As soon as I discovered the advent of a Debit Visa, I upgraded my bank card and account (for free, thankfully). I wanted to make all the purchases I would be able to make with a credit card, but with my own money and not a corporation's. This includes online shopping and booking hotels. I prefer not being swarmed in the trappings that encompass credit cards. Exorbitant interest rates and the possibility of future purchases being negated because of "poor credit" is a big turn-off for me. Owing credit card companies money is something I plan to avoid as much as I can. Unfortunately, there may come a time when I will need a credit card/line of credit, but so far I have been getting along without one perfectly fine. Does anyone else prefer using your own money for transactions that would normally require a credit card?
I guess the only advantage a credit card has over a debit card is that you can spend that you don't have at that moment which could be convenient at times. However considering the fact that you still owe someone the money for me I feel a debit card, for those who wish to spend only the money they have and nothing more, is the best option. When I budget, I know how much money I have, how much I'll spend and so on, so when I walk into a store, supermarket, etc., I won't do any impulse buying simply because if I don't have the money in my account I can pay later. Using my debit card compels me to avoid that.
I do use my debit credit card for most purchases. I love getting the reward points. It also helps me to stay on track with my budget. Credit cards do have their place. If you pay them off when they are due, it's like getting a 28 or 30 day loan with no interest.
I can't say that I prefer a debit card over a credit card. I like the separation that a credit card allows one from their actual money. Even with the precautions that debit cards have now, the credit card seems like it has more. Now, what I do like and never thought I would is the checking account that kinda isn't. These Bluebird and other alternatives are great and much cheaper than a traditional checking account. The fees associated with having a Bluebird account is usually much lower than the standard. I don't even have a Bluebird, but reading the terms make it a rather viable option.
I've never found a debit card that had as good of a rewards program as I've received from various credit cards. I do not use my credit card as a 30 day free loan, though I agree, it is. I don't spend money I do not have and I always pay it off in full at the end of the month. I've had a few different primary cards over the years, but I'm currently making the most use of my Southwest Visa. I've received at least 3 plane tickets a year from average use (meaning, putting as much of my normal spending on that card as I can). Another thing with credit over debit that I like is that there is built in insurance for credit card fraud, stolen numbers, heck, even a stolen wallet. But you misplace your debit card, your entire account could be emptied pretty quick. So I don't even carry mine unless I'm going somewhere I know does not accept credit. Anyway, I support debit cards for those who truly do not have the self-control to stop spending when the money is gone. But if you can be responsible to spend only what you can actually afford to pay off, credit cards, in my opinion, are the way to go.
Pretty much, yeah, i never owned a normal credit card because of how uncertain i am about those types of things. I just roll with a Debit card and never had problems with it, seeing how i can create temporary credit cards to purchase things online by using this service called MBNet.
I agree with Parker. I have not used a debit card in a very long time because credit cards offer so many points and rewards. Overall, I have saved money using credit cards. I think the key is to use a credit card like a debit card and only spend what you can afford; then pay it off every month to avoid paying interest. Now-a-days so many credit card companies offer cash back rewards like American Express, Chase, and Bank of America. A good practice is to stick with rewards cards from banks or major credit cards companies rather than getting credit cards from retailers like Macy's or Target. You get wider use and more places to spend and spend for cash rewards rather than point rewards.
I use my credit card LIKE a debit card, so none of those negatives you mention apply to me. I never spend money i dont have in my checking accounts, and actually make a habit of paying off the card weekly from the checking account. I never have any real money due on a due date, so i never accrue interest. AND i get rewards for all my spending! At the end of the day, your debit card is owned by a corporation too. There are definitely some downsides to debit cards. Since theyre not considered credit cards, some of the laws that protect credit cards users dont apply to debit cards, such as how long a bank has to return disputed moneys (iirc)
Agreed with the last two posts. Credit cards only really become a problem when you spend more than you earn. Racking up purchases and not paying them at the end of the month will lead to interest charges, Otherwise, as noted previously, you get a 21 day interest free loan and earn points when you use the card. You can actually make money this way.
Debit cards are a great way to enjoy the freedom that credit cards provide without going into debt. I love my Visa debit card and use it just about everywhere I go: the grocery store, the movie theater, eBay, Amazon and everywhere else. I like the ability to use it as a credit card for online transactions as you get the same buyer protections as you do when you use a Visa credit card, but you are using money you already have, so there are no interest fees or debt payments to make next month. They are more convenient than cash and easier to use than checks. It's a total win-win.
Debit is certainly better than credit. I use a debit-credit card at the moment due to it being free and I have a 300 euros uncovered credit. It happens due to being the account where I get my salary at. The visa card can be used for everything just like the credit card, and you save alot of money.
This is the main advantage and the main risk of credit cards, that one takes money to pay for something that cannot be purchased with a debit card or cash, because many people forget about the interest rate, even if this is waived for some months, but remember that you need still to pay an annual membership that makes of credit cad money a more costly money that still increase its face value if you are confident about getting some cash advance from it. However main difference when compared with a debit card, is that you will never exceed the amount that is deposited into your saving account, preventing that your fall into a debt trap. Here the risk is that you, confident that you have enough money in your account, spend more money than that you have thought to spend at first. On the other hand, one mistake that people makes with credit cards, believing that the credit line is extra money that they receive, is not possible when you have a debit card because you cannot use more money that you have really, and you don't need to repay it even if you take it all.
I do not even think it should be a matter of preference but a norm. People need to be financially educated that credit means money that is not yours and that you will have to pay back with interest. Debit means money that is there and is yours and as you are using it you are debiting from funds that exist. Credit cards yes do have their place especially when it comes to booking for holiday trips and hotels but if a person is smart even there, most credit cards you can deposit money in them and thus you can use your own funds. The feeling of spending money that is not yours I know it feels good but when you have to pay it back and you realise that you spent it on things that were not necessary makes the process a bit painful. What I have also learnt over the years is that, when paying with your debit card, you will always buy and take the necessary things but credit cards because the money always seems to be a lot you just take your wants instead of needs. Thus I will always prefer Debit over Credit in that way I can sleep peacefully especially month end, when the bills need to be paid.
I would prefer debit-visa card because that way I can limit myself on how much I can spend. However, there are two drawbacks. First, you have to pay a fee to in order to get the debit-visa card to work unless you use your debit card. Second, not many companies support debit-visa card because I have tried to use to a few places, which don't work. In other words, when you use your debit-visa card online, there is only 30 percent chance it will work.
I try to use my debit card the majority of the time and use a credit card whenever it is something I need but can't afford at the time. I think most people normally use debit cards over credit card nowadays.
I like using debit cards as well. Credit cards cause to much debt and have a high intrest rates. A lot of people think they can just buy whatever with a credit card and end up in debt.
I don't think I would ever get a credit card for myself, I think it's unnecessary when I now have a debit card. I think a debit card is way better too, since I can control my spending and I have no interest to pay.
Debit is the only way I go. I have a bank debit card for offline purchases, and for online shopping I use Paypal. My ex-wife has about 6 credit cards but she uses them sparingly.
I definitely prefer debit cards; the concept of spending money you don't have has never appealed to me. Aside from helping you limit your spending to the things you can actually afford at the moment, debit cards also save you money (by not having to pay higher accumulated interest on all credit purchases). So basically the main disadvantage to debit cards (not being able to buy things you can't currently afford) doesn't bother me at all!
I like debit cards way better than credit cards. You can get into a lot of trouble when you spend money that you don't have. The worst thing about credit cards is the interest rates are so high and they can change them at anytime. You still have to be careful with debit cards though because certain kind of purchases can still go through even if you don't have the funds and it can overdraw your checking account. You will have crazy over the limit fees, especially if it takes you a while before you can bring your account over 0.
