Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was listening to Frank Abagnale talk about his life. He has spent the past 40 years working for the FBI. He is an interesting person to listen to. Some years back a movie about him was made based on his book, Catch Me If You Can
In a question and answer segment he was asked about debit cards. He commented that he never uses them. That a debit card does nothing for you and can open you up to fraud. He says he uses credit cards for everything. When the bill comes he pays off the bill.
Frank mentions that with a credit card, if you suspect fraud, you call your credit card company and they will suspend the payments to the fraud. They will cancel your card and send you a new one right away.
With a debit card you might lose your money, wont have use of it until an investigation takes place. It might take weeks to get your money back.
While a credit card used wisely builds your credit, a debit card does nothing for you.
With a credit card you are using someone else's money during the month for free, as long as you pay off the balance when the statement comes. Your money stays in your bank and only comes out when you make that payment.
The idea sounds intriguing. Anyone else using a credit card to pay the bills and then paying it off each month and not using a debit card?
This is what I do, and precisely why. (That and, the credit card helps with a credit score. I don't need a credit card-- I don't buy things I don't already have the money for-- but unfortunately we all need to play the credit "game" so I do need a credit score.)
It feels stupid and ridiculous, but nobody has a choice about the credit game, and he's right that I feel my money is safer with the credit card.
I have a "rewards" card through my bank, but it's useless; the "rewards" are some gift card or something I will never use. I'd rather have cash back, but that's not what my bank offers. If I ever get a second card not through my bank, I'd make sure it was a "cash back" rewards card. And then, frankly, I'd be likely to charge everything on that card, pay it off with the other card, and then pay that off. A stupid little dance, but, again, everyone needs a credit score.
I always used my Debit card because I don’t want any bills each month. The. Someone told me to use a credit card for the reward points, so I have even doing that for 5 years. I pay in full each month and every few months, I use my $100 of reward points toward my bill. Also, you have no protection using a debit card if you have a dispute of a purchase. With a credit card, they will fight for you.
The biggest threat of this technique is most people will spend more subconsciously using credit vs debit or cash. Many in here will argue and swear up and down their spending habits wouldn't change but data says the opposite.
This topic has been covered many times. A debit card doesn't have the protections - if you are good about your finances, use your credit card and pay it off every month.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
