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Old 02-10-2013, 11:30 PM
 
2,116 posts, read 1,263,936 times
Reputation: 1536
Default I always use my debit card

So I always use my debit card for everything so does my GF. We each have our own checking and savings account, but we also have a joint account where all of the money is deposited through direct deposit.

After seeing on here how everyone insists on using a credit card versus a debit card I have a question. I get why you would use a cc card because the money is a loan and if someone stole my card or numbers I could simply call the company up and get it fixed within minutes. Now with a debit card if someone stole my numbers or the actual card I would be pretty much screwed. Even if I did get my money back...were talking about weeks if not months. We live paycheck to paycheck....would be screwed if we lost almost any amount of money.

I have 1 cc with a $300 limit...could perhaps ask to increase it, but I doubt they would any significant amount.

So I'm stuck with the debit card, which I don't mind using at all. Just when I think what could happen....I want to at least lower the chances of something catastrophic happening.

So I was thinking I could just put a $730.50 (rent) limit on the card or account per day and not worry anymore. I mean I could be out $730.50....but it is better than wiping our account out. We don't buy expensive things, not that expensive at least so the limit in question would be fine.

What you all think?
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Old 02-10-2013, 11:48 PM
 
432 posts, read 420,765 times
Reputation: 505
I'm not sure about putting a limit on debit card (is that what you mean?), I can only suggest how to get credit cards working for you.

First of all - find out your credit score - you can request your credit report from on of the three credit bureaus, or you can register at CreditKarma.com - they use your Transunion score. You will get a good idea of what kind of credit you are eligible for. If your scores show up as Good or even Fair, you have a good change of getting your credit limit increased on your $300 card.

Also, I suggest you start using your credit card - charge $150-200 on it, pay it off. Do so for several months, then try to call the CC company and ask to increase your credit limit.

My first card also had a $300 limit, and it was also a secured credit card, ever heard of those? I had to send a check for $200 to the CC company to have them give me a $300 limit. I was deemed trustworthy enough to have a card that wasn't 100% secured! It took me about 6 months and being rejected several times to get that one. I wanted to build a credit history, and I'm glad I did. Once I had that card for 6-8 months, I got another, with a larger limit, and this time - unsecured. Pretty quickly my scores were in high 700, and they are still there. This works great for me. I know there are people on this forum who are scared of credit/debt as if it was the devil himself, but to each his own.
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Old 02-11-2013, 03:32 AM
 
27,239 posts, read 22,694,704 times
Reputation: 14266
Quote:
Originally Posted by packer43064 View Post
So I always use my debit card for everything so does my GF. We each have our own checking and savings account, but we also have a joint account where all of the money is deposited through direct deposit.

After seeing on here how everyone insists on using a credit card versus a debit card I have a question. I get why you would use a cc card because the money is a loan and if someone stole my card or numbers I could simply call the company up and get it fixed within minutes. Now with a debit card if someone stole my numbers or the actual card I would be pretty much screwed. Even if I did get my money back...were talking about weeks if not months. We live paycheck to paycheck....would be screwed if we lost almost any amount of money.

I have 1 cc with a $300 limit...could perhaps ask to increase it, but I doubt they would any significant amount.

So I'm stuck with the debit card, which I don't mind using at all. Just when I think what could happen....I want to at least lower the chances of something catastrophic happening.

So I was thinking I could just put a $730.50 (rent) limit on the card or account per day and not worry anymore. I mean I could be out $730.50....but it is better than wiping our account out. We don't buy expensive things, not that expensive at least so the limit in question would be fine.

What you all think?
my debit card has a 500 a day max on cash withdrawals .
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Old 02-11-2013, 06:23 AM
 
Location: NW Philly Burbs
2,128 posts, read 1,463,855 times
Reputation: 2664
Quote:
my debit card has a 500 a day max on cash withdrawals.
Mine too.

Quote:
Now with a debit card if someone stole my numbers or the actual card I would be pretty much screwed.
I have a straight debit card for just this reason -- it's not a debit/credit card. It MUST be used with a PIN. If someone stole it or the numbers, it would be worthless to them.

I also use my debit card for everything -- not everyone likes getting a huge bill at the end of the month, even if you have the money to pay everything off. I just like knowing that I'm actually paying for the items at the time of purchase.

My problem? I had the same trusty old debit card for at least 10 years and never had a problem with it. Now, after a bank merger, I was sent a new one that so far I've only gotten to work at 2 places. When I tried it at the supermarket, the cashier had a trick where she put it in a plastic shopping bag and swiped it through that to get it to work -- and it did! Anyone else have problems with new cards?
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Old 02-11-2013, 06:37 AM
 
Location: southwestern PA... where the nest is now empty!
9,951 posts, read 11,194,218 times
Reputation: 14226
Quote:
Originally Posted by Blinx View Post

I also use my debit card for everything -- not everyone likes getting a huge bill at the end of the month, even if you have the money to pay everything off.
You - and the OP - can work around that!
Do what I do... I pay whatever I charge that week on the Discover card every Monday.

NO huge bill at the end of the month.
And, in the OP's case, the $300 limit can be pushed then paid off throughout the month.
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Old 02-11-2013, 07:04 AM
 
Location: In the realm of possiblities
1,752 posts, read 579,906 times
Reputation: 2466
When I was starting out, and trying to get credit established, I went to my bank, and borrowed what I knew I could afford to pay back next month. After doing that over a period of time, I asked for a credit line increase on my CC, and after they reviewed my credit history, I got a little better credit line. That might be an option. I have a debit card that I hardly use because it doesn't give me Rewards points like my Credit Card!
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Old 02-11-2013, 08:05 AM
 
Location: Chicago
2,057 posts, read 1,936,312 times
Reputation: 2022
To justify getting a CC limit raised or getting a new CC just to protect yourself from the potential loss incurred from theft because you live paycheck to paycheck is counter intuitive in my mind. If you cannot afford to "front" the bank the $1,000 or whatever it is then you shouldn't be going out and charging everything to a credit card.

Here is what I recommend. I first would suggest you save up a small emergency fund. Whether its $300 or more just make sure you have SOMETHING. In case. Second, setup an account alert. I have Chase and whenever a purchase above $250 is made it sends me a free text alert. This way I have the ability to purchase high priced items but I just have to ignore the text.
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Old 02-11-2013, 08:11 AM
 
657 posts, read 187,330 times
Reputation: 437
use your credit card its safer. trust me i was a victim of id theft not a pretty thing.

keep applying to the credit card until to get the credit limit you deserve. and then never reach that limit

good luck

by the way - read my post on credit card its there
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Old 02-11-2013, 08:27 AM
 
Location: North Metro Atlanta
4,392 posts, read 5,050,550 times
Reputation: 3380
You might want to read over this thread as to Why NOT to use a debit card:

Stolen Debit Card help
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Old 02-11-2013, 10:50 AM
 
Location: Barrio Logan/Shelltown
8,354 posts, read 10,943,978 times
Reputation: 4539
My bank (credit union) calls me if they think my card was compromised. And they don't send a text message, a person from the fraud department calls me personally. Someone got my card number, and the credit called me and wanted to know if I was in Japan. When I said, "no," they immediately cancelled my card (which was already blocked). I went into the credit union the next Monday (they called on a Saturday afternoon), and they cut me a new one on the spot.

I haven't had any problems since, but I have a friend with a Chase account, and he has constant problems.
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