Comments on: Plastic Wars:Credit vs Debit

By: Eric

Eric — Tue, 06 Oct 2009 23:02:24 +0000

Why don’t you just add your checking account/debit card to Mint also, so that you can track your full financial picture?

Then it doesn’t matter which card you use to purchase, outside of the reasons set forth in the article.

By: Downtoearthguy

Downtoearthguy — Fri, 02 Oct 2009 18:13:03 +0000

Cash is king, baby. If you at all care about any of the businesses you’re patronizing, specifically small businesses, you are killing them every time you use a credit card or debit card, even though credit is worse. Who do you think is paying for those miles and great gifts — it comes off the back of those businesses. One percent, 2%, 3% is the difference between whether or not your neighborhood cleaners or garden center survives. They’re the ones who pay, and they ultimately have to drive the price higher to cover your fees. Think about that next time you see those Visa commercials making someone look like an idiot for using cash… It’s all manipulation by the advertisers.

I do my budget and give myself a cash allowance every week. It forces me to spend on whatever I want within those limits, it keeps me out of debt, and it helps local merchants at the same time. Cash is king for a reason…

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By: Nancy Sharp

Nancy Sharp — Sat, 12 Sep 2009 02:25:42 +0000

I think credit cards always offer more protection.
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By: nascaraddict

nascaraddict — Fri, 21 Aug 2009 02:49:13 +0000

Here’s the biggest reason that credit cards are the one to use!
It’s all about the potential liability. Legally, your ultimate liability for fraudulent use of a credit card is generally only $50.
Debit cards can hook you for $500 and that’s if you report it within 48 hours. The problem also could be a drained bank account then bounced charges there after.

Here’s a great article on this subject of liability:

http://www.pirg.org/consumer/banks/debit/debitcards1.htm

By: John E

John E — Thu, 20 Aug 2009 20:56:10 +0000

Considering nearly all checking and savings accounts interests rates do not even come close to keeping up with inflation, that argument doesn’t really make much sense. I prefer to spend money I have rather than money I don’t or could possibly not at the end of the month. Debit cards are the way to go. Cash is better.

By: cashless money

cashless money — Sat, 08 Aug 2009 22:11:08 +0000

Person to person money transfers with a PIN secured debit card is the key the future and has many benefits.

By: Edward

Edward — Mon, 06 Jul 2009 13:24:45 +0000

What it all boils down too is..
join a credit union..you dont have all this to contend with.
I am a member of the Postal Credit Union through My sister who is now retired with the postal service.
My interest rates have not changed and the monthly newsletter promises this very thing.
Check with your credit union(s) that are available to the public…you might be pleasantly surprised when you transfer those high interest balances to one of their cards or better yet..take out one of their loans they offer to pay those high cards off and cut up the card(s) dont use them..except maybe 2 small purchases a year to keep them active.Just dont close your account(s)..those accounts help your available credit scores with the three major credit reporting agencies in good standing. What may seem it would take an “expensive debt advisor” will only save you money again in the long run.

By: Doug

Doug — Sun, 05 Jul 2009 02:53:38 +0000

I don’t like signature debit or credit cards. They both end up costing the consumer in the end. The banks take a percentage of every purchase you make from the merchant. The merchant must make this up by charging the consumer more for their products. You get your 1% back at a cost of 4%. It doesn’t make much sense to me. I use a pin-only debit. It’s a lot less expensive to the merchant which saves consumers money. It is also more secure because a thief must have your card and your pin to use it. Most times merchants don’t bother checking the signature on the back of your signature debit card. This means thieves can steal with a card swipe and no pin entry. Stop giving up your hard earned money to the banks. Anything that costs the merchant money costs you money.

By: Korin

Korin — Mon, 29 Jun 2009 23:06:34 +0000

Yes people, please stop posting that credit cards offer “protection” so are better than using the ATM card. Every debit card I’ve ever had in the past several years has had the VISA logo on it, so it works just like a credit card. In fact, if you use the “credit” option you will avoid the 45-cent (or greater) ATM fee that many retail vendors or your bank will charge you for using the “debit” option. Yet it comes right out of your account, the same as if you chose the debit option. Check it out for yourselves!

By: PJ

PJ — Fri, 26 Jun 2009 20:35:09 +0000

Here are the tricks to look forward to from the Credit Card Companies:

1. If you have a credit card with a high credit limit you will be getting a notice that your credit limit has been reduced to $1,000 above your current balance.

2. Credit card companies will be increasing your minimum payment amount from say, 2% to 3%, this is announce in the mail and if you don’t see it, or read it, you may not be paying enough for your minimum balance if it is an automatic payment from your bank. If you have a high balance, it could raise your payment several hundred dollars.

3. Credit card companies are mailing out notice of rate increase with instructions to contact them if you do not agree with the new terms. If you dont contact them they will raise the rate, even if it was a fixed rate agreed upon during a balance transfer.

4. If you don’t like the rate increase the Credit Card company tells you to close your account so you can then arrange to pay it off at the original minimum payment and interest. No matter how you look at it your credit gets screwed, the Credit Card companies are blaming Obama’s legislation as the reason for the recent actions.

5. Don’t be late on any utility payment or loan payment, if the Credit Card company pulls your credit report they will use that late payment as justification to start messing with you.

6. If you were living paycheck to paycheck and all of a sudden the Credit Card increased your minimum payment, you might be forced into default. If all the cards you carry balance on does the same you are deffinatley screwed…..

7. Thank God for bankruptsy laws…..