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Go Debit?

dmitrii
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
AverageJoesCredit
Legendary 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
NRB525
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
dmitrii
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
blindambition
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
KJinNC
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.


FICO Resilience Index: 65. Cards: 5/24, 3/12, 2/6. Accounts including loans: 8/24, 6/12, 2/6. Card CLs total $204,900, or $231,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 6 of 14
Anonymous
Not applicable

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
blindambition
Senior Contributor

Re: Go Debit?


@Anonymous 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
Anonymous
Not applicable

Re: Go Debit?


@blindambition wrote:

@Anonymous 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
DaveInAZ
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
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