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bumscrum5 | Debit card question ...? |
I just got a new credit card in the mail(haven't had one before) to start building up credit. I read an article in Men's Health that recommended ditching the debit card and only having a credit card and an ATM card. So my question is, should I go to the bank and see if I can cancel my debit card and get an ATM card in return? Thanks for the responses, will give best answer. |
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Michael H
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I do not recommend ditching the debit card. This gives you the ability to pay for needed products and services and will give you access to your cash - especially if the only option to pay is online via a Visa or MasterCard.
I also recommend keeping the credit card for a long time. This will help establish your credit. However, if you ever plan to own a house, you will need 3 - 5 credit cards to show credit worthiness. Make sure you keep your balance on all credit cards lower than 30% of the credit limit. For more information on credit and credit cards, visit the link below: |
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Judy
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Don't ditch the credit card. Most banks can't just give you an ATM card - it's usually both. Just don't use the debit card part of it.
To build credit you need a credit card. The trick is to pay it in full each month. Carrying balances is called revolving credit. A carried balance over 30% of your limit can reduce your credit, and destroy your rating.
Never, ever, ever carry a balance on a card. Consider it a sin.
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Brent R
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Most debit cards (most places call them 'check cards' now) are both ATM cards and debit cards. I think it would be difficult to find an ATM card that wasn't also a debit card. Either way, it won't help you build up your credit score. You are going to need to open up one or two credit cards to do that. |
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bob b
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your debit has a mc.or visa logo and can be used to purchase items from those that honor those cards,atm cards cannot be used by most companies without that logo.keep the debit card but remember what you purchase comes directly out of your acct.there are no monthly payments,so log everything and keep track |
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golferwhoworks
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your debit card is your atm card. But it also allows you to make purchases and takes money directly out of your account |
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Spartan
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Keep the debit card...it works as an ATM card as well. It doesn't help you any not to have the debit card. You can still go and apply for a credit card or two to have to help build your credit history. |
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Snidely TH
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Don't get rid of your cards. You'll need them.
Other people here have given you good advice.
I would have told you the same thing. |
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andy
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I would keep your debit card since it is a glorified ATM card. The best way to build up your credit is by charging say all of your gas to your credit card than paying that off each month while using your debit card for everything else. If you do use your credit card for everything, I would write that off against your bank balance to make sure that you only spend what you can afford each month. |
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Alec
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My credit union offers one card that is all 3. It is a VISA credit card, a debit card, and my atm card. I carry one card, period.
Such plans are available all over the country. |
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