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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.

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
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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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Frequent 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.


FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until fall 2021.
Cards

Authorized user / Corporate / Auto loan

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | 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.

Goals: Late 2020 - Ducks Unlimited card; scores in high 700s with inquiries aging. Long-term goal - Prime rate mortgage; able to qualify for most standard credit products.
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:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 7 of 14
Frequent 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:
02/2020:

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.


Fico 08: 734/716/734 TU/EX/EQ
Message 10 of 14
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