Credit cards, debit cards, stored value cards: What’s the difference? - II

Some merchants offer you the opportunity to get additional cash back when you pay for a purchase with your debit card.
You can also use your debit card at an ATM if you need to withdraw cash from your account, but if the ATM is not part of your bank’s network, you may have to pay a fee. One other major difference between debit cards and credit cards is that you don’t have as much legal protection if your debit card is lost or stolen.
On a lost or stolen credit card, the most you’re responsible for is $50. But if someone steals your debit card, you could be responsible for up to $500 in fraudulent charges or transfers unless you report the loss or theft of your card within two business days. You risk unlimited loss if an unauthorized charge or withdrawal appears on your statement, and you don’t report it within 60 days.
So always be sure to check your monthly bank statements! The card that may come closest to being “plastic money” is the stored value card. Gift cards and phone cards are the two types that most people know best. The cards are “loaded” with a certain dollar amount—$10, $50, $100, or any other amount—and that amount decreases with each use. For example, if someone gives you a $50 gift card to Bob’s Big Buy, and you buy something there for $30, you will still have $20 “stored” on the card. Two things to keep in mind about stored value cards:
1) You can’t use them in as many places as credit cards or debit cards. If you receive a gift card to Bob’s Big Buy, that’s the only place you can use it, and
2) They really are “just like cash” in that you’re pretty much out of luck if they are lost or stolen.