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Why do people use debit cards?

C

Chumpman

Banned
With credit cards if you play the margin correctly you don't have to pay for something for 60 days, the whole while incurring interest on the money. Do you people really not have that much self control?
 
I only use my debit card for two types of transactions:

1) Paying for groceries and stuff at Albertson's, Walmart, K-Mart, CostCo, Safeway, USPS and you can get cash back for whatever amount you want.
2) ATM to withdraw cash

Other than that 100% credit card.
 
Some people really don't give a sh!t about the $0.01 they'll make in interest by keeping thier cash in the bank for an extra 3 weeks until they pay off their CC bill with it, instead of jsut taking money out of the bank to buy thier groceries in the first place.
 
It's called spending within your limits. It helps prevent some people from spending what they don't have. And wow, a whole nickel of interest on your checking account! Break out the bubbly! I personally never use it for anything except ATM withdrawls because I'm paranoid if someone got a hold of the number, but I can understand the folks that do use it
 
Originally posted by: Angrymarshmello
It's called spending within your limits. It helps prevent some people from spending what they don't have. And wow, a whole nickel of interest on your checking account! Break out the bubbly! I personally never use it for anything except ATM withdrawls because I'm paranoid if someone got a hold of the number, but I can understand the folks that do use it
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Someone got a hold of mine and charged about $200 at local restraunts one time. Had to get a new card, but at least I didn't have to pay for it. About a month ago someone got hold of my dad's number while they were on vacation and charged about $2,000 in gift cards. Still, I do like my debit card though. Never had a credit card and I'm not sure that I want one. Haven't read up on them though to see what the advantages/disadvantages are.
 
I use my debit card for everything cause I cant handle a fvcking credit card... I always end up with late fees and over-balance fees...
 
my debit card pulls from my checking account. why would i want a credit card? thats just extra work to pay the bill.
 
Originally posted by: AnyMal
Originally posted by: kami333
Cause I get 1.5% cash back😛
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I use my PayPal debit card for that 😀 1.5% automatic cashback on all purchases.
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No way am I going to trust paypal with all that money, I withdraw as soon as I get money.
 
The check you used to pay your bill probably cost more than the interest you earned on the money you spent. 🙂
 
Originally posted by: mugsywwiii
The check you used to pay your bill probably cost more than the interest you earned on the money you spent. 🙂
Click to expand...

So use online paying, direct withdrawl from your checking account. You could even make automatic bill payments if you want to.
 
With credit cards, you can build a credit history which can be important for many things. Debit cards can't do that.

Also with credit cards if your account is used fraudulently, at least you still have your money during the whole dispute process. With debit cards, the money is gone from your account until the situation is resolved.

I guess debit cards are good if you have a problem realizing that when you use a credit card you have to pay for the item eventually or face huge penalties. It is surprising how many people have a problem with that.
 
Originally posted by: Aboroth
Originally posted by: mugsywwiii
The check you used to pay your bill probably cost more than the interest you earned on the money you spent. 🙂
Click to expand...

So use online paying, direct withdrawl from your checking account. You could even make automatic bill payments if you want to.
Click to expand...

Yeah I know. 🙂 I was just saying what several other people have already said... the amount you make on interest in those few weeks is miniscule. I usually use my debit card because it really makes no difference to me, but stores are charged around 3% of all credit card transactions by the credit card company.
 
Originally posted by: Aboroth
With credit cards, you can build a credit history which can be important for many things. Debit cards can't do that.
Click to expand...

Someone recently suggested that there ought to be a credit FAQ out there somewhere... I second that idea. I've heard all sorts of different information about credit, and I really don't know what is right and what is wrong. I read one place that it's bad to use your credit card for everyday purchases then pay it off at the end of the month, because it still looks like you're carrying a balance (because you almost always have a balance on the card). Then I've also heard that it's good to use it and pay it off. I've also heard that it's good to use it and NOT pay it off completely, because that makes you look profitable to credit card companies. I'd just love it if someone who could speak with some authority (not hearsay) would put it all in black and white. 🙂
 
Originally posted by: mugsywwiii
....I've also heard that it's good to use it and NOT pay it off completely, because that makes you look profitable to credit card companies...
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Well CC companies make profit every time you make a purchase regardless of when you pay it back... they just take out 1% or so from the vender. Amex takes out like 2%, which is why they offer more rewards and are accepted less places.

 
Originally posted by: Trevelyan
Originally posted by: mugsywwiii
....I've also heard that it's good to use it and NOT pay it off completely, because that makes you look profitable to credit card companies...
Click to expand...

Well CC companies make profit every time you make a purchase regardless of when you pay it back... they just take out 1% or so from the vender. Amex takes out like 2%, which is why they offer more rewards and are accepted less places.
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Yeah I know, I posted that about two posts above the one you were replying to... but you're a lot MORE profitable to them if they can charge you that ~18% interest. 🙂
 
Originally posted by: mugsywwiii
Originally posted by: Aboroth
Originally posted by: mugsywwiii
The check you used to pay your bill probably cost more than the interest you earned on the money you spent. 🙂
Click to expand...

So use online paying, direct withdrawl from your checking account. You could even make automatic bill payments if you want to.
Click to expand...

Yeah I know. 🙂 I was just saying what several other people have already said... the amount you make on interest in those few weeks is miniscule. I usually use my debit card because it really makes no difference to me, but stores are charged around 3% of all credit card transactions by the credit card company.
Click to expand...

that 3% may be changed. There is a class action suit headed by wal-mart to stop that, and visa and mastercard may get fined up to 3 billion dollars. I saw the legal notice in my bosses mail, she had me read it over to see if she was reading it correctly.
 
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