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03-12-2018 09:21 PM
Maybe someone can explain this. If you use a debit card and it gets hacked, wouldn't there be a risk you could end up with a zero balance and any check or electronic debit would then bounce? Your cash flow would be zero. If you have savings, then that could also be affected if the bank starts covering your negative balance with your savings. It might take weeks to clear it up.
Financial advisors seem to advise against debit cards also because they don't count with a credit score.
03-12-2018 09:46 PM
I could. But would I ? No. Even though I can use cash, my debit card, Pay Pal, and the bill payer thru my financial establishment there are times when making a purchase I want the safety of using a credit card, particularly when making on-line purchases.
We don't carry balances on the few cards we have and there is the small advantage of points.
03-12-2018 10:36 PM
We went to cash only years ago. That said, we use credit cards. What?
A credit card is used to book flights, hotels, anything online but ONLY if the cash is in the account at that time. The moment the receipt is received, the CC is paid off. If Paypal is available, we use that instead. Are there exceptions? Yes. It's only happened once and that was due to a death of a family member in Europe; tickets were not cheap for many people nor was renting a car and hotel accommodations but that's why we have a card for JUST emergencies.
Out and about, we use cash. Going into a building and buying means using cash. I don't go into stores unless I'm planning on making a purchase so, I carry cash. Grocery store, department store, etc...cash. Appliances? Cash. Car? Cash. The great thing about the Internet is you can do comparison shopping before going out and about. You can call the store before arriving to see if they have the item in stock and if they will match a deal seen online. With that, you know the amount so cash it is (or check). But always the cash is in the bank account BEFORE making the purchase.
If it isn't, it isn't purchased. The difference it made.....WOW.
03-12-2018 10:45 PM
I don’t want to live without credit cards. I like the convenience, the protection, and the rewards.
That said, a few years ago, I sold a car in early December and the buyer paid in cash. Wow...did I have fun doing all of my Christmas shopping, and paying in cash! In some stores, it seemed the SA’s had never seen anyone do this before!
Still did my online shopping with cards, but my bills in January were almost nothing that year.
03-12-2018 10:47 PM
My mother never had a credit card.
She believes as some do if you can't pay for something, don't buy it.
I have one main card I use.
I pay it off every month on time.
@three cees...using a credit card to pay for something doesn’t necessarily mean you don’t have the money to pay for it. Many people, myself included, purchase things and pay bills with the credit card then have one bill to pay (in full) every month. It’s quite helpful, especially if the credit card offers any type of rewards, i.,e., Airline miles. Plus it’s a convenient way to stay on top of your budget, because most credit card statements can be exported into a budget tracking system such as Quicken.
03-12-2018 10:49 PM
In todays world you could not rent a car, hotel, plane ticket without one. I am speaking off all credit cards, an atm, preload, amex, etc.
you can rent a car without a real authentic syle card. You can use a debit, but you are charged 400-500 up front. I imagine if you used cash the deposit would be sta((ering. You can book a hotel with any card,but atm. At time of departure you can pay cash. We have done tha . We have and use credit cards,
03-12-2018 10:56 PM
I got rid of mine about 4 years ago. I've never regretted it once. I use my debit card for car rentals and hotel reservations as well as online shopping. Our savings account is Not linked to our checking and I only keep what we need in checking. Some hotels and car rentals require a large amount to put on hold. I also check on this and make sure I have everything covered. Not having to make those monthly payments is very freeing and now I can only spend money I have.
03-12-2018 11:38 PM
I could do cash but won't, you need a cc to rent a car & a hotel room & they help build a good credit score that effects car insurance, mortgage rates & more. Paying the entire balance off every month isn't good for your score either, I have 3 cc's & keep small balaces on 2 for several months a year then make the monthly payments early before paying them off, the 3rd I use for most purchases since it has great cash back & it's paid off every month. I've worked hard to build a my credit score over 800 since I've lost my pension & will have to sell my home, you need a high score to be considered for a place with reasonable rent where I live.
@kitcat51Our scores are always over 800 and we always pay off everything monthly with no interest. Where did you get the idea that keeping balances makes your score higher? I have never heard that.... Why pay interest??
I don't think this is true that carrying balances on credit cards would IMPROVE a credit score. I havd NEVER paid interest on credir card purchase. Balances are paid in full every month.
I had to build a credit history for myself after my husband drowned, I had little credit in my name. A financial advisor explained to me that I needed to carry a balance, make payments early & then pay it off to build a credit history & it's worked well for me along with other credit builders. I've worked hard at it & it has improved my credit score.
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