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[Phoenician_Viking]

People, seriously. Stop fucking using debit cards.

Why? Using a Debit card is better and safer than having money in wallet.

 

[CrankyJay]

CrankyJay, do you work in a bank? Or some washington fat cat?

No, but we see a thread every other week on GAF about how someone managed to get their debit card stolen. Results vary but typically you have way more protection from fraud with a credit card than with a bank debit card.

 

[Simon Belmont]

I LIKE USING A CREDIT CARD SO EVERYONE ELSE MUST LIKE IT AS WELL!

 

[Cereal KiIIer]

My Canadian debit card is 100% insured for fraud, just like my credit card. Don't see the problem there.

 

[FLEABttn]

Interest rates? Not wanting to spend money you don't have? Not wanting to have to remember to pay an unneeded bill?

This would suck. I live by my debit card.

-There's no interest if you pay off your card every month. I generally pay what I put on my card the day I do it.
-If you're spending only what you have on your credit card (meaning using your credit card as a debit card replacement), then you aren't spending money you don't have.
-I can understand this but most places offer bills by e-mail which are a lot harder to remember and a lot harder to misplace. BofA online billpay constantly reminds you that you have a bill due until you pay it, as well.
-Good credit cards often have a rewards program. I have a zero yearly fee Amex with 1.25% cashback on every transaction.

 

[Valkyr Junkie]

They hold $1. Then charge you the full amount when the transaction goes through. WTF at $70? And if you only have $100 in your checking account something more important is wrong. Like when the fuck are you so broke?

The amount must definitely differ based on the gas station. Last month I filled up at a Gate station (I think) and was surprised to see the next day Mint.com sent me an alert I was already over my monthly fuel budget. It turns out they had a $120 pending charge on my credit card just for gas.

 

[captmcblack]

This is the bullshittiest bullshit if this is allowed to be done.

The government should do something to prevent this from happening; this is so anti-consumer, it's unbelievable.

The banks can't make as much epic timeprofit anymore from fees or fees on top of fees, so they're going to bomb us back 20 years into the past when we had ATM cards only that couldn't be used as check cards to pay for stuff? They already cap so-called "free" checking, they already charge you money to access your own money from anywhere that isn't your bank, they already charge you money for any kind of transfer, and so on. It's ridiculous.

 

[AstroLad]

http://www.youtube.com/watch?v=h8rwywx974o

hahah exactly. i'm in ny too so replace that one jerk with like five jagoffs using cash because "VISA IS EVIL" or some such shit

 

[Skiptastic]

You might as well just carry cash with you, or use a credit card but don't spend more than you have in your account.

This is absolutely, 100% correct. You build credit, have better protections, and get more rewards than using cash alone. Learn some self discipline.

 

[Houston3000]

imo people should be mandated to have credit cards at this point anyway -- just like a social security card or whatever. nothing more annoying than being at a starbucks and having some twat holding up the line fumbling around with his bills/coins or even PIN or whatever

This isn't going to change that. No one's spending $50 or a $100 at Starbucks.

 

[Goro Majima]

$50 dollar limit?

Oh man Wal-mart would be so mad. It's going to be fun to see how they respond to something like that.

popcorn.gif

 

[Patryn]

What????

First of all, I never have to worry about interest rates on my cards because interest rates only apply when you are late. If you make your payments in full, you'll always have 0% interest. Always. If you don't then your company/bank fucked up and you get it straight.

Money you don't have? That's the point that I think most people don't get about credit cards, or at least the stigma attached to credit cards. Only use credit cards when you have the money, that way you can pay it off in full when it comes. Not to mention you have time to plan and make your payments for your purchases. As long as you can pay for it there is no problem when the bill comes.

Paying an unneeded bill...idk what you mean by that.

Your credit card bill?

 

[aronnov reborn]

I now know why we're in the economic state we're in.. GAF is actually promoting credit cards over your own actual money.... what could possibly go wrong with that?

 

[CrankyJay]

They hold $1. Then charge you the full amount when the transaction goes through. WTF at $70? And if you only have $100 in your checking account something more important is wrong. Like when the fuck are you so broke?

Banks may put a hold on an account when they’ve given the green light to use the card for a purchase whose final amount is unknown. That’s exactly what happens thousands of times a day at gas pumps across the country. You swipe your debit card, the gas station asks your bank for approval, and along with saying yes, the bank may freeze up to $75 of your money for several days, no matter how little gas you buy. That debit hold can put you into the red if you don’t keep much money in your account.

http://www.consumerreports.org/cro/...-enough/overview/gas-didnt-cost-enough-ov.htm

 

[alr1ght]

Interest rates? Not wanting to spend money you don't have? Not wanting to have to remember to pay an unneeded bill?

This would suck. I live by my debit card.

Interest rates
You don't pay any interest if you actually pay your bills on time.

Not wanting to spend money you don't have
Um, so don't. Use it as a debit card.

Not wanting to have to remember to pay an unneeded bill
10 seconds to transfer the money to my CC account.


CCs offer much more protection if your card gets lost/swiped.

I now know why we're in the economic state we're in.. GAF is actually promoting credit cards over your own actual money.... what could possibly go wrong with that?

Or because of lack of education.

 

[soundahfekz]

First, they offer less protection than a credit card if the card is stolen or the number is lifted somehow.

Second, say you buy gas on a debit card and you only need $30 worth. Because it's debit they put a hold of $70 on your card. If you have less than $70 on your card you can get hit with an overdraft fee. But now that the federal gov't passed that overdraft protection law, gas stations can outright deny your debit card if you don't have enough to satisfy your hold. Hell, even if you did have enough money and needed to use that other $40 later that day, you can't because it's on hold.

You don't build credit with debit cards.

You might as well just carry cash with you, or use a credit card but don't spend more than you have in your account.

Did your debit card come with a neon windbreaker and a zach morris phone too?

 

[Stat Flow]

"But I'm spending money I don't have!!!" THEN DON'T FUCKING BUY SHIT.

I know right, holy shit man. :lol :lol :lol

Borrow now, pay monthy deposit, pay more than minimum to reduce interest charges

for many people, there's a lot of temptation to use credit beyond what they can pay

there's no reason to fear credit, but debit is more practical. people spend what they have and interest (even a little, depending on how much it's used) is still an extra, unecessary payment

The problem is that people don't pay their bills in full for some ridiculous reason (barring emergency's/tragedies, obviously). I don't know why anything less than the full is even an option. Don't put shit on your card that you won't be able to afford when the bill comes, it's never more complex than that unless there are errors, but I have two cards and nothing like that has happened yet.

The big problem is self control and guidance. I don't know if people think credit cards are free money or something.

 

[Myke Greywolf]

In this topic, USians are, once again, financially raped by their banks while the rest of the world watches with a puzzled expression.

 

[nateeasy]

lol Im sure the local stores appreciate me using my card on $2 purchase and getting charged 44cents for it.

 

[jonnybryce]

That's stupid, gas stations here let you input a specific amount of gas you'd like to purchase.

In my area you can input specific amounts but they put holds up to $100 for some reason.

 

[Calion]

Uh my debit card? As in my banking/checking account card?


HELL NO.


I don't like to owe money lol.

Yeah, if you know how to manage your money correctly, then you won't owe any money. The advantages of a credit card strongly outweigh those of a debit card.

 

[Ikuu]

typing in my pin is faster than scribbling my signature. That's why I prefer debit.

Don't sign for credit cards anymore, unless there is a problem, at least in the UK.

 

[R2D4]

http://www.consumerreports.org/cro/...-enough/overview/gas-didnt-cost-enough-ov.htm

I've only ever seen $1 hold on my bank account after getting gas. If places were holding $70 I'd stop going there.

 

[captmcblack]

I can't even get a credit card to begin with. Funny thing is, I know my credit can't be bad; I have an apartment (which I had to have my credit pulled for and approved), a cell phone, store cards, bills in my name, a couple of thousand bucks in my checking at all times - so I should have more than enough revolving accounts to substantiate letting me have a card.

And yet, nothing. Granted, I'm not applying for 70,000 cards or anything, but my own bank won't let me get a card from them...so I guess I'm fucked if they decide to take their ball and go home with this debit card thing?

 

[Stat Flow]

Your credit card bill?

How is it an unneeded bill if those are the things you bought. The bill is the most important and simple thing in the CC process. Pay it off in full and leave it alone. Once you are familiar with your cutoff dates and statement dates you can even plan your payments and purchases. Make your purchases a couple of days after your card cuts and you get not just a month but up to a month and 10-20 days before you have to pay it off (IN FULL!!!!)

Seriously, there is no advantage to debit cards, and all the advantages to CC's.

 

[joeyjoejoeshabadoo]

Then you might as well just use a credit card lol.

Expect I don't have to worry about it at the end of the month. It still gets auto debited from my account.

 

[aronnov reborn]

Interest rates
You don't pay any interest if you actually pay your bills on time.

Not wanting to spend money you don't have
Um, so don't. Use it as a debit card.

Not wanting to have to remember to pay an unneeded bill
10 seconds to transfer the money to my CC account.


CCs offer much more protection if your card gets lost/swiped.


Or because of lack of education.

If you pay off the total balance yes there wont be any interest rates... but why have a credit card if you can pay off the full balance already?

everyone says CC offer more protection? how much more? as long as you cancel the card and report it stolen and present the police report to your bank your funds will be re-deposited in your account.. the same loops you go through with a CC company.

Or because of lack of education.

Which apparently means use credit before your own money.

 

[Wthermans]

Would this include choosing the "Credit Card" option when swiping your Debit Card.

No. That's a credit transaction. This is for PIN-Debit transactions which have more risk for the consumer (no chargebacks and can't void transactions if the retailer makes an error).

 

[2San]

US only thing I guess. Over here(the Netherlands) retailers pay one fee each month(or year, I forgot). I buy 50 cent candy with my debit card. I only take cash when going out to a bar or club.

 

[nateeasy]

I usually use my AMEX card for everything and just pay the bill at the end of the month. AMEX is an excellent credit card company.

 

[R2D4]

I can't even get a credit card to begin with. Funny thing is, I know my credit can't be bad; I have an apartment (which I had to have my credit pulled for and approved), a cell phone, store cards, bills in my name, a couple of thousand bucks in my checking at all times - so I should have more than enough revolving accounts to substantiate letting me have a card.

And yet, nothing. Granted, I'm not applying for 70,000 cards or anything, but my own bank won't let me get a card from them...so I guess I'm fucked if they decide to take their ball and go home with this debit card thing?

Get a house and multiple car loans and you'll start getting credit card apps almost every day. It's appalling.

 

[Kinitari]

I can't even get a credit card to begin with. Funny thing is, I know my credit can't be bad; I have an apartment (which I had to have my credit pulled for and approved), a cell phone, store cards, bills in my name, a couple of thousand bucks in my checking at all times - so I should have more than enough revolving accounts to substantiate letting me have a card.

And yet, nothing. Granted, I'm not applying for 70,000 cards or anything, but my own bank won't let me get a card from them...so I guess I'm fucked if they decide to take their ball and go home with this debit card thing?

You should check your credit, see what's up. It may be something from your past that you even forgot about putting a giant black mark on your account.

 

[alr1ght]

Expect I don't have to worry about it at the end of the month. It still gets auto debited from my account.

I get a nice rewards payment & I don't have to worry about someone wiping my entire checking account. I'll take the 10 seconds at the end of the month.

 

[Valkyr Junkie]

I can't even get a credit card to begin with. Funny thing is, I know my credit can't be bad; I have an apartment (which I had to have my credit pulled for and approved), a cell phone, store cards, bills in my name, a couple of thousand bucks in my checking at all times - so I should have more than enough revolving accounts to substantiate letting me have a card.

And yet, nothing. Granted, I'm not applying for 70,000 cards or anything, but my own bank won't let me get a card from them...so I guess I'm fucked if they decide to take their ball and go home with this debit card thing?

If you have enough credit for the things you mentioned, you could definitely get a credit card from somewhere. It might be some super shitty one with a ridiculous interest rate, but that wouldn't matter if you pay off the balance every month. Just avoid one with an annual fee.

 

[Rad Agast]

What????

First of all, I never have to worry about interest rates on my cards because interest rates only apply when you are late. If you make your payments in full, you'll always have 0% interest. Always. If you don't then your company/bank fucked up and you get it straight.

Money you don't have? That's the point that I think most people don't get about credit cards, or at least the stigma attached to credit cards. Only use credit cards when you have the money, that way you can pay it off in full when it comes. Not to mention you have time to plan and make your payments for your purchases. As long as you can pay for it there is no problem when the bill comes.

Paying an unneeded bill...idk what you mean by that.

If you're following these guidelines strictly, why not just use a Debit card?

 

[CrankyJay]

If you're following these guidelines strictly, why not just use a Debit card?

Because with a credit card, by federal law, if your number gets stolen and fraudulent purchases are made, you are repsonsible for $50 max.

With a bank and money coming directly out of your checking out, chances are it's gone.

 

[krae_man]

Merchant fees on debit cards in Canada have always been around 12 cents/ transaction. Per transaction limits here can be set to whatever you want and are in place to limit theft in the case of a card being compromised.

 

[alr1ght]

If you're following these guidelines strictly, why not just use a Debit card?

Because that's how non-stupid people use them.

In short
More protection
Rewards

 

[Flo_Evans]

I love debit cards!

Pay for my cigs and beer, and get cash back for the hooker later. Can't do that with a credit card.

 

[coldvein]

credit card defense force is giving me a migraine, i'm out.

 

[Patryn]

How is it an unneeded bill if those are the things you bought. The bill is the most important and simple thing in the CC process. Pay it off in full and leave it alone. Once you are familiar with your cutoff dates and statement dates you can even plan your payments and purchases. Make your purchases a couple of days after your card cuts and you get not just a month but up to a month and 10-20 days before you have to pay it off (IN FULL!!!!)

Seriously, there is no advantage to debit cards, and all the advantages to CC's.

It's an unneeded bill because if I use my debit card, there is no bill.

 

[Nymeria88]

I buy everything on credit. I get at least 1% cash back, and 5% on some things. I have gotten over $300 dollars this way. I just moved up to a card with better rewards so I will receive more cash back. And I make payments on my card 2 times a month, right after pay day so I don't carry a balance.

No debit card problems here!

 

[Meier]

People, seriously. Stop fucking using debit cards.

I've tried to get my girlfriend to switch to a credit card for years but she isn't interested. She feels like she's more careful with her money when there is a finite limit to it and she has the Keep the Change deal with Bank of America which helps her put aside some savings. I've told her the positives of a credit card but she's happy with debit. *shrugs*

 

[aronnov reborn]

Because that's how non-stupid people use them.

In short
More protection
Rewards

If you're self disciplined that's fine. but the majority of Americans are not and would quickly rack up debt. Credit Cards are not an option for them.

If it wasn't for fiscally irresponsible people making your credit company money you wouldn't have rewards.

 

[Skiptastic]

One thing I love about my AMEX that I haven't been able to get my Capital One MC to do is automatically deduct my full balance from my checking account. I take action to ensure that I always have enough cash in my checking account and then I don't really worry about it. I review the charges and then just go on about my life.

I mean, I guess I can understand there might be reasons why people wouldn't use credit cards, but all responsible people should be able to maintain the discipline to have it without owing any interest.

If you pay off the total balance yes there wont be any interest rates... but why have a credit card if you can pay off the full balance already?

As mentioned, better rewards. But something else that's even better, if you have an interest earning checking account, you can earn interest on the money you don't immediately pay from time of purchase to time of paying off the total balance.

 

[FLEABttn]

but why have a credit card if you can pay off the full balance already?

Build credit. Rewards like cash back and extended warranties.

 

[Kinitari]

If you're following these guidelines strictly, why not just use a Debit card?

Well if you are, then it's better to use a credit card - because that builds credit. Credit makes the world go fucking 'round, something I've recently realized. If you want a car, a house or a business loan, you are much better off with amazing credit then crap credit.

So I agree that people, who are responsible with money and know what they are doing, should definitely use credit - given the option. But not everyone is like that.

 

[Anerythristic]

Wow...wow, I had no idea there was a credit card defense force like this. I use my debit card daily and rarely carry cash anymore.

 

[Alucrid]

-There's no interest if you pay off your card every month. I generally pay what I put on my card the day I do it.
-If you're spending only what you have on your credit card (meaning using your credit card as a debit card replacement), then you aren't spending money you don't have.
-I can understand this but most places offer bills by e-mail which are a lot harder to remember and a lot harder to misplace. BofA online billpay constantly reminds you that you have a bill due until you pay it, as well.
-Good credit cards often have a rewards program. I have a zero yearly fee Amex with 1.25% cashback on every transaction.

Yep. I use my credit card for nearly everything. I just use my debit for groceries once a week. I pay off my CC in full each month and really can't go crazily spending since I have a $500 limit. Not only that but the rewards program is great. I also use a credit union though, so either way it doesn't matter that much.

 

[David Incorporated Esq.]

I can't even get a credit card to begin with. Funny thing is, I know my credit can't be bad; I have an apartment (which I had to have my credit pulled for and approved), a cell phone, store cards, bills in my name, a couple of thousand bucks in my checking at all times - so I should have more than enough revolving accounts to substantiate letting me have a card.

And yet, nothing. Granted, I'm not applying for 70,000 cards or anything, but my own bank won't let me get a card from them...so I guess I'm fucked if they decide to take their ball and go home with this debit card thing?

You may have too much available credit through your store cards. When a bank decides to give you a card they consider how much credit you could take on all at once. My wife and I had a couple of cards giving us about a $25,000 credit line. When we tried to open another they gave us a limit of $1,000. When we closed a $12,500 account and asked again we were offered a $12,500 account. Apparently banks see us as being able to carry $25,000 in loans.

None of that really matters though since we've never had more than $5,000 on our card.

Next time you apply try doing it face to face at the bank and ask them if your store cards are negatively impacting your credit.