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Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
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Re: My debit card gets no more love


afbar1114 wrote:

since i have my AMEX, chase, and other CC's i dont use my debit card unless i need cash money.. any one else have this issue?


Yup!!!

 

I pretty much use my debit card to pay my CC's.




EQ FICO 548 3/3/16
Valued Contributor
Posts: 2,179
Registered: ‎01-09-2012
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Re: My debit card gets no more love

once chase tookk away the rewards for debit i have been trying to get a good replacement for it. my zync is good for it i think it now. 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
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Frequent Contributor
Posts: 259
Registered: ‎01-10-2012
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Re: My debit card gets no more love

Today I am officially turning my NFCU Cash Rewards card into my everyday card.  Mo more debit for me except to get cash if necessary.  I will run everything through NFCU and pay in full each month, in hopes that they will provide me with a nice CLI at some point.

Thanks myfico fam!

 


Starting Score: 639 (Walmart TU)
Current Score: TU 668 EX 649 EQ 657 (All Lender Pull 1-13-2012)
Goal Score: 700 Across the Board (Mortgage Goal Achieved 1/31/2012!)


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Super Contributor
Posts: 6,236
Registered: ‎02-23-2011
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Re: My debit card gets no more love

With Dodd Frank and the inevitable erosion in debit card protection and benefits from the Banks, I can't see any reason to use a debit card, aside from being unable to qualify for a credit card.

 

Even then, a good prepaid is the way to go.  In this day and age, I can't see any reason to risk a debit card, bank account, or any kind of deposit account information floating out there.

Frequent Contributor
Posts: 364
Registered: ‎08-23-2011
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Re: My debit card gets no more love

Actually my debit card got some love last week. I had originally just planned to use my debit card only for ATM withdrawls but there are some places where you need to use it for a purchase. When I applied for my passport last week the passport processing fee could only be paid by debit or check. They wouldn't take my credit card. Makes sense I  guess since the government doesnt want to pay higher interchange fees, but the vast majority of the time I am only paying cash or credit.

FICO Scores: TU: 768 (Jan 2012), EQ: 755 (Jan 2012 Lender pull)
Super Contributor
Posts: 6,236
Registered: ‎02-23-2011
0

Re: My debit card gets no more love


Dadaluma83 wrote:

 I  guess since the government doesnt want to pay higher interchange fees, but the vast majority of the time I am only paying cash or credit.


I'm just waiting for my gov't issued Federal Debit/Health-Insurance card.

Frequent Contributor
Posts: 448
Registered: ‎01-27-2012
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Re: My debit card gets no more love

I only use my debit card to put money into my account since I'm never not at work during normal business hours. I used to get owned with NSF fees because I would forget about my recurring charges. Now I don't have that problem (though it also helps that my income has increased exponentially)
Starting: EQ 498 TU 501 EX 485 (9/23/11)
As of 5/12: EQ 552 TU 591 EX 572
Credit Repair Journey Bump in the Road
As of 10/15: EQ 511 TU 588 EX 601
Discover TU Fico- 5/31/16: 645; Amex EX Fico-3/22/16: 663
Goal: All 3 above 700

Regular Contributor
Posts: 179
Registered: ‎11-05-2008
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Re: My debit card gets no more love

I can see why some people prefer to use debit cards, but I prefer to use credit when I can and PIF.

 

To chime in with all the other responses:

- In the case of fraud, you still have your cash in the bank

- Rewards/benefits (I get back more than $100 a year from doing what I'd do anyway)

- Some cards have extended warranty (maybe that falls under rewards)

 

This is why I believe using credit is more beneficial.  HOWEVER, using credit takes discipline, and if you have difficulty keeping track of how much you spend on a card and do not PIF every month, then it might be a better idea to pay in cash or w/debit.


Starting Score: 557 (2005)
Current Score: 803
Goal Score: 805


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Valued Contributor
Posts: 1,367
Registered: ‎04-20-2012
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Re: My debit card gets no more love

Assuming you have good rewards credit cards, is there ANY logical reason to use a debit card? I just want to make sure I'm not missing something.

 

Personally, I put everything that I can on my credit cards. I keep my J.P. Morgan debit card with me for when I need cash (having unlimited ATM fee rebates is a huge plus, especially in Vegas where the ATM fees are ridiculous), and a Citigold debit card for a backup and line jumping when I have to go into a Citibank branch.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

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Established Contributor
Posts: 930
Registered: ‎07-30-2011
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Re: My debit card gets no more love

Ever since I got educated about credit cards, I have only used my debit card for cash at ATMs.  Debit cards are especially dangerous to use for online transactions.  Banks handle credit card fraud immediately and handle debit card fraud over the course of possibly months.  They are much more motivated to recover the money lost when it's their money instead of your own.


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
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