Comments on: Beware the Debit Card

By: Joe

Joe — Mon, 20 Jun 2011 16:14:33 +0000

These are all excellent reasons I use a credit card. Credit cards are only problematic if you buy before you can pay. My wife and I stick to a budget, but use credit cards for the transactions.

By: Mike

Mike — Tue, 17 Aug 2010 02:15:42 +0000

A friend of mine had his bank account drained as a result of using his debit card at a gas station. I will only us mine as a credit card whenever we go to a convience store. It is too asy for the employees to steal your money…all they need is you card number and your pin number and your bank account is toast.

By: Nick

Nick — Thu, 12 Aug 2010 03:41:46 +0000

There are definitely mechanics that make debit issues different than credit issues, but Visa, for example, vows that they’ll protect you on their site – debit or credit.

The one thing that I would say about the fear of carrying “a lot” of cash is to “not carry a lot of cash.” Carrying an “appropriate” amount of cash could be a good alternative (i.e. no need to carry $500 to dinner, but maybe if you’re going to buy a new computer or tv). You’d be surprised how many discounts you could get just by asking and paying cash – especially at local or mom and pop shops. And I agree with red that many people spend less when they’re not putting it on credit.

I was at a baby store the other day and the saleswoman, who knew I was paying cash, dropped a price from 99 to 89 without me asking and then in response to the blunt question of “how low could you go if I haggled with you very aggressively” (serously) dropped the price to $64!

By: ChristineWithRegence

ChristineWithRegence — Mon, 28 Jun 2010 17:37:37 +0000

Great tips! For ideas on how you can take charge of your own health care costs, check out Whatstherealcost.org.

By: Carnival of Personal Finance #263 – Upstate Edition

Carnival of Personal Finance #263 – Upstate Edition — Mon, 28 Jun 2010 11:31:54 +0000

[...] @ Financial Highway from Financial Highway presents Beware the Debit Card, and says, “While credit cards are much maligned in the personal finance community, use of [...]

By: Geoff

Geoff — Fri, 25 Jun 2010 13:49:53 +0000

I’d also suggest paying any ‘deposits’ on a credit card vs a debit card or cheque. If the company goes bankrupt before you receive your goods, it’s soooo much easier to get the credit card company to reverse the charge (it’s a clear case of not receiving what you paid for) vs a debit card. So if you put a deposit on an appliance, pay with the credit card!

By: Steve Rhode

Steve Rhode — Wed, 23 Jun 2010 13:57:25 +0000

If we can manage to keep our car on the right side of the road and not kill ourselves with kitchen knives, certainly we can operate a credit card that gives us the maximum protection and consumer rights in a way that controls spending.

How about sending the payment for any charge when you get home. That makes it work just like a debit card.

Or how about subtracting the amount of the purchase from your available balance in your checkbook register so you are setting aside the money for when the bill comes?

Steve

By: red

red — Wed, 23 Jun 2010 07:27:40 +0000

carrying credit card is risky too. It could boost our spending.

By: tiptophot.com

tiptophot.com — Wed, 23 Jun 2010 01:11:22 +0000

Your Debit Card May Not Be Safe…

Maybe using credit cards is better….

By: Len

Len — Tue, 22 Jun 2010 19:50:53 +0000

Go to your bank and ask them to re-issue your debit card without a VISA or MC capability. It will then only be usable at ATMs and grocery stores (anywhere where you have to enter a PIN). Then get a separate VISA or MC credit card that is not associated with your checking account. Many bank clerks don’t know that you can do this, but you can. Just ask for a manager. Then your checking account is protected if you lose your debit card because you NEED the pin to use it, and you can still charge things normally on your credit-only card.