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I really don't understand when folks have something against debit cards.
All it is simply a bank card(atm card) with a visa or mastercard logo. That's it..geez.
Its like using cash,and it doesn't even affect your credit,unless you spend money you don't have in your checking account repeatly. Bank of America let's you know when you balance is low,and as of last year,if you don't have the money in your checking account,it takes from your savings account. If you don't have the money in your account,you get denied. Transaction won't go through.
It can be used as debit or credit.
Its a simple concept. I don't know why others make it so hard.
As for a charge card,someone hit the nail on the head above.
A charge card has to be paid off every month if full. I never had one.
Doesn't make sense to me. I just used the debit card.
If I don't have money for a purchase,I just borrow from myself(the savings account)
There are 2 reasons I don't like debit cards vs credit cards.
1. A debit card takes the money out of my account immediately vs getting a 28-58 day float on my money with a credit card.
2. Most important is the lack of fraud protection with a debit card vs a credit card. With a debit card, my bank account could be emptied and even if I was reimbursed, I would still be without any money until it was resolved. With a credit card, any fraudulent charges will usually be resolved before the charges have to be paid.
Second, never use charge cards that charge you any fees.
Again, as per my earlier post above - I disagree that an annual fee for a card is always a bad thing. It depends on whether or not one receives what they believe to be value for that fee. For some people, such a fee may actually be worth the money spent on it.
It's a troll post but some people have turned it into an informative thread, which is good. The OP was just trying to stir up trouble>>>>see his/her other posts.
Again, as per my earlier post above - I disagree that an annual fee for a card is always a bad thing. It depends on whether or not one receives what they believe to be value for that fee. For some people, such a fee may actually be worth the money spent on it.
I agree. I have a card with a fee, but it gets me free baggage when I fly so I make back the fee 2 times over.
I always pay off 100% every month so I never pay interest. And the points are a bonus. I cant even tell you how many free airline tickets and hotel stays I have had in my life.
That said, I have had months where I decided to pay cash for everything. Invariably, in those months, I spend less money than when I use the credit card. When I pay cash, I keep better track of where my money is going. It's easy to charge something to the credit card and just forget about it until the bill comes. Also, I cant make big purchases without going to the bank first, so that is a deterrent right there.
If you want to pay someone interest for 3 years and not own anything you purchase knock yourself out, get 10 or 12 credit cards and go shopping, have a good time. Good luck with it all.
PS -- You seriously need to take a class that you can understand and comprehend regarding personal finance.
It depends on how you look at it.
I knew a couple that used to have a Sears card which had low monthly payments -- and they could get just about everything they needed -- furniture, lawn mowers, tools, clothes, kitchen appliances.
They said they would pay Sears some monthly amount all their life-- I think it was $25 or $30 back at that time --- for the rest of their life, but to them it beat having to live without furniture or lawn mowers. They saw it as just one of the costs of living -- like mortgage or buying food or utility bills. Cheaper than rent to own. I guess on that card at that time, the monthly payment didn't go up much even with fairly big purchases so they could budget for their monthly card payment.
I have always paid cash for cars, I think it's ridiculous to have a car payment, but I know people who consider having a car payment just a fact of life. They will never own a car outright, but also they don't want to deal with mechanics or car repairs, they'd rather always have some monthy car payment and a newer car to drive.
...That said, I have had months where I decided to pay cash for everything. Invariably, in those months, I spend less money than when I use the credit card. When I pay cash, I keep better track of where my money is going. It's easy to charge something to the credit card and just forget about it until the bill comes. Also, I cant make big purchases without going to the bank first, so that is a deterrent right there.
That is where discipline comes in. I am not an impulse buyer so my spending is the same whether I pay cash or charge it on my credit card.
I have always paid cash for cars, I think it's ridiculous to have a car payment, but I know people who consider having a car payment just a fact of life. They will never own a car outright, but also they don't want to deal with mechanics or car repairs, they'd rather always have some monthy car payment and a newer car to drive.
I play it by ear depending on the interest rate. I always buy new vehicles and keep them for several years. I bought a new Honda Ridgeline 4 years ago that I was prepared to pay cash for. However Honda offered me a 100% loan for 3 years at 0.9% after we had negotiated the deal at $9,000 off the MSRP. It has been paid off for over a year now and I won't be buying another new vehicle for a few years. If somebody is going to loan me money at 0.9%, I will take it any day of the week.
I play it by ear depending on the interest rate. I always buy new vehicles and keep them for several years. I bought a new Honda Ridgeline 4 years ago that I was prepared to pay cash for. However Honda offered me a 100% loan for 3 years at 0.9% after we had negotiated the deal at $9,000 off the MSRP. It has been paid off for over a year now and I won't be buying another new vehicle for a few years. If somebody is going to loan me money at 0.9%, I will take it any day of the week.
Yes -- I knew someone who would "buy" a car, drive it for 2 years and then trade it in another -- and apparently the car payment stayed roughly the same -- just extended further into the future but it was affordable to this person and the way that person chose to own a car.
This way the "owner" would never have to worry about major repairs, unexpected expenses, not even new tires -- I suppose as long as it fits into one's budget, it's okay to always have a car payment. I always buy used cars and figure a repair cost here and there is a lot cheaper than monthly payments -- but sometimes repairs come at a bad time.
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