Credit Vs Debit Cards

I'll never use a Debit Card, because it involves 3 persons: Myself, the Creditor, and the Bank.

A Credit card involves only 2 persons: Myself and the Creditor.

I don't want anyone besides myself making withdrawals from my Checking Account balance...only I do that!

Hal

 

i agree

 

I use my debit card at the ATM and the credit card for some other purchases but I still like CASH, maybe because I didn't have much cash for most of my life.

 

@Betty Jones

I don't. But then, that's what "talk" is all about, no? I use either my credit or debit card, depending on the nature of the purchase/payment. Consider that our mail here is so ridiculously bad, that my mortgage payment, sent via a check in the mail, has gone astray 3 times in 5 years. Gone. Never negotiated. Seeing that a payment had not been received by the mortgage-holder, I confronted the USPS first: they shrugged. Then, on to the bank: $35 to stop payment, or wait 90 days, any checks returned dated 90 days earlier will not be honored. Great. Now I have a $40 late fee on the damned mortgage, possible effect on credit rating, $35 to stop payment.....ALL of this stems from the USPS failing to do what they are expected to: get the check to the lender. THEIR mistake, I have to pay for?

Hell, no. I now pay mortgage payments on-line. But, guess what? Such payments cannot be made by CREDIT CARD, only DEBIT against the checking account. This is the ONLY use I make of the DEBIT ability, and it doesn't even involve the card at all, which has a different number from the bank account number.

Sorry @Hal Pollner

 

I've never had a debit card, but just got my first ever ATM card last week. All the bank branches are closing around here, and it's too much trouble now to get to a bank for cash. Have no idea how to use the ATM card. All I know is the teller at the bank said it would work for that.

 

@Nancy Hart
The ATM card is a Debit card, mostly beyond doubt. It's use draws funds directly from your checking (or savings) account, depending on whether they give that option. Generally, the term "ATM" is not used in reference to a CREDIT card, which draws funds from the bank's vast fortune, and does not affect your checking account.

Look at the card itself: lower-right corner will say "DEBIT" if it is indeed not a credit card, VISA, MASTERCARD, etc. if a credit card.
Frank

 

You're right! . Just checked. It says DEBIT in the corner! Thanks.

 

ATM is another thing...I don't use 'em 'cuz I don't need 'em!

If I don 't have the cash in my BILLFOLD, then I don't need to borrow just to spend, so I always have cash in my BILLFOLD.

With no Mortgage and no Car or other Payments, I don't need to go in debt!

Stayin' outta debt is my hobby!

Hal

 

Using a credit card is, by definition incurring debt. Using a debit card only removes money from YOUR account.

 

I like the idea of using other peoples money and always pay in full when the credit card bill arrives in the mail.

 

If I understand it correctly, if someone steals my credit card and charges $5000 worth on it, I am only responsible for the first $50. If I had a debit card and someone stole it and charged $5000 on it, it comes directly out of my checking account and is gone forever. Is that correct?

 

Depends on the situation. At my bank's ATM I would use a debit card, as my credit card incurs fees. As nearly all businesses tack on 3% or more across the board to the price of everything to offset the card fees, I have considered getting walmart cards etc. where a 3% refund is deducted from the purchase price. Probably should go ahead and do it, as it would save some money.

 

@Beatrice Taylor
Me, too! Frank

 

@Shirley Martin
Depends on the card agreement. I have had 3 or 4 instances of purchases being made, large ones at that, which alerted my issuer(s): they called me, asked if I authorize a certain purchase, I say "NO", BOOM! Account is closed, new card with new account number received in a few days, NO OBLIGATION. Not even $50.

Last one was back while we were still in Missouri. B.O.A. called, did I attempt to buy a motorized wheelchair last week, $4200? I said hell, no! The guy said they didn't think so, covered.

Most interesting one: "Did I use my card in Detroit within the past few days?" Hell, I said, I haven't been in Detroit in 50 years! My "card" was used to make minor purchases at a McDonalds, and for gasoline. Asked me if I knew where my card was; Yep, in my wallet. Covered again. BUT, I asked how can one buy McDonalds hamburgers WITHOUT card possession? They won't accept just "numbers". Hemmed and hawed, when I pushed him, he admitted cards were being replicated having all the needed data on them, and sold on-line. So some guy "buys" a "credit card", it's bogus, issuer mails it to him for a hundred bucks (presumed), he uses the card for minor everyday purchases until the card gets refused! This one happened to have my name on it!

Most frightening one: My name and Social Security number were used by a guy in Oklahoma a few years ago. He filed an IRS return requesting a refund of nearly $5000! I now am identified by IRS via a PIN number they issue! That guy's escapade has cost me nothing beyond outrage, and likely cost him time in the SLAM. I can only hope.......

Oh, on the Debit card: my current local bank assures me BOTH my debit and credit cards are unconditionally 100% fraud-protected. The bank is an enterprise of the Mormon Church. Whaddaya think of that? Non-profit organization pays NO TAXES, rakes in the dough.......

Bitter, bitter......Frank