Credit vs debit card usage?


#1

Just watched the video walkthrough of the app, and it seems a great deal of the useful spend and track features would require that you do all your spending using your Dozens debit card. Is that the case?

Trouble is, other than direct debits and such, I do all my day-to-day spending on a credit card (via Curve). Because I get cash back and section 75 protection.

How does everyone else do their daily spending?

Must we give up section 75 protection for the tracking features to be valid and useful?

Edit: my main reason for not using a debit card is actually that I’m very squeamish about handing those details out to anyone. Feels too dangerous to me. At least someone stealing my credit card details can’t wipe out my bank account, and I can cancel the credit card, not pay for fraudulent charges, and still have a fully working bank account.


#2

You’re already giving up section 75 by using Curve.

https://support.imaginecurve.com/hc/en-gb/articles/213620489-Am-I-covered-by-section-75-of-the-Consumer-Credit-Act-?mobile_site=true


#3

D’Oh! Well, the question still stands for non-Curve users. And how about the Mastercard chargeback rights that link mentions? Do those come with Mastercard debit cards?


#4

I’d be interested to see Robs reply but essentially Section 75 only covers purchases over £100 so you’d be best positioned to buy anything over that amount on your credit card.

The next step would be to then bank transfer the covering amount from Dozens, which should then allow you to factor into the budget.

Best of both worlds?


#5

I edited my first post with a better explanation of my concerns; do you think my fears are actually unfounded? What actually happens when your debit card is used fraudulently?


#6

I use my Amex for all of my spending because of the cashback I get. And in places that don’t accept Amex I use my HSBC credit again due to rewards.

My main current account is with Monzo so the problem I have is that all my budget or habits can’t be monitored/followed and go out of the window because I hardly ever use my debit card.

If Dozens could incorporate Amex that would be fantastic!


#7

Not unfounded, either way you’re liable for the first £50 should anything be stolen. Providing you haven’t been negligent security wise.

Have a read of: https://www.moneyadviceservice.org.uk/en/articles/identity-theft-and-scams-what-you-are-liable-for

It comes down to how much you trust Dozens fraud prevention. At the very least, you’re getting a live notification should anyone spend anything so you can immediately freeze the account.


#8

Monzo is about to do something similar:

I think the challenge for Dozens will be to encourage folk to do absolutely everything (spend, save, invest etc) through them exclusively. I do think the hub and spoke - and open banking - model has lots going for it…


#9

Yes, I saw this the other day. Looking forward to that. It will be a game changer for me.

And I understand your point about using a single product (which I as a user would like to have as well) but unfortunately no current account can offer the rewards of a Amex credit card.