Credit Card Debt

[Olbidness]

The protections on my debit card (with the little visa symbol) are exactly the same as a credit card (with the little visa symbol).

 

[W2R]

The protections on my debit card (with the little visa symbol) are exactly the same as a credit card (with the little visa symbol).

Mine too (except that I don't have to pay the first $50 like CC customers do), but these guys will never believe it! It's all written into the debit card agreement these days. Mine is a debit Mastercard with the little MC symbol and looks identical to a MC.

I can relate to their resistance to the idea of not having a credit card, though. For one thing, it is pretty scary to try if you have never done it. They are terrified that some car rental agency or hotel might turn down their debit card, which I have never experienced - - MC sees to that. Besides, most people seem to think that for them, credit card rewards more than compensate for any increase in consumerism and expenditures, and possibly fees, an occasional late charge, hassles over bills and due dates and interest rates, and so on.

Obviously 97% of those here prefer to have a CC, according to the poll. I tend to think that they are probably right, FOR THEM but not for me. This is one case where I just HAVE to be the oddball. I will probably die without ever having had a CC in my own name. But then, I enjoyed reading The Last of The Mohicans, too. I love the fact that I have essentially flipped the bird at the credit card companies. Some things in life are just so worth doing.

 

[OAG]

I never heard of anyone actually having to pay the "first $50 like CC customers do". I know it is there, but I think it is just to cover the CC issuer and they seldom, if ever, invoke it.

 

[W2R]

Oh, OK - - well, I don't have that $50 in my debit card agreement, it costs $0 to fix a fraudulent charge. So, you may "know it is there, but..." but in my case I "know it is NOT there...". When I first got my debit Mastercard, Mastercard pointed that out as some sort of wonderful thing.

 

[ERD50]

but these guys will never believe it!

W2R, I honestly don't understand why you make yourself out to be such a martyr concerning this issue? You've made other statements like 'people may hate me for it....' etc.

As you say below "I tend to think that they are probably right, FOR THEM but not for me.". OK, isn't that good enough? I've said as much - the debit card seem to match your needs - so what's the issue?

Besides, most people seem to think that for them, credit card rewards more than compensate for any increase in consumerism and expenditures, and possibly fees, an occasional late charge, hassles over bills and due dates and interest rates, and so on.

And I'm not sure why *you* have such a hard time accepting this from us CC users. My CC does not cause me to spend any more than I would otherwise - why would it? I've never had a fee, late charge, billing hassle (one apparent mistaken charge that I cleared up with one phone call, no big deal, and I suppose that could happen with a debit card?), and I've never had any hassle over due dates or interest rates. I can't even imagine what the "and so on" could be?

And for me, I don't "seem to think" it is worth the rewards $, it IS worth the reward $. Thousands of dollars over the years, with no issues. That is the easiest money I ever made.

I love the fact that I have essentially flipped the bird at the credit card companies. Some things in life are just so worth doing.

That's odd - I'm the one that feels like I'm "giving it to the man", when I get paid to hold onto my own money for several weeks. Yes, for me, getting the rewards, and keeping my money working a few weeks longer is "so worth doing".

Yes, you are in the minority, but that doesn't mean that it is not right for you. It may be. But it also doesn't mean that it is wrong for us, just because that list of things that have never happened to me scare you. You seem so anxious to justify your position by repeatedly saying there are all these risks and problems with Credit Cards, but I have not experienced them, only the benefits. I think you blow them way out of proportion.

But if they bother you, and you feel better with a debit card, fine, stick with it. I hardly see how you are pulling one over on the CC companies though?

-ERD50

 

[FUEGO]

But if they bother you, and you feel better with a debit card, fine, stick with it. I hardly see how you are pulling one over on the CC companies though?

Quite the opposite. People like us that have good credit, pay no late fees or interest, don't use convenience checks and pay off balances in full are "deadbeats" to CC companies. W2R could screw over the CC companies even more by getting a CC and paying it off every month while racking up frequent flier miles, points, or cash back.

Looks like I'll be getting another $250 cash back check in the mail in another couple months just for buying what I buy anyway.

I think most CC's come with $0 fraud liability now.

And this is a general question, but how do chargebacks work on debit cards? Say I buy something from somewhere and they don't deliver. I call up my CC and charge back the purchase so I owe nothing. Do debit cards allow you to chargeback? I rarely use it, but the handful of times I have used it in the last decade have proven successful, and threats of chargebacks are also effective in negotiating with the crappy companies to get what you want anyway.

But whatever works. I'm just not sure how not taking advantage of a month or two of float and not getting 1.5-5% back on everything you buy is considered getting back at any companies.