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Old Yesterday, 10:55 PM
 
Location: Phoenix, AZ
1,834 posts, read 819,040 times
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Quote:
Originally Posted by SOON2BNSURPRISE View Post
Anyone else using a credit card to pay the bills and then paying it off each month and not using a debit card?

Yes. And I get cash back rewards every time. It's not big money but I'm amused that the banks pay me to use their cards and never make a nickel of interest off me.
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Old Yesterday, 11:04 PM
 
1,280 posts, read 465,060 times
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Same here as every other savvy poster.
I charge everything on a 2% cashback card ...I never carry a balance. Use a debit card rarely and only @ my bank ATM.
No problem overspending as I am in the de-accumulation phase of life.
But I still accumulate more than I de-accumulate, so I don't care.
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Old Today, 12:01 AM
 
12,130 posts, read 21,781,087 times
Reputation: 11998
Quote:
Originally Posted by ClaraC View Post
Data might deal with people who can't easily pay their credit card balances every month.

For those who have reached a stage of life where they have no problem whatsoever paying off each month's credit card statement in full, they don't spend anymore with a credit card than they would with cash or a check or debit card.

I do agree with you, that people who struggle to pay off their credit card purchases in full every month (or, actually don't even really try to) might be at risk for overspending on credit.
It has nothing to do with whether you can pay your bill or not.

In fact it might actually be tilted the other way, those with more disposable income might spend even more than those on a budget.

Of course you don't spend more. I predicted CD was chock full of people who are the 0.001% of society who are immune from marketing and subconscious behavior .
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Old Today, 12:02 AM
 
12,130 posts, read 21,781,087 times
Reputation: 11998
Quote:
Originally Posted by Lowexpectations View Post
There are a number of obligations that wouldn’t be impacted paying by cc, debit, check or ach. Electricity, water, natural gas, trash, gasoline, car/home owners insurance, cell phone, cable, internet. Possibly point of sale purchases in person are impacted for some at restaurants, gas stations or fast food but by and large a lot of expenses aren’t really impacted by method of payment
And for those I submit churning credit cards to make larger payments and bonuses is a far better use of one's time.
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Old Today, 12:21 AM
 
Location: Knoxville, TN
1,457 posts, read 643,159 times
Reputation: 1962
Yes. I use American Express charge card for literally everything.

Membership Rewards points are your friend.

4xs points at groceries or any restaurant, including McDonalds.
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Old Today, 12:45 AM
 
5,556 posts, read 2,988,871 times
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Quote:
Originally Posted by SOON2BNSURPRISE View Post
Anyone else using a credit card to pay the bills and then paying it off each month and not using a debit card?
I only use a credit card and pay it off every month.
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Old Today, 02:15 AM
 
73,058 posts, read 72,858,103 times
Reputation: 50610
Quote:
Originally Posted by K12144 View Post
My debit card has the Visa logo and has the same protections. I always thought this sufficient, until someone pointed out to me what OP's friend did: I'll get the money back in the end, yes... but if it takes weeks or months, I'm stuck without it if it came straight out of my bank account.




What is the difference? One still needs to make sure that at the end of the month, one hasn't spent more than one has in the bank. I merely switched from using one card for all of my purchases to another.
debit cards and credit cards do not have the same protection . the problem is if your pin is used with a debit card it opens up a whole other set of conditions and potential for not getting your money back .

there are hitches too with a debit card as far as networks that are used and your protection .. if the bad guy uses an unapproved net work you are not covered with a debit card .

With credit cards: The governing law is the Fair Credit Billing Act, which is implemented by Regulation Z.
The law limits liability on stolen credit cards to $50, and if you report the loss before your card is used, you are not responsible for any charges. Most major credit card companies and issuing banks also offer zero liability protection to consumers

. In other words, if a thief uses your account to make purchases, you’re not liable for a penny of the charges. Also, credit card users are not required to pay any amount that may be in dispute, meaning the cardholder retains use of the fund for the amount in question until the issue is resolved.

While policies have changed in favor of debit card transactions (providing greater protection and in many cases zero liability), you still don’t have the degree of consumer protection with a PIN-based card as you do with a credit card.

With debit cards: The governing law is the Electronic Funds Transfer Act and its implementing regulations, Regulation E.

In the event of a debit card theft, the victim may only find out after the money has been withdrawn from the account. Should you be aware that your debit card is lost or stolen, you can take action.

The Electronic Fund Transfer Act gives you the right to dispute an error on your bank statement and gives you some protections. For unauthorized card purchases, your liability is capped at $50 if you notify your bank within two days of realizing your debit card is missing. But between two days and 60 days, you could be responsible for paying up to $500 of a crook’s spending spree. If you wait more than 60 days to contact the bank, you will be stuck paying every cent of the unauthorized charges, which could cause you to lose everything in your checking account.

there is fine print too in debit card protection .... they make it sound the same as as credit cards but it is not .

Debit cards issued by Visa or MasterCard may be covered under their zero fraud liability policies, but only when the transactions are processed on their networks. When you complete your transaction as “credit,” it will likely be processed on a Visa or MasterCard network, based on the logo on your debit card. However, when a PIN is used to complete the transaction, it's more likely that it will be processed on a different network and therefore isn't covered under Visa's or MasterCard's zero liability policy.

we had a fraud once on a debit that used a pin . it happened in the lobby of our bank too. that card never saw the light of day except in the lobby of our bank . the credit card company felt it came from within the atm system .

With debit cards, the Electronic Funds Transfer Act limits liability to $50 if you notify the bank within two days of discovering the fraud on your account. However, if you wait longer than two days, you could be liable for up to $500. If it takes you more than 60 days to report fraud on your debit card, you could be liable for the entire amount.

Last edited by mathjak107; Today at 02:59 AM..
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Old Today, 02:41 AM
 
Location: Myrtle Creek, Oregon
12,530 posts, read 12,711,204 times
Reputation: 19956
Quote:
Originally Posted by GuyInSD View Post
This
With the caveat - always on a cashback/rewards card of some sort
Two caveati. The second one is don't buy anything you don't have the money to pay for. I put a car on a cashback card once, and paid the card off when the bill came in. The cashback covered the dealer prep fees. Nickels and dimes add up. I pay the credit card bill electronically, so didn't even have to spring for a stamp.

I also put groceries on a cashback card. Vet bills for the dogs. Restaurant meals (Discover is returning 5% on restaurant purchases this quarter).

I always have some home improvement project going, and can buy Home Depot or Lowes gift cards at a discount with the cashback bonus. I have three $100 Lowes gift cards in my wallet right now. At $32 a sheet for 3/4" AC plywood, they won't go far.
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Old Today, 03:46 AM
 
Location: South Carolina - The Palmetto State
992 posts, read 1,538,348 times
Reputation: 1098
Quote:
Originally Posted by RichCapeCod View Post
Credit cards, paid off each month. I like Dave Ramsey, and he likes debit cards, not credit cards, not sure why.

By the way, I understand (this may be a myth) that us folks who pay off our cards at the end of each month are considered "dead beats" by those in the credit card industry.

Rich
Not really. The CC companies make the majority of their income from transactions fees from the merchants using their service.
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Old Today, 03:50 AM
 
Location: South Carolina - The Palmetto State
992 posts, read 1,538,348 times
Reputation: 1098
Quote:
Originally Posted by adjusterjack View Post
Yes. And I get cash back rewards every time. It's not big money but I'm amused that the banks pay me to use their cards and never make a nickel of interest off me.
If you are using your cards to pay "everything", 2% cashback is peanuts compared to what they earn from all those transaction fees.
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