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[Wthermans]

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.

For consumers they are. They're pretty bad for retailers. Higher rates, slower funding, and a PITA to deal with for chargebacks.

 

[jmdajr]

I'll use my debit card however I damn please.

 

[alr1ght]

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.

Educating the uneducated one post at a time.

 

[aronnov reborn]

I'll use my debit card however I damn please.

Not if JPMorgan has anything to say about it

 

[Stat Flow]

Credit card defense force? WTF?

I guess building credit is completely foreign to everyone. Wow.

 

[Wthermans]

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.

You can thank the retailers and annual fees for rewards. Retailers subsidize a large portion of the rewards programs.

 

[jmdajr]

Not if JPMorgan has anything to say about it

lol. jpmorgan

credit union bitches!

 

[David Incorporated Esq.]

Another thing about building credit that's important to remember is that when applying for a loan a lender will check your credit history along with your rating. If you have a rating of 750 like I did but no history you'll get turned down left and right... like I did. You need to be using that card to build history along with your other payments (rent, utilities, etc.).

 

[Valkyr Junkie]

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.

Why have a credit card and pay off the full balance? Because it's convenient, you build credit, and you earn rewards.

I already mentioned the protections above, but you don't have to do any running around with a CC company. In my experience, they contact me before I even notice the fraudulent charges, and take care of everything. I don't have to call more than one number, and I certainly don't have to go to the police.

 

[Drkirby]

Yep, by months end I am canceling my accounts with them. Already annoyed my formally free account now has a $12 monthly fee. I have other choices, I'll take my low amounts of money else where.

 

[Slayer-33]

Lets see how the banks feel when we take out our truckloads of cash from our checking accounts.


Fuckers want to fucking do everything in their power to nickel and dime us out of our fucking money.

 

[Alucrid]

Why have a credit card and pay off the full balance? Because it's convenient, you build credit, and you earn rewards.

I already mentioned the protections above, but you don't have to do any running around with a CC company. In my experience, they contact me before I even notice the fraudulent charges, and take care of everything. I don't have to call more than one number, and I certainly don't have to go to the police.

This thread reminded me to check my rewards. Oh, I can get 100 cash right now. Wow!

 

[mYm|17|]

all i use is my BoA debit card these days as my Amex is maxed

 

[David Incorporated Esq.]

With a CC you can safely make online orders, too. If it turns out you've been scammed you can call up your CC company and tell them to cancel the payment. Prest-o change-o you don't have to worry about it.

With a debit card that money is history.

 

[hermit7]

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.

It is not hard to build credit without resorting to credit cards. Pay off student loans, pay on your phone bill regularly.

If I have the money to buy something now, why would I charge it to a credit card when I am going to be paying interest on it?

Finally in regards to the gas thing, if you run it as credit the gas stations only hold one dollar compared to 50 or w/e is standard.

 

[Purkake4]

Eagleland-GAF on the attack as usual.

 

[LosDaddie]

:lol @ some of the financial experts in here.

There's nothing wrong with using a debit card. If you're not concerned with building your credit rating, then debit is a perfectly acceptable purchase method.

Yes, the preferrable way is to use the CC and pay it off in full each month. Builds your credit (though not as much as some would claim) and you can earn rewards (cash back, flying miles, etc). We use our Citibank card for most purchases and it's been working out fine so far.

But to some, there is comfort using debit in that you can only spend what you have at the moment. No worrying at the end of the month if you have money to cover all the purchases. No/Less temptation for impulse buying.

 

[aronnov reborn]

Lets see how the banks feel when we take out our truckloads of cash from our checking accounts.


Fuckers want to fucking do everything in their power to nickle and dime us out of our fucking money.

They have their first quarter bonuses to think about.

 

[Deleted member 22576]

That's the one aspect of debit cards I don't like. The idea that if something goes awry that you're essentially screwed. Of course, that's why I tend to keep my debit account at a moderate level and I only transfer funds if I know I'm going to need them to pay for something big in the near or immediate future.

Yeah, it's really not that difficult. Keep ~150$ in your debit account and transfer funds online when you need to make a big purchase.

 

[captmcblack]

Another thing about building credit that's important to remember is that when applying for a loan a lender will check your credit history along with your rating. If you have a rating of 750 like I did but no history you'll get turned down left and right... like I did. You need to be using that card to build history along with your other payments (rent, utilities, etc.).

This is most likely my problem.

The only history I have is the bills I pay (rent, cell phone, cable/internet/phone, power) and store cards from places like Zales or whatever (don't ask). I know you can build history with a secured credit card, but Chase doesn't even offer those anymore. I don't know what to do. :\

 

[Alucrid]

It is not hard to build credit without resorting to credit cards. Pay off student loans, pay on your phone bill regularly.

If I have the money to buy something now, why would I charge it to a credit card when I am going to be paying interest on it?

Finally in regards to the gas thing, if you run it as credit the gas stations only hold one dollar compared to 50 or w/e is standard.

Unless you let it sit there for months you won't. You can use your CC then pay it off in a day or two when it clears. No interest, you build credit, you get rewards.

:lol @ some of the financial experts in here.

There's nothing wrong with using a debit card. If you're not concerned with building your credit rating, then debit is a perfectly acceptable purchase method.

Yes, the preferrable way is to use the CC and pay it off in full each month. Builds your credit (though not as much as some would claim) and you can earn rewards (cash back, flying miles, etc). We use our Citibank card for most purchases and it's been working out fine so far.

But to some, there is comfort using debit in that you can only spend what you have at the moment. No worrying at the end of the month if you have money to cover all the purchases. No/Less temptation for impulse buying.

There's nothing wrong with either. I just don't see why people are demonizing credit cards, thinking that as soon as it hits the bill you get charged 10% interest. Credit Union and USAA, I win both ways.

 

[GaimeGuy]

Just treat your CC like a Debit card and life will go unchanged. I have my Debit card in my wallet but haven't used it in two or three years.

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

Much more straightforward to just use cash or a debit card.

I just don't see the point in borrowing money for a purchase now and paying later when I can just pay for it now. Okay, so I don't get the rewards. Big deal. I don't have to bother paying another bill and I don't engage in a needlessly convoluted and roundabout way of making a purchase that I don't need to.

The only reason rewards are offered is because of the potentail for companies to ensnare you into unpaid debt. While it isn't a problem if you do pay off your card, the only reason there is any reward for you at all is because of the predatory desires of the credit card providers, and they want to incentivize your participation in a program that enables them to catch you in those traps.

I don't think it is prudent for myself or others or society in general to engage in such a program. Credit should not be used as a method of transaction except potentially for certain pieces of equity like homes or cars, and even then, a large down payment and shorter loan/mortgage period is better.

 

[ocadman]

Yep, by months end I am canceling my accounts with them. Already annoyed my formally free account now has a $12 monthly fee. I have other choices, I'll take my low amounts of money else where.

Do you have Chase and had Wamu before? I was pretty pissed when Chase bought Wamu cause shit like above is exactly what happened.

As for debit cards, I think they're necessary. Sometimes my bank ATM isn't available or close by and I'm not about to get raped by a transaction fee. Then again, it's under $50, so it wouldn't affect me anyway.

 

[jmdajr]

My debit card was used fraudulently and I was called and told about it instantaneously. I also got all my money back in 24 hours. Saying Credit cards are "Safer" is bullshit.

Credit card companies can take their reward points and shove it.

 

[CyReN]

I use mine all the time. Love it.

This would really suck especially for buying games.

 

[Wthermans]

It is not hard to build credit without resorting to credit cards. Pay off student loans, pay on your phone bill regularly.

If I have the money to buy something now, why would I charge it to a credit card when I am going to be paying interest on it?

Finally in regards to the gas thing, if you run it as credit the gas stations only hold one dollar compared to 50 or w/e is standard.

Because if you buy a service/product that A) doesn't have a warranty or B) has a warranty that the manufacturer won't honor, many cards will allow you to dispute that service/product and receive your money back. You don't get this with Debit Cards. If you have the money now, then it should be no problem to save that in the bank until you get your bill in exchange for better consumer protections while increasing your credit history at the same time. Not to mention the rewards you'll get for using the card.

 

[David Incorporated Esq.]

This is most likely my problem.

The only history I have is the bills I pay (rent, cell phone, cable/internet/phone, power) and store cards from places like Zales or whatever (don't ask). I know you can build history with a secured credit card, but Chase doesn't even offer those anymore. I don't know what to do. :\

Talk to someone at the bank, they'll help you figure out how to get started.

Banks = Evil

Bankers = Friendly, helpful people.

 

[Valkyr Junkie]

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.

Hopefully you keep some emergency cash hidden away in your wallet. I had a friend that only used a debit card and his checking account was wiped out while he was out of town. That can certainly make things go to shit quickly.

 

[Rad Agast]

That's the one aspect of debit cards I don't like. The idea that if something goes awry that you're essentially screwed. Of course, that's why I tend to keep my debit account at a moderate level and I only transfer funds if I know I'm going to need them to pay for something big in the near or immediate future.

My bank is from this dark place called the Middle East and every time there's a wrong charge on my Visa Electron the bank automatically corrects it without me having to call or contact them in any way.

I even had my wallet stolen three times in the past 15 years traveling around Europe and never had a problem canceling and reissuing a new card on the phone.

 

[Meier]

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.

The difference is the time it takes to get your $$ back. I never found out the specifics of how they did it or even if the police caught him, but someone made a counterfeit card of mine and then withdrew over $200-$300 a day at various ATMs in Atlanta. After I'd gone through all the hoops, I was out over $2,000 for 2 months.

With a credit card, they can remove the charges much quicker (from my understanding) and I'm not out any actual money in the mean time, just the ability to spend credit -- that's a HUGE difference.

 

[alr1ght]

I don't think it is prudent for myself or others or society in general to engage in such a method of transaction except potentially for certain pieces of equity like homes or cars, and even then, a large down payment and shorter loan/mortgage period is better.

Good luck getting that loan with no credit history.

 

[Vilix]

I've noticed a few gas stations and quickie marts have stopped taking debit cards. However, they still let consumers use their debit cards as credit cards. I think as long as retailers and stores allow people to use their debit cards as credit card I don't see a problem. It only takes the bank longer to process the transaction.

 

[Alucrid]

Much more straightforward to just use cash or a debit card.

I just don't see the point in borrowing money for a purchase now and paying later when I can just pay for it now. Okay, so I don't get the rewards. Big deal. I don't have to bother paying another bill and I don't engage in a needlessly convoluted and roundabout way of making a purchase that I don't need to.

The only reason rewards are offered is because of the potentail for companies to ensnare you into unpaid debt. While it isn't a problem if you do pay off your card, the only reason there is any reward for you at all is because of the predatory desires of the credit card providers, and they want to incentivize your participation in a program that enables them to catch you in those traps.

I don't think it is prudent for myself or others or society in general to engage in such a method of transaction except potentially for certain pieces of equity like homes or cars, and even then, a large down payment and shorter loan/mortgage period is better.

I pay my bill through my CCs website which is linked to my checking account. Takes less than a minute.

 

[Flo_Evans]

This is most likely my problem.

The only history I have is the bills I pay (rent, cell phone, cable/internet/phone, power) and store cards from places like Zales or whatever (don't ask). I know you can build history with a secured credit card, but Chase doesn't even offer those anymore. I don't know what to do. :\

That stuff (rent, cell phone, cable/internet/phone, power) is most likely not on your credit report unless its something negative (collection).

 

[saelz8]

Credit unions for life, fuck banks

WORD

 

[David Incorporated Esq.]

I pay my bill through my CCs website which is linked to my checking account. Takes less than a minute.

Mine is auto-debited from my checking account.

TRUMPED

 

[Wthermans]

My debit card was used fraudulently and I was called and told about it instantaneously. I also got all my money back in 24 hours. Saying Credit cards are "Safer" is bullshit.

Credit card companies can take their reward points and shove it.

You have a good credit union/bank then. Because they ate those costs and they aren't required by law to do it. Unfortunately most banks aren't like that or will offer it as a one-time action. By law, credit companies can only charge $50 for legitimate disputes.

 

[jmdajr]

You have a good credit union/bank then. Because they ate those costs and they aren't required by law to do it. Unfortunately most banks aren't like that or will offer it as a one-time action. By law, credit companies can only charge $50 for legitimate disputes.

My credit union kicks ass.

 

[Lambtron]

Part of the problem here is that debit cards in the US are secured by Visa/Mastercard. They want you to run these cards as that so they get the transaction fee. We really should have a system similar to Interac which I think is really cool.

 

[Alucrid]

Mine is auto-debited from my checking account.

TRUMPED

I could do that, but I like to pay my CC on my terms, which is usually before the billing statement comes in (aka for this period I owe 0.00 despite having ~100 charged) since I generally pay my CC on payday and I don't like to keep a lot of cash in my checking.

As for my credit union...I tried to buy something from Canada for $500. They thought the debit charge was suspicious and held the money, which fucked everything up and took a week to clear up and reorder the item. So in that case they were too safe which pissed me off.

 

[Deadly Cyclone]

People, seriously. Stop fucking using debit cards.

I am not spending 20 minutes in a checkout line to write a check.

I use a credit card mostly anyways. Put stuff on it, pay it off, keep building my credit.

 

[R2D4]

That stuff (rent, cell phone, cable/internet/phone, power) is most likely not on your credit report unless its something negative (collection).

Most rental property owners don't report to credit card agencies unless it goes into collections so paying your rent on time every month isn't really helping you with credit.

 

[Drkirby]

CrankyJay, they do not put a $70 hold on a gas station for debit transactions. What they put they reserve the right to do is put a $70 hold on Credit transactoins, which is what you would be doing if you used a credit card, or didn't put your Debit card pin in.

Also, GavinGT, Restaurants have to pay 2 to 3% for credit card fees. Though I know of no sit down restaurant that will acctually process a debit card as such, most places will process it as credit.

 

[dallow_bg]

The hold thing is only when you use your debit as credit. Up to $70 haha. Only ever been $1 for me.

I also earn the same Visa rewards as my actual CC when I run as credit.

My debit card was used fraudulently and I was called and told about it instantaneously. I also got all my money back in 24 hours. Saying Credit cards are "Safer" is bullshit.

Credit card companies can take their reward points and shove it.

Agreed.

My credit union even blocked my card and called me to make sure I was making purchases that were unlike me.

 

[Wthermans]

Part of the problem here is that debit cards in the US are secured by Visa/Mastercard. They want you to run these cards as that so they get the transaction fee. We really should have a system similar to Interac which I think is really cool.

If you run it as a credit transaction (as in, you don't input your PIN code into the pinpad), then Visa/MC will process it. If you do input your PIN, then the sale already goes through a Debit Network such as Interac.

 

[xnipx]

Why did a thread about greedy fucking bankers turn into a credit card promotion thread?? How bout u let the people who prefer to use debit use it and instead talk about how greedy these damn bankers are trying to fuck over the common man

 

[Bregor]

Moral of this thread:

Credit Unions are awesome.

 

[Meier]

My credit union kicks ass.

FWIW, my story above was with a credit union. The thief actually withdrew another $200 even after I alerted them.. dumbasses.

The bank was the Central Florida Educator's Federal Credit Union.

 

[krae_man]

For consumers they are. They're pretty bad for retailers. Higher rates, slower funding, and a PITA to deal with for chargebacks.

I think every credit card company is the same when it comes to chargebacks. Retailer=Fucked in every situation.

 

[Alucrid]

Moral of this thread:

Credit Unions are awesome.

You know what's even more awesome? WaWa. Since my credit union isn't that close to where I live I'd normally get hit with a 2-3 dollar charge on ATMs. Not at WaWa, that shit is free. FUCK YEAH WaWa.

FWIW, my story above was with a credit union. The thief actually withdrew another $200 even after I alerted them.. dumbasses.

The bank was the Central Florida Educator's Federal Credit Union.

Hmmm.