more expensive).
     
    Bean27 likes this.
  7. Bean27

    Bean27 Well-Known Member

    Joined:
    8th Jan, 2019
    Posts:
    186
    Location:
    Devonport
    I use the American Express Velocity escape for my credit card because of the $0 fee, but i'm finding a lot of places do not accept it hence having to spent offset account funds. Any tips on the best mastercard or visa?
     
  8. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    652
    Location:
    QLD
    Depends, what account are you going to do your spending from?
    If the worst case scenario happens that you have it stolen they'll still need a pin number for any transactions over $100 and most banks have apps that you can use to cancel/lock the card straight away. As mentioned above you can set a daily spend limit as well so even if they tap and pay multiple times there is a set limit.