savana
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Debit and credit cards are very essential due to the fact that the purpose of both the cards are different and advantageous but, using credit card need some focus that is working on credit debts and monthly payments etc.
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Mon Apr 11, 2011 10:51 am |
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Zubin
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A debit or credit card is usually protected against unauthorized purchases in the event of loss or theft. But its also fact that if you can't afford to repay your credit card bill you could quickly fall into debt.
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Wed Apr 20, 2011 7:02 am |
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cccfree
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It really depends on where you are in life and what your personal financial situation is.
If you're looking to improve your credit I would keep your CC at 50%, and continue to make the minimum payments.
Either, or I would choose a cc/debit card that has some sort of rewards program. Chase has a few credit cards that have excellent rewards programs, and it would definitely be worth looking in to.
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Wed Apr 20, 2011 8:10 pm |
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jimmyjhonson
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Debit card-a card that is linked to your bank account. Every time you use it, money is deducted from your bank account. A credit card is a card that matters to you. The card can be used anywhere that you need, and the Bank will send you a statement for payment upon completion of the cycle. But I always prefer for credit card it's my favourite for all time.
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Thu Apr 21, 2011 1:56 pm |
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teena.robert
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Debit card and credit card both play important role. Debit card is fine because you don’t to pay any interest when you withdraw any money from debit card, but when you withdraw any money from credit card, then you need to pay the inertest if you don’t repay the amount within the given time period. You can withdraw cash from debit card with no interest, but when you withdraw cash money from credit card then you need to pay heavy interest per day.
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Thu Apr 28, 2011 3:17 am |
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natasha76hehu
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A Debit card is better.
It is secure.
A credit card has a lot of issues of late charges etc.
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Fri May 06, 2011 7:05 am |
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riffdex
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I would disagree that comparing CC and DC is like apples and oranges. Consumer protection laws are much more favorable for CC than debit cards. If, for example, your CC is lost or stolen, you have 30 days to report it (before 30 days your liability is limited), and for a DC, you only have 2 days. In other words, if you are a RESPONSIBLE consumer who will use a CC as if it were a debit card (ie only spending money you can immediately pay off), CC is the definite winner.
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Wed May 11, 2011 5:22 am |
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littleroc02us
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quote:
Originally posted by riffdex
I would disagree that comparing CC and DC is like apples and oranges. Consumer protection laws are much more favorable for CC than debit cards. If, for example, your CC is lost or stolen, you have 30 days to report it (before 30 days your liability is limited), and for a DC, you only have 2 days. In other words, if you are a RESPONSIBLE consumer who will use a CC as if it were a debit card (ie only spending money you can immediately pay off), CC is the definite winner.
Take a look at Visa's Zero Liability protection on both CC's and Debit cards, it's the same. They give users of each type of cards 5 days to respond and gaurantee your protection the same. The one problem with CC's is that if you don't call them in time and you have a balance and can't pay it then guess what happens? If you don't have the money you cannot pay the bill and it will effect your credit report and score. If you forget to call about the debit card if your like me I don't keep a ton of cash in the account that is used with a debit card your only out the amount that was stolen and it doesn't effect your credit report or score. Also, in both cases you have to get your card cancelled and you'll be without them for a week or 2.
http://usa.visa.com/personal/security/visa_security_program/zero_liability.html#anchor_2
Risk comes from not knowing what you're doing. (Warren Buffet)
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Wed May 11, 2011 1:37 pm |
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eastmn
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Carry both 
A credit card is more widely accepted. My debit card has "DEBIT" printed on the front, but I'm thinking that a little car polishing compound could remove the word "DEBIT" ( humor ).
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Wed May 11, 2011 2:06 pm |
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riffdex
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quote:
Originally posted by littleroc02us
quote:
Originally posted by riffdex
I would disagree that comparing CC and DC is like apples and oranges. Consumer protection laws are much more favorable for CC than debit cards. If, for example, your CC is lost or stolen, you have 30 days to report it (before 30 days your liability is limited), and for a DC, you only have 2 days. In other words, if you are a RESPONSIBLE consumer who will use a CC as if it were a debit card (ie only spending money you can immediately pay off), CC is the definite winner.
Take a look at Visa's Zero Liability protection on both CC's and Debit cards, it's the same. They give users of each type of cards 5 days to respond and gaurantee your protection the same. The one problem with CC's is that if you don't call them in time and you have a balance and can't pay it then guess what happens? If you don't have the money you cannot pay the bill and it will effect your credit report and score. If you forget to call about the debit card if your like me I don't keep a ton of cash in the account that is used with a debit card your only out the amount that was stolen and it doesn't effect your credit report or score. Also, in both cases you have to get your card cancelled and you'll be without them for a week or 2.
http://usa.visa.com/personal/security/visa_security_program/zero_liability.html#anchor_2
You are correct that some companies provide protection for both CC and DCs. However, federal law makes CCs in general have more protection than the average DC. My statement that CC in general, provide more consumer protection than DC still stands. My condition that only people who are responsible with money and pay off their CC in time still stands. As for my debit card, I personally keep a LOT of cash in that account and if lost/stolen, I would need to call within two days or I could end up liable for a lot of fraudulent charges. My debit card is my main account, where my paycheck is deposited, and I keep my savings. I have set up automatic payments so my CC is paid off automatically at the end of each month, so no worries about forgetting to pay. Because my liability can be greater with my DC, I have recently stopped carrying my DC and just carry my CC with me. It is a lot safer, at least for my situation, and the money is all coming from the same place. While it is true that someone who does not use a CC responsibly probably should not have one, a CC will still provide more consumer protections (as provided by federal law) than a basic debit card without extra protections (:
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Wed May 11, 2011 4:07 pm |
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littleroc02us
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quote:
Originally posted by riffdex
http://usa.visa.com/personal/security/visa_security_program/zero_liability.html#anchor_2
You are correct that some companies provide protection for both CC and DCs. However, federal law makes CCs in general have more protection than the average DC. My statement that CC in general, provide more consumer protection than DC still stands. My condition that only people who are responsible with money and pay off their CC in time still stands. As for my debit card, I personally keep a LOT of cash in that account and if lost/stolen, I would need to call within two days or I could end up liable for a lot of fraudulent charges. My debit card is my main account, where my paycheck is deposited, and I keep my savings. I have set up automatic payments so my CC is paid off automatically at the end of each month, so no worries about forgetting to pay. Because my liability can be greater with my DC, I have recently stopped carrying my DC and just carry my CC with me. It is a lot safer, at least for my situation, and the money is all coming from the same place. While it is true that someone who does not use a CC responsibly probably should not have one, a CC will still provide more consumer protections (as provided by federal law) than a basic debit card without extra protections (:[/quote]
What federal law? The federal Gov't protects my money in my account FDIC insured up to 250k. I don't agree with your statement that cc's have more protection. Credit card companies can jack up your rates as they please with proper notice, there can be problems that may come up that you may have to correct by writing to the credit bureas to remove mistakes. With a Debit card those problems don't exist. So as you stated the individual is responsible, so by default then the Federal law thing you stated doesn't involve a user who pays his bills on time and then gets identity theft or money stolen from a cc or debit card. Again Visa's zero liability will work the same for both users as long as you contact the company within 5 days. A responsible user would do that correct as you stated? You stated 2 days, maybe that's with another type of card but Visa's is 5 days. I would think a resonsible user checks his account on a regular schedule.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Wed May 11, 2011 6:14 pm |
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riffdex
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quote:
Originally posted by littleroc02us
quote:
Originally posted by riffdex
http://usa.visa.com/personal/security/visa_security_program/zero_liability.html#anchor_2
You are correct that some companies provide protection for both CC and DCs. However, federal law makes CCs in general have more protection than the average DC. My statement that CC in general, provide more consumer protection than DC still stands. My condition that only people who are responsible with money and pay off their CC in time still stands. As for my debit card, I personally keep a LOT of cash in that account and if lost/stolen, I would need to call within two days or I could end up liable for a lot of fraudulent charges. My debit card is my main account, where my paycheck is deposited, and I keep my savings. I have set up automatic payments so my CC is paid off automatically at the end of each month, so no worries about forgetting to pay. Because my liability can be greater with my DC, I have recently stopped carrying my DC and just carry my CC with me. It is a lot safer, at least for my situation, and the money is all coming from the same place. While it is true that someone who does not use a CC responsibly probably should not have one, a CC will still provide more consumer protections (as provided by federal law) than a basic debit card without extra protections (:
What federal law? The federal Gov't protects my money in my account FDIC insured up to 250k. I don't agree with your statement that cc's have more protection. Credit card companies can jack up your rates as they please with proper notice, there can be problems that may come up that you may have to correct by writing to the credit bureas to remove mistakes. With a Debit card those problems don't exist. So as you stated the individual is responsible, so by default then the Federal law thing you stated doesn't involve a user who pays his bills on time and then gets identity theft or money stolen from a cc or debit card. Again Visa's zero liability will work the same for both users as long as you contact the company within 5 days. A responsible user would do that correct as you stated? You stated 2 days, maybe that's with another type of card but Visa's is 5 days. I would think a resonsible user checks his account on a regular schedule.[/quote]
The Fair Credit Billing Act and Electronic Fund Transfer Act, get more info here: http://banking.about.com/gi/o.htm?zi=1/XJ&zTi=1&sdn=banking&cdn=money&tm=90&f=11&su=p284.9.336.ip_p649.6.336.ip_&tt=2&bt=0&bts=0&zu=http%3A//www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm
As for the 250k of FDIC insurance you have, this does not apply to fraud, that is covered under different parts of the law. FDIC insurance protects your money in the case of bank failures. Federal law explicitly provide more protections for CCs than DCs. I hate to break it to you but credit bureaus can make mistakes in your credit report whether you have credit cards or not, whether you use credit cards or not, and this does not occur more frequently as a result of you using credit cards. In fact, someone who uses credit cards responsibly will be better off than one who does not have credit cards, and is not building up a good credit history. A responsible credit card user is one who is responsible for the charges he has made and pays off his balance every month. That does not necessarily mean the person checks his account every day and 2 days is simply not a good window of time, even for a responsible person. If you believe that, because a person goes two days without checking his CC balance, it means he is irresponsible, then I don't really know what to say, but that it is not true. The 2 days, as mentioned, comes from the federal protections extended to consumers for debit card use. The Visa CC still has more protections than the DC, as you have 30 days for the CC and 5 days for the DC.
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Tue May 17, 2011 2:43 am |
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littleroc02us
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[quote="riffdex"][quote="littleroc02us"] quote:
Originally posted by riffdex
AI hate to break it to you but credit bureaus can make mistakes in your credit report whether you have credit cards or not, whether you use credit cards or not, and this does not occur more frequently as a result of you using credit cards. In fact, someone who uses credit cards responsibly will be better off than one who does not have credit cards, and is not building up a good credit history. A responsible credit card user is one who is responsible for the charges he has made and pays off his balance every month. That does not necessarily mean the person checks his account every day and 2 days is simply not a good window of time, even for a responsible person. If you believe that, because a person goes two days without checking his CC balance, it means he is irresponsible, then I don't really know what to say, but that it is not true. The 2 days, as mentioned, comes from the federal protections extended to consumers for debit card use. The Visa CC still has more protections than the DC, as you have 30 days for the CC and 5 days for the DC.
If you don't use credit then what good is your credit report? If you pay for things in cash and buy a house with manual underwriting then what would you need one for. I personally pay for everything in cash, except my wife and I use a Discover Card that is in her name for Gas purchases and that's it. It wasn't my first choice because I would prefer not to use them at all. It's a fallacy that you need a Fico score to buy a car or a house. It can all be done with either cash or manual underwiriting. Here is what your forgetting with your facts about cc's vs debit cards.
1. Credit cards have interest rates that the company can jack up to a higher one, debit cards do not.
2. IMO debit cards transactions come directly out of your personal bank account so that if you are budgeting well, you tend to only spend what money you have, you don't borrow money and pay it back later like you do with cc's.
3. CC's have credit limits and if you go over them you will be charged a fee. At my bank I will be declined with my debit card if I don't have any money in my account.
4. They put a ceiling on my debit card so that if it were stolen the most a crook could get would be $200, with your credit card they could steal all the way to the limit which could be thousands.
5. With a CC and debit card when they are stolen both cards are cancelled and a new one with a number shows up in about a week. What would you do if you need to buy something with the cc you wouldn't be able to. As for the debit card, yes it's cancelled but I could simply go to the bank and take out money.
6. With a cc they report stuff to your credit bureau and not with a debit card. Your idea that you stated above isn't apples to apples. They cannot report debit card transactions on the bureau, that is completely false.
Tons of problems with cc's if your irresponsible with them. If you are a responsible user of either a cc or debit card then yes I believe you are checking balances on a regular schedule to help keep within your budget and not spending more then you make. I personally view mine almost every 2 days to keep track. A year a go someone got a hold of my wifes Discover card and they used it fraudently, we had to close it and get a new card. What a pain in the butt.
*Can you send me the link to the Federal law that protects cc's. I didn't see one in your post.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue May 17, 2011 1:29 pm |
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littleroc02us
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quote:
Originally posted by coaster
quote:
*Can you send me the link to the Federal law that protects cc's. I didn't see one in your post.
The relevant legislation:
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Consumer Credit Protection Act
Fair Credit Billing Act
Electronic Fund Transfer Act
Thanks, I guess I've never had to deal with them before so I didn't know what they were.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue May 17, 2011 3:41 pm |
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