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kenny thomas

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I do not have a debit card. I refuse to use them
My reason for having a debit card is just like cash. If I don't have any money I don't spend. I know lots of people that use a credit card and don't have the money to pay for it at the end of the month. That starts a downhill slide.
 

callmefence

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If I lose a wad of cash it is lost. If I lose a credit card, nothing is lost. I make a call and everything is good.

Using a credit card gives me an opportunity to dispute a charge if a product or service fails to deliver as promised.

Some warranties are made longer by paying with a card.

It keeps my wallet thinner.

I get 1 to 3% back on my purchase. It adds up

Cash seems cumbersome.

I am in no way anti cash, and do not hope for a cashless society. I have to make an effort to carry cash. The cc is always with me.
Same here. And I'll add the benefits of record keeping.
I bought my wife a 4 runner limited to.
We could be brothers..... 😂
 

Brute 23

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I get a text when that happens. If I don't respond to the text the card is refused. Kind of a good thing, kind of bad.
Those alerts are great. You can usually customize them.

I was riding with my boss and all the sudden a text came through saying you account balance was <750 on a debit card. Then it sends one for every transaction below that. They were back to back... 750, 650, 500, 300, 150, 0 🙄😄 My boss and I were both watching it. I called the bank and was like... I think we have a problem. They were like... yes sir, it has been flagged. 😂
 

greybeard

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One good thing about the credit card is you're protected against fraud unlike most debit cards
I have been alerted by my bank by phone text on a suspected fraudulent charge on a debit card before. The bank just asked if I made the purchase, I replied no and they removed the charge and asked me to replace the card. Been 5-6 years ago.
 

Rafter S

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One good thing about the credit card is you're protected against fraud unlike most debit cards

If your debit card is falsely used along with the correct PIN it's my understanding that you're out of luck. However, if the PIN wasn't used you can get your money back. It happened to me a few years ago.

I hadn't checked my bank balance in a week or so, and when I did I found around $800.00 worth of charges I didn't make, mostly at truck stops for $50.00 to $100.00 each. I immediately called Wells Fargo. The lady I spoke to closed down the card, the money was back in my account before the end of the day, and I had a new card in the mail two days later.
 

simme

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Credit card fraud will mostly result in just inconvenience waiting on a new card. But I have read that a business credit card account may not be as forgiving with the rules.

Debit card fraud - might not get that back as has been stated. Consider only having a debit card on an account that keeps a fairly small balance. Not on an account that has a large balance.

Cause for concern is a retirement account (401k or ira) with lots of money in it. Tens of thousands, hundreds of thousands or even millions. Use a good password there. Sign up for the 2 step verification for login (code sent to your phone). Read all the texts and emails from those accounts. A few thousand in a checking account will sure hurt if you lose it. Your retirement account going to zero is a whole different issue. It may not be "taking" your money out of the account. One method is they buy shares in a penny stock in their account with a sell order at a certain price. Then use your account to buy LOTS of shares in that stock, spiking the price and causing their shares to sell. You are left with a bunch of pennies when the share price drops back down. They did not take your money. Just used your account for their advantage.
 

TCRanch

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Some times credit cards get denied for being out of character spending. I had recently purchased Seattle Mariners season tickets and a Canadian moose hunt on my visa. The wife and I went to purchase kitchen appliances for our farmhouse remodel. The card was denied, $6k debt on a $90k card $84k available paid off monthly. When my wife called card company they said this purchase was out of character for this card and approved it. 🤣🤣🤣
I've had that happen and after a lengthy come to Jesus conversation with the credit card company, they will contact me via text, email &/or phone before denying a transaction.
 

TCRanch

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I have never paid one cent in interest on my cc
Plus, using the right credit card can earn you thousands of dollars in credit, cash or rebates. I always have my earned points credited back to my credit card and it shows up as a deduction in the balance (which is paid in full every time, no exceptions). If you opt for cash back and they send you a check, it does count as income and will be reported as such, you'll receive a 1099.
 

TCRanch

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A lot of businesses are going to a zero-balance card for their employees. If an employee needs to make a purchase, it will only go through with prior approval for the amount and SIC code. So, if a truck driver needs to purchase fuel, a set amount can be previously approved, but it must be at a legit filling station - the driver can't just spend X amount anywhere because he/she knows it's available. The card is set at $0 unless/until a transaction comes through for the predetermined set amount and matches the SIC code. When the transaction is complete, the card will revert back to a zero balance. Same for hotels on a long run. Cuts down on fraud from employees and anyone (any entity) that somehow gains access to the card info.
 

Brute 23

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Debit card carries the same protection as credit card. That's an outdated deal saying you will be out of luck. Fraud is fraud.

With my deal the money showed back up on the account in 24hrs which is fine because they froze it any way. I also had to wait for another card.

It's not a bad idea to keep lower balance just in case and with online banking it's a click, click on your phone and your money is there. It's also a good idea to have more than one card for multiple reasons and separate accounts with large sums from accounts with any card tied to it. Same with accounts tied to auto pay bills.
 

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