VISA, MASTER CARD, DISCOVER...

The best thing you can do is cut up your cards and have one less bill to worry about every month.

Credit cards are the biggest rip off in history. You don't need them in your life, trust me. I've never used one.

Credit cards are pretty useful for motel reservations, rental cars, airline tickets and all you need to do is zero balance each month and they don't cost you one red cent.

getting rid of credit cards helps you sleep better!

I have five credit cards, three of them I pay off each month. Two of them carry a small balance to pay interest on.

You don't need those cards for motels, rental cars or airline tickets. Use your bank debt card. And if you don't have the money, you don't need to be doing it. I haven't had a credit card in 10 years and won't have another one.

Credit cards are great. It would be very difficult for me to operate without them. You have to have enough self-discipline to pay them off each month though. If you carry a balance you need to get rid of them.

I haven't used a debit card for motel, rental care etc. It seems that there is a large hold ammount charged to these cards if you use them for this purpose.

Interesting thought from DaveRamsey.com and it makes perfect sense!

When you make a purchase with your debit card, you should have the choice of running it as a debit or credit purchase. Always choose credit. Credit?! Yes. This will insure that you are protected by the card company's Zero Liability policy - you will not be responsible for unauthorized transactions.

Many years ago, when my first DEBIT cards arrived, I destroyed them and instructed my banks to never send me debit cards. When the debit card concept was first introduced, it did not have the fail safes in place to protect the individual card holder, it was like leaving the vault door open. I still refuse to use a debit card, I believe the credit card is much safer.

From: Link


Think a credit card is safer to use than a debit card? Most people do. They convince themselves that credit cards carry a better track record, and you're less likely to have your money stolen from you when you use a credit card. Sadly, those people are wrong.

Credit cards carry a huge risk of allowing the user to incur debt. Debit cards force you to pay with money you already have. If you hold a debit card from a well-known name like Visa or MasterCard, it will have the same policy about unauthorized charges that credit cards have. Don't fool yourself into thinking that credit cards are the "safe" way to go. They'll only get you into trouble and force you to make payments.

Your personal check can accomplish the same function as a debit card when you shop places that electronically clear your check on the spot. Purchases made on my VISA Platinum card are protected in ways a debit card does not protect. I zero balance my VISA every month and have the advantage of using the bank's money for one monthly cycle interest free.

That is not true. My debit card is protected the same way as VISA. It is a VISA through my bank and can be used as a credit or debit. It has the same if not more protection than a regular credit card. My bank will cover any charges not made by me and calls to let me know if there are suspicious charges. And if VISA will not take care of the charge, my bank takes over from there. Yes it's a local bank. There are no extra fees when it's used as a credit card.

Credit cards are useful to have for an EMERGENCY situation.

Unfortunately, most people don't have the discernment to determine what constitutes an emergency. Hint: reeeeealy wanting a 52" plasma TV to watch the Big Game on is NOT an emergency.

On the other hand, there are many people who get by month to month only because they have a credit card to fund things like gasoline and groceries. These people face a long, uphill battle, because the credit card companies are doing their dead-level best to ensure that these people NEVER get out of the hole they're in.

quote:

Originally posted by Ed@Bama:
Credit cards are useful to have for an EMERGENCY situation.

Unfortunately, most people don't have the discernment to determine what constitutes an emergency. Hint: reeeeealy wanting a 52" plasma TV to watch the Big Game on is NOT an emergency.

And neither is Christmas. As my hero, Dave Ramsey, says (and I'm paraphrasing) "you have 12 months to plan for Christmas-it does not happen unexpectedly".

There should be a mandatory Dave Ramsey course that comes packaged with marriage license for all young couples. I have read that more divorces are caused by financial stressors than infidelity. There is much happiness in learning to manage your money wisely and well.

yeah that's correct..,

now some cc's cough to purchase rate compounded and 8% stat, some don't.

there are varying views on here, some say you can go for both, others say you cannot.

Number 6:


I do not know if you have ever rented a car with your debit card but it is not the same as using a credit card. Maybe not all but I know some companies charge you extra to use a debit card........It cost over 700 bucks to rent a car for 2 days on a debit card one time...

Pay at the pump gas....they will put a hold on 75 bucks in your account and hold it for like 7 days even if you only pump 5 bucks worth....

Debit cards do not have the same benifits of credit cards.

Why use credit or debit cards when you can stop in one of the many places around town and cash a $500 check until payday? And it's only about 450% annually. Talk about a ripoff to keep the poor where they are.

I don't know where you bank but I've never had those kinds of holds on my account for debit purchases of gas, hotels, etc.

quote:

Originally posted by lawguy07:
I don't know where you bank but I've never had those kinds of holds on my account for debit purchases of gas, hotels, etc.

Ditto here.
I have both, and the only thing I have ever had on my VISA debit card or my wifes Mastercard for gas, hotels, etc. is either the full charge or simply $1 until the charge goes through which I can check instantly on our accounts through the net.

stop at any cowboys and you will have a 75.00 hold on your account and it will last for about 7 days.

I make **** sure not to use my debit card there or not stop there if I can help it

I have two no-fee credit cards. I use them like cash for everything I possibly can. Both are paid off at the end of the month. Both pay me cash awards. Financial rewards for financial discipline.

Moral: if you’re going to have to spend money, you might as well get paid for it.

quote:

Originally posted by CageTheElephant:

quote:

Originally posted by lawguy07:
I don't know where you bank but I've never had those kinds of holds on my account for debit purchases of gas, hotels, etc.

Ditto here.
I have both, and the only thing I have ever had on my VISA debit card or my wifes Mastercard for gas, hotels, etc. is either the full charge or simply $1 until the charge goes through which I can check instantly on our accounts through the net.

same here. i see a $1 placeholder charge but $75? i'd have a fit. maybe you should be looking sideways at cowboys, not the debit card.

i don't have and won't have a credit card. i get to pay them for the privledge of buying something? like hell.
debit cards and 20 dollar bills don't have interest. if i can't buy it with debit or cash or a check, then i don't need it.

quote:

Originally posted by barksdale.jeff:
Number 6:


I do not know if you have ever rented a car with your debit card but it is not the same as using a credit card. Maybe not all but I know some companies charge you extra to use a debit card........It cost over 700 bucks to rent a car for 2 days on a debit card one time...

Pay at the pump gas....they will put a hold on 75 bucks in your account and hold it for like 7 days even if you only pump 5 bucks worth....

Debit cards do not have the same benifits of credit cards.

You are correct about the rental cars, if you are not using a credit card many of the rental car companies will not even rent to you at least not without a lot of additional paperwork and a credit check. As for hotels, airline tickets, gas, etc I use a debit card. For the most part I only use a credit card for car rentals and occasionally a hotel if the hotel is planning to authorize a large depsit but most of the time the authorization amount is not very much.

If I run my debit card as a credit card at a gas station, I have a $50 hold until the actual gas charge comes through. The bank explained that it does this so as to approve the charge immediately without having the exact charge from the gas station. It usually only takes 24 to 48 hours before it comes through.

credit cards and debit cards would be a lot less scary if merchants actually asked for ID. I've had "PLEASE SEE PHOTO ID" on my signature line for 3 years now. Never been asked for ID.

The best thing I ever did was pay off my credit cards and stop using them.

For those that dont 'see' the $50.00 or $75.00 gas hold, its because it doesnt show as a charge, it just lowers your available credit by that amount until the actual charge actually hits the card (sometimes its minutes, sometimes its days.) So your account will never show that amount, but if you watch your available credit, it will show there (but thats hard to keep up with because of the other outstanding charges you might have.)

As for credit cards, I have numerous cards. I dont carry a balance unless it is a no interest deal (like wal marts 6 months same as cash deals). You just have to monitor your cards and know what is where, pay off your card each month and they are great. I carry NO CASH usually. And I get this report once a year that outlines exaclty where I spent my money in the past year (food, gas, groceries, etc).

And, BTW, I have not paid interest on a credit card in YEARS!

Jeepin'

I find a charge card, not a credit card to be my best option. The balance must be paid monthly. Traveling overseas with a debit card is not easy.