Frank Goad
Well-Known Member
What is better.Credit card?Debit card?Or ATM card?Or just cash in your pants?For me it is ATM.
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What is better.Credit card?Debit card?Or ATM card?Or just cash in your pants?
- Thread starter Frank Goad
- Start date
Debit card. That way you wont spend any more money than you have in your account.
Credit cards are a little safer for using online, but what I do instead is I just have a second checking account attached to another debit card.
That way I can transfer money from one account to another whenever I want to buy something online, and the rest of the time that account only has a few dollars in it.
Another nice thing about using a debit card (instead of cash) is that it's real easy to keep track of your spending.
Credit cards are a little safer for using online, but what I do instead is I just have a second checking account attached to another debit card.
That way I can transfer money from one account to another whenever I want to buy something online, and the rest of the time that account only has a few dollars in it.
Another nice thing about using a debit card (instead of cash) is that it's real easy to keep track of your spending.
Credit cards can be beneficial. There is the danger of overspending, but if you monitor your spending with an app (for example I have a Capitol One App and Credit Card) then you should know what you're able to spend in a month and pay it off every month.
Its benefits include: discounts, cash back options, increased credit score, easy usage, able to make payments on what you owe (try to avoid that though).
Its benefits include: discounts, cash back options, increased credit score, easy usage, able to make payments on what you owe (try to avoid that though).
Debit card if you have money in the bank.
Credit card if you don't have the ready money but can pay it off every month otherwise interest charges can ne quite steep.
I always keep some cash handy for odds and ends because some places here wont take cards for small purchases.
Credit card if you don't have the ready money but can pay it off every month otherwise interest charges can ne quite steep.
I always keep some cash handy for odds and ends because some places here wont take cards for small purchases.
Alien826
No religious beliefs
Credit card for me. I don't even carry cash these days. I have a debit card with me, but I only use it if the credit card isn't accepted and I really need what they sell. ATMs are really the same as cash, and you have to find one before you can get the money.
Why do I like the credit card? I can buy things without having to check if there's enough money in my account. I always pay off the full amount every month, so never pay interest (credit card companies hate me). I have a few weeks after the statement is issued to decide where I'm taking the money from (current account or savings). I can keep more money in my savings account this way. Credit cards are accepted pretty much everywhere. At places where they charge extra for using the card (like my dog groomers) I'll write a check, but I try to avoid such places. Fraud is covered by the credit card company.
I do occasionally take advantage of those offers where you pay no interest for a year or however long, which is an exception to paying off the full amount each month, but I'm very careful to pay it off on time. I gain by being able to get interest on the money while I'm enjoying the goods. If you do this, be very careful. If you don't pay it all off on time, even by one $, they will charge the full amount of interest at an exorbitant rate. If you're not sure you have the discipline to handle it, don't do it!
I never get into trouble with this method, but I am very careful not to overspend over a period of time (spend more one month, spend less the next). If you just can't help buying things that catch your eye, don't do this.
Why do I like the credit card? I can buy things without having to check if there's enough money in my account. I always pay off the full amount every month, so never pay interest (credit card companies hate me). I have a few weeks after the statement is issued to decide where I'm taking the money from (current account or savings). I can keep more money in my savings account this way. Credit cards are accepted pretty much everywhere. At places where they charge extra for using the card (like my dog groomers) I'll write a check, but I try to avoid such places. Fraud is covered by the credit card company.
I do occasionally take advantage of those offers where you pay no interest for a year or however long, which is an exception to paying off the full amount each month, but I'm very careful to pay it off on time. I gain by being able to get interest on the money while I'm enjoying the goods. If you do this, be very careful. If you don't pay it all off on time, even by one $, they will charge the full amount of interest at an exorbitant rate. If you're not sure you have the discipline to handle it, don't do it!
I never get into trouble with this method, but I am very careful not to overspend over a period of time (spend more one month, spend less the next). If you just can't help buying things that catch your eye, don't do this.
ATM or debit card, which are cash based. I got rid of credit cards a few years ago. If I don't have the cash, I do without.
I used to be one of those people who used their debit card for everything... then I learned that doing so is actually a bad idea. Especially when using a credit card gets you free money and does a better job building up your credit rating. I like free money.
For most of my childhood, my family had a lot of financial difficulties, which included debt (not due to credit cards, which they also avoided). That's been resolved for years now, thankfully, but I've developed a penchant for minimalism and a habit of avoiding credit cards like the plague because I detest debt. If I can buy something mid- or even low-tier knowing I'll comfortably afford it and not be anywhere near indebted, I feel enough contentment to outweigh any desire whatsoever for the more expensive stuff.
The only way I would get a credit card would be without overdrawing my balance. I wouldn't dip into it for anything but dire emergencies.
The only way I would get a credit card would be without overdrawing my balance. I wouldn't dip into it for anything but dire emergencies.
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Callisto
Hellenismos, BTW
You want to be very careful with credit cards if you have limited income and/or are not good with money. Generally, it's best to only buy what you have the money for, even if that means waiting until you have enough saved up. However, you're going to encounter a lot of life roadblocks like being able to rent or get a loan without a co-signer, even getting rejected for a job unless you have a good credit score. Unfortunately, steering clear of credit cards and not being in debt (e.g., not delinquent on bills, etc.) alone won't boost your score. So it can be good to start off with a secured credit card. The limit depends on how much you've put on it which is only used if you failed to make a payment. It also prevents you from overspending because once you charged up to that amount, that's it until you've paid it off. Another factor that impacts your score is how long you've had a line of credit, so the longer you have the card and it's in good standing will help too.What is better.Credit card?Debit card?Or ATM card?Or just cash in your pants?For me it is ATM.
Heyo
Veteran Member
Not many here of that opinion. I do agree though. Additional perks of cash: cash can't malfunction. Who ever got his card eaten by an ATM and had no other card and no cash knows what I mean. 2. Privacy. Every card transaction gets registered and stored. Whoever gains access to that information, knows where you've been and a lot about your habits. You can create quite a profile just from card information alone.
How Target Figured Out A Teen Girl Was Pregnant Before Her Father Did
My mother told me that if I couldn't afford something, I should save up for it. This has proved good advice. I've never bought anything on credit, and never owned a credit card, except maybe for the debit feature on my bank card. I just walk around with lots of cash in my pocket. No need to worry about fees, interest payments, overdrafts and whatever other costs you gamblers on future earnings accrue.
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Now that most shops and such have contactless payments, a debit card is probably the most versatile, and most used by me, but I also carry a credit card and some cash, given that I have had one situation in a supermarket where they could only accept cash. And I also have the ability to pay via an Android phone - which wasn't mentioned. I never get into debt via credit cards now but I was in quite deep at one time.
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wellwisher
Well-Known Member
I like using a credit card from one of the main Banks. Credit cards are insured, so if there is any unusual charges on the card; online shopping, you do not have to pay for it, and they will issue you a new card. If one is disciplined and pays off the card each month, and there will be a zero interest charge and no annual free. The card is free other than what the merchants pay per transaction. This procedure actually builds up your credit score since credit and reliable repayment are part of the calculation.What is better.Credit card?Debit card?Or ATM card?Or just cash in your pants?For me it is ATM.
One difference between a debit card and a credit card is a debit transaction posts immediately while a credit card transaction takes three days to post. The credit card companies give themselves a buffer to investigate transactions, while since the debit card uses your money, companies let the transaction pass, sooner. If you have a debt/credit card and you do not have enough in your debit account, you can use it as a credit card, buy things, and have three days to put money into your debit account, to cover the cost. Just don't forget or you may get an overdraft fee.
Use a Debit Card as a Credit card, most banks offer rewards now if you use your debit card as a credit card. For me my bank pays me 2.5% on any purchases over $25.00. Thats better than most savings accounts and stores still don't give discounts for using cash. The only negative is that some stores and eateries in my area have caught on and charge you more if you use your credit card, so you have to be careful.What is better.Credit card?Debit card?Or ATM card?Or just cash in your pants?For me it is ATM.
exchemist
Veteran Member
Yes. I hate financial complexity too, as the whole thing bores the **** off me. The only reason I had to get a credit card, some years ago, was to be able to hire a car at an airport. For some odd reason, the car hire companies won't accept a debit card. So I have this useless credit card in my wallet and get a statement every month showing zero transactions.
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Soandso
ᛋᛏᚨᚾᛞ ᛋᚢᚱᛖ
My mother told me that if I couldn't afford something, I should save up for it. This has proved good advice. I've never bought anything on credit, and never owned a credit card, except maybe for the debit feature on my bank card. I just walk around with lots of cash in my pocket. No need to worry about fees, interest payments, overdrafts and whatever other costs you gamblers on future earnings accrue.
While I definitely agree that only paying for what you can afford is the best way to be, how can you build a high credit score without using a credit card?