I've had a NFCU ATM card since the mid-'80s, and only last year did I realize it was a debit card. That article reinforces my bias against debit cards, so I guess it'd be better to read an article that has something positive to say about debit cards (other than as a source of ATM cash).What do you think of the advise in this article? How do you use your cards?
Somehow I've accumulated four credit cards-- the top two are a 2%-rebate Amex which I try to use everywhere, and a 1.25% Mastercard which I use if the Amex isn't accepted. (Now that I can use the Amex at Costco's gas pumps, I don't use the ATM card as a debit card anymore.) The third is a USAA MC that I rarely use (but which has an obscenely high limit for home-improvement projects) and our kid's Citi card. When she gets her own card then I don't know if the Citi card is worth keeping.
We rarely use cash. A $20 bill will languish in my wallet for months. Good thing they take so long to get moldy or brittle.
Oh, hey, thanks a lot, let me get that for you:The current Kiplinger mag has an in-depth article on credit vs debit cards. Might want to check it out.
Battle Royal: Credit vs. Debit - Kiplinger
If that's the best they can say about debit cards, then this weak dissonance does nothing to persuade me to use one...The upside of debit
If you prefer to pay as you go, or if you're trying to get out of debt and control your spending, a debit card is the way to go. You don't have to worry about overspending because the money gets sucked out of your account right away. But that can be a pitfall if you are in an overdraft-protection plan.
[...]
For added discipline, use a debit card for small items. Stay on top of your spending by keeping a written tally of your purchases -- just as you would with an old-fashioned check register -- or by signing up with your bank to get notices of your account balance.