cancel
Showing results for 
Search instead for 
Did you mean: 

Go Debit?

Highlighted
New Contributor

Go Debit?

Just received a message from BOFA

It promotes using their debit card for everyday purchases

I wonder if this is a new trend in the banking industry


bofa.JPG

Message 1 of 14
13 REPLIES 13
Highlighted
Community Leader
Mega Contributor

Re: Go Debit?

Meh, until banks eliminate credit card rewards all together, gonna be a tuff sell to this crowdSmiley Wink
Message 2 of 14
Highlighted
Super Contributor

Re: Go Debit?

Follow the money.

A bank gets a small swipe fee for a debit transaction. The bank gets nothing when you pull out bills and spare change from your pocket.

 

No, not a trend, just an advertising promotion.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 14
New Contributor

Re: Go Debit?

is not it better (wiser) to use credit cards for such transactions? what is the point to prefer it over the credit cards?

Message 4 of 14
Highlighted
Community Leader
Senior Contributor

Re: Go Debit?


@dmitrii wrote:

Just received a message from BOFA

It promotes using their debit card for everyday purchases

I wonder if this is a new trend in the banking industry


bofa.JPG


Connected to my checking account, without the full protection of credit card. Yeah, not happening.

Message 5 of 14
Highlighted
Valued Contributor

Re: Go Debit?

Nothing new. I used debit cards for all or nearly all cashless purchases for about 20 years, until I started working on my credit this year.


No derogs, but tons of inquiries and heavy credit-seeking behavior. 18/24, if I am counting the correct stuff. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. What I call the "thick build method" worked for me, but may not work for every situation.
Cards

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $90,200, not counting the AU card. The AU card brings the total to $115,200. In March 2019, card CLs totaled $0.

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | American Express Delta Gold, $1,000, 09/19-10/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Message 6 of 14
Highlighted
Super Contributor

Re: Go Debit?


@blindambition wrote:

@dmitrii wrote:

Just received a message from BOFA

It promotes using their debit card for everyday purchases

I wonder if this is a new trend in the banking industry


bofa.JPG


Connected to my checking account, without the full protection of credit card. Yeah, not happening.


💯! Not as long as the US continues to allow chip and signature instead of chip and PIN. 




Message 7 of 14
Highlighted
Community Leader
Senior Contributor

Re: Go Debit?


@Saeren wrote:

@blindambition wrote:

@dmitrii wrote:

Just received a message from BOFA

It promotes using their debit card for everyday purchases

I wonder if this is a new trend in the banking industry


bofa.JPG


Connected to my checking account, without the full protection of credit card. Yeah, not happening.


💯! Not as long as the US continues to allow chip and signature instead of chip and PIN. 


Exactly! Not to mention that my SAD would cause a panic attack if money went missing from account.

Message 8 of 14
Highlighted
Super Contributor

Re: Go Debit?


@blindambition wrote:

@Saeren wrote:

@blindambition wrote:

@dmitrii wrote:

Just received a message from BOFA

It promotes using their debit card for everyday purchases

I wonder if this is a new trend in the banking industry


bofa.JPG


Connected to my checking account, without the full protection of credit card. Yeah, not happening.


💯! Not as long as the US continues to allow chip and signature instead of chip and PIN. 


Exactly! Not to mention that my SAD would cause a panic attack if money went missing from account.


Yup. I check my accounts multiple times a week despite having alerts for every single one of them except my Sync cards. My debit cards are all frozen and my main bank's debit card number hasn't even been used anywhere. Not worth the hassle. 




Message 9 of 14
Highlighted
Senior Contributor

Re: Go Debit?


@NRB525 wrote:

Follow the money.

A bank gets a small swipe fee for a debit transaction. The bank gets nothing when you pull out bills and spare change from your pocket.

 

No, not a trend, just an advertising promotion.


The bank also gets nothing when you oull out your checkbook and write a check, another reason why they push debit.


Message 10 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.