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Go Debit?

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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
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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
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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.

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Message 3 of 14
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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
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Established 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
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Established 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.


Young profile, but no derogs. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. The only thing in my signature that was on my CRs then was the old closed Exxon card. I am a MyFICO monthly paying customer. One might think my perspective would be welcome here, but ...
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Card CLs total $70,600, not counting the AU card. In March 2019, card CLs totaled $0. In April 2019, card CLs reached $500. Since then, I received a lot of great advice on this board, as well as a lot of advice I didn't take, that is good for most situations, but not mine. Bronze spade on July 1.
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Message 6 of 14
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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. 



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 7 of 14
Established 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
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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. 



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 9 of 14
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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.


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Message 10 of 14
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