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