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I never suggested you should do so. What you shouldn't do is keep a bunch of money in a checking account or low interest savings account, when you could instead keep it in a high interest savings account and be earning around 20x the interest.
20 x nothing, or almost nothing, is still virtually nothing.
If you had your internet wiped out by computer viruses as many times as I have, you'd understand.
actually the only fraud i ever had and i pay every bill on line was when the debit card i use to take out money from my direct deposit had the pin and card number stolen from within the banking system itself.
that card never saw the light of day except in the bank atm in the lobby of one local bank..
i have been using the internet for decades for all sorts of finance and have never had an issue to date from it. but ironically it was a fraud not using the internet that was a problem.
... Since people aren't bothering to read, I'm going to put this thread down. To assert that there aren't credit card companies that charge interest for purchases is ludicrous. These guys are in it to make money, so the rewards that you feel you're getting are being paid back by you and other customers many times over.
You're right - every credit card charges interest. However, they also have a grace period before that interest is actually applied (and we're talking about non-secured cards or those that aren't aimed at people trying to rebuild credit). As many people on here have already indicated, they make purchases all the time, and don't pay interest because they pay off the balance within that grace period.
And yes, those rewards are ultimately being paid for by the consumers AND merchants as a whole. So from that standpoint everyone is paying for them. Very few places differentiate prices between credit/cash purchases. So $100 in goods is going to cost me $100 regardless if I paid for it in cash or credit - as long as I pay the balance off within that grace period. In that sense, I can almost argue that the cost of using a credit card is built into the price of the good, so I might as well use the instrument.
All that said - many have already indicated the pros and cons of credit cards. At the end of the day, it's just a financial tool. Whether or not the tool is good or bad is dependent on each individual's situation.
The key word in the OP's question is "Give ME a good reason..."
I can provide a million reasons, but none may be good for YOU.
Anything can be disputed, but credit companies reverse the charge pending the investigation. Banks let you fill out a bunch of paperwork to dispute the charge, but they usually don't refund the money until the investigation is complete since they would have to extend you credit in the interim.
Anyways, what you are referencing is the fraud protection, but that is limited to certain transactions and under the ETF ACT banks have 10 days before they have to decide to credit your account or not. Hmm, 10 days or 5 minutes? Tough decision there.
* Covers U.S.-issued cards only. Does not apply to ATM transactions, certain commercial card transactions, PIN or other transactions not processed by Visa. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
Not sure where you're getting all this, federal guidelines require provisional credit on disputed amounts within 10 days regardless of whether it's a credit card or a signature purchase on a debit card. Visa and MasterCard policies may make this period even shorter. Yes, with a debit card the money is actually gone from until the provisional credit is issued, but you're not without the money until the investigation is complete.
And I think I made it pretty clear in my post that there is a difference between PIN transactions and signature transactions when using a debit card, so I'm not sure how your last paragraph really applies as it reiterates what I said.
What are the pros and cons of having credit card? Can't you survive without one!
I never charge more than I can pay off in full when I get the bill.
As compared to a debit card there's relative safety from ID theft. For this reason I am finding myself using my credit card more often for mundane purchases such as at shopping for (Publix takes American Express) and what gasoline purchases we make.
With ID theft I think I am ready to go 100% credit all the time keeping my debit card hidden well away simply for making cash withdraws from teller machines at midnight.
My American Express is Delta Airlines and we manage to get at least one free trip a year and there is no reason we couldn't have two.
I think the interest rate is 1.3% so I make sure it is paid in full every month.
Ally has FDIC insured savings close to 1% and checking accounts with debit cards. You can call them and simply transfer funds between the two if you needed emergency access to funds
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