For those using Debit Cards.

Discussion in 'General Conversation' started by olefin, Oct 29, 2008.

  1. olefin

    olefin New Member

    Messages:
    3,908
    State:
    Texas
    I posted this in another thread in HI but someone suggested it would be good in it's own thread:

    I've used credit cards for many years but never had a debit card and never will.

    I wondered why the bank in Little Rock was paying TWICE the going interest rate on savings accounts. Only requirement... have their Debit Card and use it at least 10 times a month. Had to be a catch somewhere and it sounded like the Debit Card.

    Go to this link and read about Debit Cards.


     
  2. takeaction

    takeaction New Member

    Messages:
    427
    State:
    Ware Shoals, SC
    Thank you Dayton. I hit the thanks button but it won't thank you... I've hit refresh 8 times, but it's still not there, even though the button is gone... It might be a glitch on my end just not showing it? Is my thanks there? Well here is your thanks! :wink:

    edit: HEH! now that I've replied, it's there...
     

  3. Mickey

    Mickey New Member Supporting Member

    Messages:
    14,592
    State:
    Illinois
    Thanks Dayton for some more good information. The small print or unknown can be costly. Tried to rep you but the boss man says spread them around.
     
  4. SkipEye

    SkipEye Well-Known Member

    Messages:
    7,525
    State:
    Winfield, MO
    Name:
    Darryl
    Thanks for the good info!
     
  5. wolfman

    wolfman Well-Known Member

    Messages:
    9,187
    State:
    Triadelphia, WV
    Name:
    Walter Flack
    thanks for the heads up
     
  6. Ghosth

    Ghosth New Member

    Messages:
    241
    State:
    North Dakota
    Sorry Olefin but on this one I disagree with you sir.

    I've had a debit card that I've used for buying things online for about 10 years now. Never had a single problem with it.

    And the one thing your site forgets to mention.

    Yes, if someone does get into your acct, you will likely be liable for a larger amount of money. But YOU get to control how much is in your acct at any time.

    Personally I use online banking, and only put money in my debit acct if I'm actually going to buy something.

    Pull up my banks web page, log in, get through the security, jump to account access, transfer X amount of $$$ from my secure savings acct to my debit acct.

    6 hours later I know its there and I can make my online purchase. Once I do so that acct is left with a minor amount of money in it. Normally 20 - 40 $.

    Now, tell me how someone is going to steal something that isn't there? Like trying to steal a horse to find there is no horse in the pasture or barn.

    Not to mention there are NO fees on my debit acct, and the bank refunds any ATM fee's. I can and do use it anywhere around town when needed. Just like a credit card.


    The only time that acct could possibly be in danger would be if I put a large amount of money in it before going on vacation, etc. Knowing that I'd be planning on using it.

    I would then have to let someone know that there is a large chunk there. For them to find that out I'd have to tell them. Security for my accounts is MY business. Take it seriously, be carefull, and you'll have no problems.

    Last point, there is no way to get yourself in financial trouble with a debit card. If the money isn't there, it won't go through. You can't spend what you don't have.

    How many people nowdays manage to run up big credit card balances to the point they can no longer pay them off?
    My wife used to work in Credit Counciling, there are a lot more of them than you think. Also while you may have a low interest rate intially, miss a payment, and they can crank that interest rate above 30%.

    While I see your point, and respect your right to have that opinion. I strongly disagree with you about it. I suspect you have never had a debit card. I am really curious why you would feel about them as strongly as you do.

    Credit cards were designed for one purpose.
    To entice people into using them. Getting them hooked, then turning themselves into a cash cow for the credit card company. One way or another, if you have one, and use it, the company is making money off you.

    As a result yes the big credit card company's would love to see debit cards go away. They are cutting into their profit margin. They let you do everything a credit card can do without having to pay the credit card company's a nickel.
     
  7. GaryF

    GaryF New Member

    Messages:
    3,649
    State:
    O.P., KS
    I've got to go along with Dayton, I see little advantage to debit cards vs responsible use of a credit card, and nothing that justifies the extra potential liability. Do I own one, yes, but it's been years since I used it. Writing checks also introduces a risk to your account, and I avoid checks as well. Every check contains enough information to enable someone to create clone checks or conduct electronic transactions with your account, and even if you deal with an honest merchant, it only takes one dishonest person in the chain of possession to harvest the information.

    Micromanaging a checking account balance is for the birds. Besides the headache of having to perform 2 transactions for every use, you have to worry about lag times on deposits and transfers, and also about "blocking" amounts that businesses like gas stations and hotels will hold against your account with each transaction for as long as several days. You may end up with insufficient funds even though you were careful to manage your deposits and withdrawals to maintain a positive balance.

    A credit card costs me nothing as long as I pay it off each month, which I do. A lot of people get into trouble with the temptation of the "credit" part of credit cards and probably shouldn't have them, but that is not a reason for responsible credit card users to punish themselves.
     
  8. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    If I wasnt able to use a credit card I would go with a debit card. Checks are the risk from hell from many aspects.
    I rely on one person to tell me whats best with things like this.
    Clark Howard
    Self made millionaire several times over through being Clark smart.

    The only good use I've seen him say a debit card had was using it at a point of sale to get cash back instead of having to pay a fee on a teller machine.
     
  9. olefin

    olefin New Member

    Messages:
    3,908
    State:
    Texas
    Been using credit cards that pay back cash awards since 1982. Over the years, we've collected several thousand dollars in tax free cash awards. Never paid a one penny in fees or interest.
    So would you explain your statement... " One way or another, if you have one, and use it, the company is making money off you." :smile2:

    You must not read my post or ignored the fact about the bank paying unreal interest rates but required a person to have and use a debit card. Don't you wonder why they would do that? It's because banks love debit cards, they make BIG profits from debit cards... may not from you but everyone doesn't use them like you. Unlike credit cards, the bank takes no risk on debit cards.