Debit vs. Credit Cards

[tallyho8]

One reason to have debit cards if you travel is because, in many European countries I went to, there were many places that would not accept a credit card, only debit cards. They paid lower fees when accepting debit cards. This was most common in the Scandanavian countries.

 

[LD1]

That offer is only good for people who don't have the card already.

I guess when I clicked on your link, I didn't know they knew I already had a card. I didn't log in or anything. I'm just stating what it shows.

If your numbers are indeed factual....I would cancel my current card.....wait as long as they need.....then get a new one.

I keep an eye on current cc promotions. An I never see anything over 2% for everything

 

[RSKY]

Don't know if their offers are regional or what....

But I click the link and it says 1.5% on everything.

5% travel and 3% dining and groceries excluding Walmart. Which is alot of our groceries...

I used to use the chase unlimited freedom card. Still have it actually. But switched to the fidelity 2% card

We also use the Fidelity 2% on everything card. Except for gas, restaurants, and Sam's Club. On those we get more back using the Sam's card. And we use mainly Discover for online for reasons I have forgotten.

As I have said earlier we never carry a balance. Pay it off each month. Over a years time it adds up.

RSKY

 

[Creamer]

Our debit card has protection against unauthorized purchases.

But what is that protection? Most debit cards have some kind of protection but if someone gets ahold of your card and PIN and spends/withdraws funds from your account - your account is slammed shut and you have no access to even the funds remaining in the account until the bank gets things sorted out which is normally about a week. So what do you eat or fill your car with that week.

When it is a debit card and they have your money you may or may not give it back. If it is a fraudulent charge on a CC you have not paid for it and can dispute it with the help of the CC company instead of fighting your own bank.

 

[RSKY]

We only have debit cards, a visa and Mastercard based debit card between our 2 banks.

I'm a cash as I go kind of guy. Sometimes it sucks but hey, it is what it is.

I also have no car loans or a mortgage. Cash is king but I'm sure some here would argue that and say debt is good.

I do not buy anything on credit that I could not pay for with cash. Including all the vehicles I have ever owned except for the first two or three. But if I can buy a vehicle on credit, make payments, and leave my money drawing more interest than I am paying of course that is what I do. If you travel you just about must have a credit card. I think the only motels that will take cash now are the ones that rent by the hour, if you know what I mean.

RSKY

 

[MossRoad]

I guess when I clicked on your link, I didn't know they knew I already had a card. I didn't log in or anything. I'm just stating what it shows.

If your numbers are indeed factual....I would cancel my current card.....wait as long as they need.....then get a new one.

I keep an eye on current cc promotions. An I never see anything over 2% for everything

That reminds me of opening a savings account to get a toaster.

Remember those days?

 

[MossRoad]

But what is that protection? Most debit cards have some kind of protection but if someone gets ahold of your card and PIN and spends/withdraws funds from your account - your account is slammed shut and you have no access to even the funds remaining in the account until the bank gets things sorted out which is normally about a week. So what do you eat or fill your car with that week.

When it is a debit card and they have your money you may or may not give it back. If it is a fraudulent charge on a CC you have not paid for it and can dispute it with the help of the CC company instead of fighting your own bank.

As I mentioned before, we have fraud protection on the debit card. It's been activated a few times in the past. Never took more than a business day to clear up, shut down the card, and get us a new one.

 

[MossRoad]

...I think the only motels that will take cash now are the ones that rent by the hour, if you know what I mean.

RSKY

No. Tell us more.

 

[LD1]

That reminds me of opening a savings account to get a toaster.

Remember those days?

Must be before my time. I suspect I am younger than most people here think

 

[Hay Dude]

Especially when I see a face with a "hog ring" in the nose...........

That has to be the grossest facial accessory of all time. Went out with a bunch of people for NY eve and the hostess had one of those. An otherwise extremely beautiful young lady with…..the hog ring.

 

[Sigarms]

That has to be the grossest facial accessory of all time. Went out with a bunch of people for NY eve and the hostess had one of those. An otherwise extremely beautiful young lady with…..the hog ring.

As I get older, I just have to remind myself to each their own.

 

[Sigarms]

Ironic, my dad may have been smarter than I gave him credit for (actually, I know he was, he just wasn't fond of computers LOL)...

Trying to pay my credit card online for the last week now. No go. Called and they informed me they were having computer issues apparently. I could pay by phone, but they only allow a 5k transaction by phone (I use my personal card for work and can rack up some decent sized monthly bills which my company reimburses me for). The girl informed me that normally they charge $5 to pay by phone, but she would waive it for me on the first payment, but I would have had to make 2 more payments by phone which would have been a $10 fee). I politely informed her that she would have been better off not telling me the process fee which I could be stuck with because their payment system isn't operating correctly.

I may end up just doing what my dad did, mail in a check.

 

[Creamer]

Ironic, my dad may have been smarter than I gave him credit for (actually, I know he was, he just wasn't fond of computers LOL)...

Trying to pay my credit card online for the last week now. No go. Called and they informed me they were having computer issues apparently. I could pay by phone, but they only allow a 5k transaction by phone (I use my personal card for work and can rack up some decent sized monthly bills which my company reimburses me for). The girl informed me that normally they charge $5 to pay by phone, but she would waive it for me on the first payment, but I would have had to make 2 more payments by phone which would have been a $10 fee). I politely informed her that she would have been better off not telling me the process fee which I could be stuck with because their payment system isn't operating correctly.

I may end up just doing what my dad did, mail in a check.

I am not sure what your experience is but we have had so many checks delayed in the mail that we do most of our payables by ACH. I was tired of arguing late fees because of the post office. Last year we had over 20 checks take more than two months before they either arrived at destination or were returned damaged. When you think of how many letters the Postal Service handles, if we had twenty the have to have buildings full of lost mail. My wife hates banking online but we set up a separate low balance account to make payments out of because of the problems with the mail for our personal stuff.

 

[Sigarms]

I am not sure what your experience is but we have had so many checks delayed in the mail that we do most of our payables by ACH. I was tired of arguing late fees because of the post office. Last year we had over 20 checks take more than two months before they either arrived at destination or were returned damaged. When you think of how many letters the Postal Service handles, if we had twenty the have to have buildings full of lost mail. My wife hates banking online but we set up a separate low balance account to make payments out of because of the problems with the mail for our personal stuff.

That's why I'm waiting, hoping their system gets fixed. Bill isn't due until the 17th of this month, so luckily I still have time. Funny though because this morning after seeing the system still wasn't working, I was thinking about sending the payment priority mail so it wouldn't get lost of delayed, but then I'm paying for it, added I don't think the will do it to a PO BOX.

I tend to stay away from automatic transfers done each month as I like to determine when I pay.

 

[Creamer]

Having said what I have on this thread I do have one debit card though - for my HSA account. MY bank only allows savings accounts for HSAs but you get a debit card to be able to access the ATM. I cannot get a credit card that I can use for the account. OF course, come to think of it, you can reimburse yourself so I could get a CC that I only use for HSA stuff and go online to pay it.

 

[Sigarms]

Having said what I have on this thread I do have one debit card though - for my HSA account. MY bank only allows savings accounts for HSAs but you get a debit card to be able to access the ATM. I cannot get a credit card that I can use for the account. OF course, come to think of it, you can reimburse yourself so I could get a CC that I only use for HSA stuff and go online to pay it.

Same here. ATM card for cash is a debit card as well, but I never use it as debit card.

 

[5030]

Congress is working on a bill to eliminate credit card rewards.

Is Congress Going to Kill Credit Card Rewards? - NerdWallet

Supporters of the Credit Card Competition Act of 2022 say it may lower store prices. Opponents argue it may decimate the perks that come with your plastic.

www.nerdwallet.com

last time I checked, congress was chock full of idiots.

 

[MossRoad]

Must be before my time. I suspect I am younger than most people here think

I'm only 62.

Gifts for opening savings accounts went well into the 70s.

 

[MossRoad]

As I get older, I just have to remind myself to each their own.

As I get older, I wonder what their grandma looks like.

 

[MossRoad]

That's why I'm waiting, hoping their system gets fixed. Bill isn't due until the 17th of this month, so luckily I still have time. Funny though because this morning after seeing the system still wasn't working, I was thinking about sending the payment priority mail so it wouldn't get lost of delayed, but then I'm paying for it, added I don't think the will do it to a PO BOX.

I tend to stay away from automatic transfers done each month as I like to determine when I pay.

Pretty sure you can set up payments through your bank and go in each month and select which bills to pay. Just click and it goes.

My wife is old-school finance. Has worked for the same financial institution for 40+ years. She just started paying bills electronically about a year ago. Otherwise, it was checks through the mail.

If she can make the justification for on-line bill paying, so can you.