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No, that's not what everyone said. I prefer using cash/debit. It has nothing to do with not being able to get a credit card with a high limit, nor do I distrust myself. I just think using credit is more trouble than it's worth. I have plenty of money to handle anything that comes my way, no debt, and prefer simplicity in all things.
No, that's not what everyone said. I prefer using cash/debit. It has nothing to do with not being able to get a credit card with a high limit, nor do I distrust myself. I just think using credit is more trouble than it's worth. I have plenty of money to handle anything that comes my way, no debt, and prefer simplicity in all things.
Yeah...no one said EVERYONE said that.
Why so defensive?
But those are often the main reasons.
Otherwise, it actually does not make good financial sense.
Everyone should, of course, do what makes them comfortable.
I pay off my house early every month. Some would say that is not good financial sense. But it makes me feel good and I have other investments.
So that doesn't make it anyone else's business or wrong to do.
That's just how you want to do it. Bully for you.
For more years than I can remember, I've had an ATM card. Then six or seven years ago I received in the mail from Wells Fargo a card which said "debit card" on it. I had never requested such a thing, knew nothing about how that works, so I cut it up. Then I called Wells Fargo to find out why I hadn't received a new ATM card. It turned out that the "debit card" was in fact the new ATM card, so they had to send me a second one and give me a new PIN. Now within the past year, having never used my debit card, I called to ask if I could get an ATM card which was not also a debit card, and they said yes. So now my card says "ATM card" on it once again. That and my credit card are more than adequate; there is never any problem about paying off the balance in full every month.
I see a lot of people pay with check cards and I can't figure out why'd you want to do it unless you just weren't able to get a credit card.
Balance your checkbook with a bunch of little charges is a pain, the liability protection isn't nearly as good as a credit card and you can get rewards with the credit card.
Do people still balance their checkbooks?
WTF is a check book? :P I kid, but seriously I *might* write out 3 checks a year. Online banking, debt cards - don't need anything else.
I don't want a credit card, and will continue the rest of my life with out. It's cash on hand or it does not happen; With the exception of my house
I use a debit card (from my credit union) for (mostly) everything. (I haven't used a credit card in a long time)
The only downside is that it is so easy that you may get into trouble with spending (rather than using cash). Though I really don't have that problem.
Theft is not a problem as I can contact my credit union to stop any charges, and they even contact me if there are any exorbitant or out of the ordinary charges.
Most fees for using debit have been going by the wayside so I'm not too worried about that either.
The only checks I write are to my landlord and water company. Everything else is routed, or paid by credit/debit.
When I get debt free, then I'll consider a cash back credit card and pay it off every month.
I'm not sure I understand this, how does online banking remove the need to balance your check-book? Checks can take weeks to clear and even online-payments can take 2-4 days.
There is no interest on a credit card if you pay it off as well.
So you forgo 1~1.5% or so on your transactions so you don't have to write a check or make an online payment?
Back when I worked in banking, online banking was not even invented yet. God, I'm old.
But we bank employees could check our computers to see what cleared. And every morning the tellers were on their screens checking to see what cleared out of their accounts.
I've always felt that the checking online daily routine has replaced the old fashioned paper statement check register reconciliation drudgery that people used to do.
People now balance their checkbooks daily.
I use a credit card, but that's my choice. My sister prefers a debit card. Her choice.
People need to do what works for them, and stop imposing what works for them on the rest of the world...
WTF is a check book? :P I kid, but seriously I *might* write out 3 checks a year. Online banking, debt cards - don't need anything else.
I don't want a credit card, and will continue the rest of my life with out. It's cash on hand or it does not happen; With the exception of my house
I agree with to each their own, but I do fail to understand why some people refuse to keep a single credit card (assuming they can qualify for one) tucked into the back of their wallet or in a drawer, if only for specific situations as there are a few cases where a debit card is limited in utility.
For example, renting a car or booking a hotel room can be difficult with a debit card, and can result in a significant hold on checking funds being placed when using a debit card. Or if your car breaks down when out of town or some other emergency arises where one might need funds beyond what may be available in their checking account.
I get why some people prefer debit or cash over a CC...but I fail to understand why someone would refuse to even have one at all, if only for emergencies or to avoid debit card holds on certain types of transactions
I use a debit card (from my credit union) for (mostly) everything. (I haven't used a credit card in a long time)
The only downside is that it is so easy that you may get into trouble with spending (rather than using cash). Though I really don't have that problem.
Theft is not a problem as I can contact my credit union to stop any charges, and they even contact me if there are any exorbitant or out of the ordinary charges.
Most fees for using debit have been going by the wayside so I'm not too worried about that either.
The only checks I write are to my landlord and water company. Everything else is routed, or paid by credit/debit.
When I get debt free, then I'll consider a cash back credit card and pay it off every month.
Don't get too comfy... that may change. alone with the way debit/credit cards are used/accepted now that the new legislation have been put into place. This is not to say your particular institution will be affected.. but even CU's were hit by the sub-prime failures. So changes will be on the horizon.
To the OP - I agree that while there are tangible reasons - a lot also hinges on personal preference. I try to use credit card on just about everything I can. And while I carry no balance and enjoy the rewards of a credit card - the biggest factor is that I simply prefer to use credit cards. And I assume the same goes for debit card users. They simply prefer it over credit cards.
I just think using credit is more trouble than it's worth. I have plenty of money to handle anything that comes my way, no debt, and prefer simplicity in all things.
How are credit cards more trouble than they are worth? You swipe the card, the company sends you a well organized bill with your charges on it and you make a single payment for your charges.
I find I have less colds and infections from no longer handling dirty money. The debit card is fast and easy and I don't have to count the change.
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