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?
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.
I have never had a debit card. I much prefer credit cards (use OPM) and pay the statement balance off in full each month.
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.
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.
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).
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?
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.
