Bill
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I personally would never use my debit card for purchases(I only use it at ATMs), however many people arent aware of how real the problem of identity and credit card theft is these days. They probably use it out of convience and to make sure they spend what they can afford. HOWEVER if somebody steals your debit card number or you lose your card a thief can drain your ENTIRE BANK ACCOUNT. With credit cards they can only steal up to your credit limit and is much easier to get this money back. PLUS there are so many reward credit cards out there to get cash back. Unless you have no control and are paranoid about getting into debt you should always use a credit card over a debit card |
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scottsmylie
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The only real reason that I can think of that people would use a debit card rather than a credit card is.
1.) They dont know any better. You only have to pay interest if you dont pay the bill in full. There is also better protection forthe customer for credit cards.
2.) They have bad credit. You can still get a debit card with bad credit but you may not be able to get a credit card.
3.) It makes them feel like they wont overspend. |
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jdkilp
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If you pay off the credit card completely at the end of each month, there is NO interest, and you would have to be a nut to use a debit card. So, use a credit card and don't carry any interest. Any other choice is financially irresponsible. |
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SuperAndy dot com
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In normal situations, there is no reason to use a debit card. You would use a debit card only if there is a special promo and the purchases are small. Promos such as Wamu's recent $1,000 daily drawings for using the debit card or BoA's keep your change matching for first 3 months. |
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chizz
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When you use a debit card, the funds are immediately withdrawn from your account, so this is like paying with cash. When you use a debit card as "credit" the transaction does not post immediately and you run the risk of it posting against your account days later. This can make you think that your balance is higher than it really is and cause problems, maybe even overdrafts.
If you are just choosing between using a credit card and a debit card, then the answer is simple. Use a debit card if you have the cash in your account to cover it. If you don't and are reaching for the credit card...are you sure you have the cash to cover it later, plus interest? |
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Angie
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That's a good point --- provided that you pay off the entire credit card balance each month. If you're not doing that, then you're paying a lot of interest that you won't pay using a debit card. |
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gpatrick900
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For me if I carry cash. I lose some. Carrying a debit card is a lot easier for me. (I never have lost a debit card). I still carry some cash.
Some people are not responsible using cash, credit, check, ach debit or a debit card.
Not all people are irresponsible in using a debit card if they use it wisely and keep good records.
In the US
If you use a debit card as a pin purchase you save the merchant money. If you use the debit card as a signature purchase you cost the merchant more money. A few banks charge a pin transaction fee. My bank does not charge a pin transaction fee yet.
To correct another poster.
There are protection for debit cards in the US. The key is to notify the bank faster. |
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sharon s
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It seems that you are doing what is the most financially beneficial thing for you. However, not all people have a credit card in which they do not pay an interest rate.. Not all people have a bank account that pays them interest. Some people just prefer to pay cash. I guess what I am trying to say is that it is an individual thing. Everything is not for everybody. |
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kitty
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debt card is taken out right away if you put it on your card they add interest debt card it is no interest |
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RcknRllr
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Wouldn't a debit card be better? You don't have to pay interest. |
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T Rom
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DEBIT IS YOUR MONEY AND YOU WONT HAVE TO PAY IT BACK AND YOU OWE MORE THEN WHAT YOU PAY FOR. LIKE IF YOU BOUGHT SOMETHING FOR 10$ YOU MIGHT OWE 15$ |
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Joseph Sangl
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Great question!
I personally use cash for my discretionary spending. Why?
Because it has been shown that persons who spend with plast tend to spend 12% - 18% more than if they were paying with cash.
That may not be you, as it is just a statistic, but you might want to try the cash thing for a month and see if it helps you spend any less than you do right now. |
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Film_babe2000
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I would rather use debit because credit cards scare me. All in all, using cash is way better. I only use credit cards at gas stations. |
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♥ Sparks♥
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isn't it more responsible to use your own cash if you can instead of racking up debt???? |
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Kbear
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I just would like to add regarding the use of credit cards: One of mine has an 'extended warranty' for anything electronic that I purchase.
Also, if you are giving your house a facelift or adding on a room, by using a credit card, the home improvement store has a running tally of what you have spent and etc. I found this most benefical a few years back after my home was destroyed by fire.
It makes perfect sense to me to leave my money in the bank to draw interest and use a credit card and pay it off as soon as the statement arrives. I also agree that paying cash for my amenities helps keep the budget in check.
Good Question BTW! |
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MR DESTINY
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NEWS FLASH. one you don't pay intrest on and the other you pay and become broke. is that what you want to become? |
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57rider
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my answer is because i was stupid i am 51 years old and have no credit history i payed for everything in cash or with my debit card that was a big mistake now i am trying to establish credit the bank said the only type of credit card i can get is a "secured card"with a 29.00 annual fee i put 400.00 of my own money and that is my spending limit. i don't agree with the way the system works.for years i have been paying gas electric water etc bills with automatic debit i think i am as credit worthy as the average person but the system says just because i used a debit card instead of a credit card you are not credit worthy which is not true but at 51 i just learned that that's the way the system works i think it is kind of a scam because merchants think you will spend more at their stores and banks make their money charging interest so they promote credit cards to young people hoping people will forget to pay on time so they can slap a high interest charge on them i heard bank of america was offering no fee credit cards to illegal imigrants and than i have to pay a 29.00 annual fee is that fair? |
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Hot Pants
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Your question doesn't make any sense. . .
It would be better to use a debit card because you are using your own money to purchase items. It also helps with overspending, huge credit card bills and high interest rates. |
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Thin Kaboudit
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Why would a "responsible" person ever use a credit card?
I think you may be confused! |
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BajaRick
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if someone is stupid enough to want to pay intrest then go for it |
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*super star*
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credit cards are only cool when they are gold, mine is. |
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ricks
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because we have more responsibility to ourselves to not becoming debt laden, & not to the credit card companies that squeeze every penny from you. |
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recovering christian
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It's more responsible to use the debit card since you know that you already have the money. Unless you were asking about using the "debit" part of your card as opposed to the "credit" part... in which case I would say that I use the "enter pin" type because it comes out of my account right away and it's easier to keep track of my funds. |
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ordinaryangel5
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1. With a debit card, you can't spend money you don't have. You won't go into debt, and be forced to go through consolidations and collection agencies and all of that terrible nonsense.
2. Debit card's don't charge you interest.
The only reason to use credit cards is if you KNOW you can pay them off in full at the end of the month, and you are getting some kind of reward like airline miles or something.
And as for your extra information, it is insulting. The desire to use cash (or debit) rather than credit doesn't make you irresponsible, it's just a choice. Besides, how much interest can that money earn in the bank for a month? 30 Cents? 50? |
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Debt Free!
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use a debit card and be done with it. why would you use a credit card when a debit card is the better option. no bills to write at the end of the month. it's finished. paid for. done with and over. roger that? |
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Riddle me This!
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"Why would anyone responsible person"... first off grammar.
Secondly... what?
I guess it would be responsible to use a credit card if your checking account is empty to avoid over draft fees, (but then again why are you spending money you don't have). Or for special financing promotions... otherwise... this is a retarded question. |
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