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OPINION Why are you still using your debit card?

I use my CC for everything. Got a great cashback rewards program and since its a cc from the same company I bank with, I get an additional 75% of my rewards whenever I transfer the rewards to my bank account.

I've been averaging about 1,500 a year in cashback for the last 3 years.

I never keep a balance on my card though. Interest > rewards. So if you use your cc to get rewards but you pay interest on your balance they got you.
 
use credit cards for larger purchases and try to pay them off right after

not currently in any awards program or anything, though

our biggest limit card is through a credit union that sucks....wasnt my choice lol....but we also have an open line of credit and debit cards thru them

there's just way too much going on with our finances right now to make big changes or apply for different credit lines

I use my debit cards from 2 other banks for day to day shit like gas, groceries, and online shit

once we get done with all this property shit and get at least 1 of the cars paid off we'll probably re-group on this
 
Busta Carmichael said:
@DOS_patos I heard Swiss bank accounts got high interest or something like that .

Like if you put money in it will double in 2 years.

Any truth to that?
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im not sure about that double stuff. the interest rates are ok...just a tad bit better than america depending on how much you have in the account.
but if your talking about an investment account....americans cant open one. there are ways around it but you have to have money to make it worth it.
due to fatca.....most banks dont want the headache if it isnt worth it
 
Good thread.

I mentioned this to Jazz in her thread about her first place.

If you responsibly use some kind of rewards credit card for everyday purchases and just pay it off in full at the end of the month your doing yourself a big favor.

Your helping your credit and benefiting from the rewards you get for purchases you would have made anyway and got nothing for it. Plus they are more secure as there's a longer time frame given to dispute transactions than those made with a debit card. And if you pay it off in full by the due date, most credit card providers wont charge you interest.
 
Judge Judah said:
Good thread.

I mentioned this to Jazz in her thread about her first place.

If you responsibly use some kind of rewards credit card for everyday purchases and just pay it off in full at the end of the month your doing yourself a big favor.

Your helping your credit and benefiting from the rewards you get for purchases you would have made anyway and got nothing for it. Plus they are more secure as there's a longer time frame given to dispute transactions than those made with a debit card.
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this is where i was going

TY

but yea...if you get got using your debit card, that money is cash that you just straight up out of until the matter is resolved.

While debit cards now have the same protections against fraud as CC, I just wouldnt chance having my money just gon like that and having no other way to move around to get shit paid for.

and you getting rewards for shit you were buying anyway

the challenge for me at least, is to stop using both simultaneously and go all out and use my CC for EVERYTHING!!!
 
And of you have credit issues. First thing you need to do is try to clear up anything you have in collections. That can take time. But to counteract the negative reporting, if you cant get a standard low limit unsecured card, get a secured card and use it in the same manner i described above. That way you get the positive history built. And by the time the negative accounts begin to drop off, you'll be in a position to be potentially approved for other types of financing (auto, mortgage, personal loans, unsecured cards)
 
what are ya'll worried about getting hit by tho?

stores double charging or hackers or some shit?

I just dont see it being that common
 
AP21 said:
That's not what this is about

This is a legit discussion

Please put that you were going to initially

My hope is to engage in dialog about financial literacy, an area I think everyone could benefit from
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I use my debit and I use my cc.
 
1/2 said:
what are ya'll worried about getting hit by tho?

stores double charging or hackers or some shit?

I just dont see it being that common
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its getting more and more sophisticated brah

i think once you get into too much of a routine, you get comfortable and think it can never happen to you

besides, how many times people always talking about how they never really have money to take trips or buy lil stuff here and there? Now, this might not be your situation as you have a pretty decent sized family, but for single folks, its a win win

You not gonna get rich solely off CC rewards, but the shit adds up over time, and if you got one that give you FF miles, that's a trip right there, all from buying shit you would normally buy throughout the year anyway

My debit card has the woat awards and really no good incentives for me to use it on a daily basis.
 
I have pretty good credit, but I have about 1500 of outstanding credit. This is actually a good idea and I think I shall implement it once I get my debt down to 0
 
1/2 said:
what are ya'll worried about getting hit by tho?

stores double charging or hackers or some shit?

I just dont see it being that common
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it is.....i use my business card ALOT.....it always has some shit going on...bank now just sends me a new card every 3 months.
 
building credit is about more than a credit card......its about mixture of credit, and history too.

credit is a game.....credit card is not a good thing.

try saving money and being more frugal....you'll be ok .

that way you wont need credit until you want to use it. so get a mortgage or a car.
 
I primarily use debit, not tryna pay interest on my own money that’s stupid

The credit card I do use has a pretty high balance too (vacation, autopaid bills, etc) so I’ve been tryna pay that down
 
DOS_patos said:
building credit is about more than a credit card......its about mixture of credit, and history too.

credit is a game.....credit card is not a good thing.

try saving money and being more frugal....you'll be ok .

that way you wont need credit until you want to use it. so get a mortgage or a car.
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its chicken and egg b/c having open lines of credit looks good on your report to potential lenders

i was just approved for a no down payment, 100% financing loan for my new house all because my score is crazy high

I had to charge a buncha shit to get my old house sold, but now that thats out of the way, i will pay that off, and watch how many points my score jumps up

credit cards arent a bad thing, being ignorant about their uses and how they can work for you is the bad thing

My Target card gets me and additional 5% off whatever my purchases are, plus with any coupons or other in store discounts. I got to the service desk to pay it off after im done. Zero balance. I have to buy groceries anyway, why not get a few dollars off in the process?
 
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