Community Chat

[Trinity11]

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@Sage04 wrote:

Debit Card all the way. I like the idea of having the charges taking out instantly and no limit whatsoever. Credit Cards have a Credit Limit but my Debit Card does not. Nothing better than that.

Used both over the years but now I only use my Debit Card. Unline purchases, no problem and yes my Bank covers any fraud transactions.

Some like Debit Cards and some like Credit Cards. We can't all be the same.

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American Express has no set limit. If you have a problem with a purchase they will actually reimburse you immediately while they investigate. All debit cards have limits according to our financial advisor. Debit cards won't notify you immediately if someone gets hold of your card and tries to buy something different than your usual patterns of spending. No year end bonus cash for purchases either.

edited to add...debit cards won't help your Fico score either because transactions don't get reported. Your Fico score affects your auto policy, home insurance and loan status for borrowing $$$.

[Sage04]

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@Trinity11 wrote:

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@Sage04 wrote:

Debit Card all the way. I like the idea of having the charges taking out instantly and no limit whatsoever. Credit Cards have a Credit Limit but my Debit Card does not. Nothing better than that.

Used both over the years but now I only use my Debit Card. Unline purchases, no problem and yes my Bank covers any fraud transactions.

Some like Debit Cards and some like Credit Cards. We can't all be the same.

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American Express has no set limit. If you have a problem with a purchase they will actually reimburse you immediately while they investigate. All debit cards have limits according to our financial advisor. Debit cards won't notify you immediately if someone gets hold of your card and tries to buy something different than your usual patterns of spending. No year end bonus cash for purchases either.

edited to add...debit cards won't help your Fico score either because transactions don't get reported. Your Fico score affects your auto policy, home insurance and loan status for borrowing $$$.

@Trinity11  Yes Debit Cards have a daily spending limit but my Debit Card has an outrageous daily spending limit and this happened over the years. I sometimes wonder how they make that decision. My Bank notifies me even before I can notify them. It was not for much only for about $122. I was at the supermarket when I got the call. That was years before scam calls and the money was deposited back to my account right away.

I have everything I need. Just boght a brand new house about two years ago and a vehicle in January and have always had great Fico score. Don't need anything else and if I do, the cash is available.

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[feline groovy]

By the way...

For those who are solo and whose only income and asset is Social Security or Social Security Disability, and who also don't have a banking or credit union account,

a debit card with the Mastercard logo is used for everything in-person and online.

Even if a business doesn't take debit cards, or if one asks the customer to choose credit or debit, that Direct Express debit Mastercard can be used either way.

Years ago, it replaced the Social Security checks that used to be mailed.

[CherryHugs]

I appreciate all the replies! You have all given me alot to think about.

[JoyFilled Warrior]

WOW!  I really really needed this thread & all these responses!     and I didnt even know I needed it!  I need to make changes, for my own good.

Thank you!  A lot. @CherryHugs   &    @Folks!!!  

[MamaWick]

We have two checking accounts which we call the main checking and secondary checking.  Both have debit cards attached to those accounts. 

We use the main account for groceries and small household purchases at places like the hardware stores, and for cash from the ATM. 

The secondary account gets money transferred into it for Amazon purchases (since returns to Amazon are easy).  Thus, that account only has enough $$$ for those purchases.

All major purchases are completed with our credit card.  Gas is purchased with our Shell card, and initiated through the phone so there is no chance of a skimmer.

[SloopJohnB]

I mentioned this before & I see a few others touched on it, also.  It seems more and more companies are passing on the surcharge to the consumer.  While it used to be the merchant would pay the extra 3% fee or whatever it may be, they are now "sharing the love" to the customer.  It used to be the cost of doing business that the store would pay it but they are now passing it on.

Some will offer a "cash discount" if you pay that way instead of using your card.  For eating out, etc, I can see doing that, but for big ticket items I like the assurance of paying with my credit card in case something goes wrong with the item.