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Why would you use a debit card instead of a credit card?
- Thread starter Konka
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You can get a secured credit card. You make a deposit to the bank/credit union and you get a card with the credit limit of your deposit and after a period of time say 6 months to a year of responsible spending you'll get your deposit back and a larger credit limit.
rudieboy77
Member
What is the interest rate on a debit card?
Sub_Level
wants to fuck an Asian grill.
I'm really not sure why my bank gave me a credit card.
I make ~$350 every 2 weeks and am not particularly responsible. But they were just like "here's $1200 you can spend breh)
Never missed a monthly payment even once in the 4+ years I've had the account, but never paid it off fully either. Constant back-and-forth of spending and repaying.
I make ~$350 every 2 weeks and am not particularly responsible. But they were just like "here's $1200 you can spend breh)
Never missed a monthly payment even once in the 4+ years I've had the account, but never paid it off fully either. Constant back-and-forth of spending and repaying.
The same as an interest rate on a credit care if you pay your bill on time, which is conveniently easy with auto pay.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
This is why they gave it to you lol..you maintain a balance..
Shake Appeal
Member
American credit (and credit ratings!) are so batshit I don't even know where to start. Maybe when we sort out something simple like Chip and PIN we can move on to this.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
I don't get what's so difficult about credit in the US. At all.
Shake Appeal
Member
There's nothing "difficult" about it, and for those who are able to responsibly handle their lines of credit because their budgets balance, why wouldn't you reap the freebies that come with that?
The problem is that in 2014 those people are, once again, in the minority. Americans' reliance on credit is dysfunctional and destructive for the entire country, and the credit industry itself is grossly predatory and serves to perpetuate and deepen existing inequalities.
American banks and financial services are in general so underregulated, and consumer protections so flimsy, that it is baffling and terrible to behold coming from another developed country.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
Yeah.. every one's goal in life should be to not be those people lol. In all facets of life, not just credit. Play to win the game.
Shake Appeal
Member
The problem is -- even if you don't care about those people's well-being -- that their credit failings, permitted and even encouraged by the credit industry, affect your quality of life every single day.
I mean maybe everyone's already forgotten what subprime lending leads to.
I mean maybe everyone's already forgotten what subprime lending leads to.
rudieboy77
Member
Not just that but companies are allowed to keep scores on you which you are not allowed to know how they formulated your worth, but this worth they assign can effect everything from auto insurance to getting a job. Credit is the 20th and 21st century indentured servitude.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
My honest response would be.. too real.. for some. Let's just say I don't mind.
R
Retro_
Unconfirmed Member
So....did you think using slavery here would make you sound too crazy or what?
Bingo for me. It also means I always no my balance so I think "Do I really need this" before I spend.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
Read the last few pages, or even just a few posts up. You want a secured credit card or some sort of gas/store card to build with.
Just read the last few pages. I swear you'll see why when you do.
R
Retro_
Unconfirmed Member
I got my first one through my bank when I was 22. Student rewards card
Just buy gas and groceries on it.
What secured card is recommended? Gas/store card vs secured card both overall and in terms of getting approved?
I bank with Regions. Is that recommended/realistic?
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
A secured card is the one your bank or union will give you. Or they may have a student card for beginners like the above poster said. Do you have basic income and some history tied to your social security? Walk into a Macy's now and try to get a card.
Assuming your bank has secured lines you can't really be denied. You're giving them a security deposit for the limit.
Assuming your bank has secured lines you can't really be denied. You're giving them a security deposit for the limit.
rudieboy77
Member
You do understand the words I used and slavery are two different things, correct?
Raonak
Banned
Credit cards are rare in NZ, they never really seemed to catch on, I've never heard anyone talk about credit ratings, the concept would probably be unknown to most. We have pretty shit CC rewards all round, so it's no suprise really.
most people I know just have debit cards, which naturally replaced eftpos bank cards we had before.
Debit is just more simpler, cheaper on the retailers, and feels less scammy..
most people I know just have debit cards, which naturally replaced eftpos bank cards we had before.
Debit is just more simpler, cheaper on the retailers, and feels less scammy..
R
Retro_
Unconfirmed Member
They're more closely related to each other than either is to credit card debt
It doesn't look like Regions has a secured credit card. They do have a student card. I do have basic income and what not. Just interested in playing the game, pretty stupid for me not to have a credit card at this point. Just looking for the best one to start with as I know failing to get approved for one can hurt me. I planned on just using this first one to buy gas until I can start getting better ones so I can do the whole debit card substitute thing. Are these options(secured card/bank card/store card) all a wash at this level?
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
Is there a reason you wouldn't qualify for the student card? Just go in and talk to someone about it. Are there any major bank branches around? Any Bank of America will open a secure card for you. Don't get so scared at the getting denied thing. How do you think people start?
Yeah, if you shop at Target check out their store Red card. 5% off all purchases(on top of any other discounts) and free shipping for all online purchases. You'll probably have no trouble getting approved either.
No real reason. Just didn't want to screw anything up/wanted to know the best route. I'll try and apply for one later this week, doubt I'll go with Regions.
Speedy Blue Dude
Banned
How easy is it for a 17 year old with a stable job and source of income to get a credit card?
I've been looking into getting one to start building credit and such, but most places seem to only want 18 year olds?
I've been looking into getting one to start building credit and such, but most places seem to only want 18 year olds?
Davey Cakes
Member
I use debit when I want cash back at, say, the grocery store. For everything else I use credit.
The worst thing about credit is obviously the fact that you're putting yourself into debt every time you use it. That said, responsible use is actually a great thing. If you're capable of putting even upwards of 500 dollars on a credit card over the course of a couple of months and then paying it off all at once, that's great and shows responsibility and builds credit. Paying off in full every month is even better (rather than just doing the minimum payments).
It's only when you don't take the debt seriously and let it wrack up into the thousands that it becomes troublesome. Also, when you sign up for every credit card that is offered to you and you end up with five credit cards and a dangerous feeling of invincibility.
I have three credit cards just in case but I could easily make due with just one.
The worst thing about credit is obviously the fact that you're putting yourself into debt every time you use it. That said, responsible use is actually a great thing. If you're capable of putting even upwards of 500 dollars on a credit card over the course of a couple of months and then paying it off all at once, that's great and shows responsibility and builds credit. Paying off in full every month is even better (rather than just doing the minimum payments).
It's only when you don't take the debt seriously and let it wrack up into the thousands that it becomes troublesome. Also, when you sign up for every credit card that is offered to you and you end up with five credit cards and a dangerous feeling of invincibility.
I have three credit cards just in case but I could easily make due with just one.
Marty Chinn
Member
It's not allowed in the US to apply a surcharge.
Davey Cakes
Member
Really? I'm pretty sure there are exceptions, at least in terms of paying more when using a CC. Gas stations?
RumblingRosco
Member
I know you say this, but I've certainly seen gas stations offer discounts for not using a credit card. I also know some businesses will charge an extra 1-3% fee when paying by credit card, although this is usually for a utility or for a service provided (such as catering). I'm pro-credit card use, but I have absolutely seen these scenarios occur in the US. Maybe they're breaking laws by doing so, but it definitely occurs.
Walter White Walker
Member
I go to Arco for gas - don't know if it's different elsewhere but here in Washington state they charge 10 cents more a gallon if you use a credit card.
Some states don't allow it.
Off topic. Do you guys know Verizn won't accept credit card? In order to use my credit card, I have to buy Verizn gift cards and have them physically mailed to me.
Verizon aint paying that 2% merchant fee for you. My electric company charge 4.75 for credit card and debit card charge too.
RumblingRosco
Member
Ah, I see. And yeah, a few of my utilities are direct withdrawals from my checking account. Any debit or credit use would hit me for an extra 1-4% depending on the company. I don't use Verizon, but have T-Mobile and pay with pre-paid cards that I buy via my credit card. Works well because there's no sales tax in Florida, so I pay $30 a month for my cell phone, no taxes or fees on top of that, and also get at least 1% back because I use my credit card.
I just got the $150 bonus on my AMEX Blue Cash Everyday card. They added it manually for me as a credit to my balance since I converted from the Blue card to the BCE and I wasn't technically eligible for that bonus, but they added it manually for me. I didn't even have to wait for the first statement for the bonus since they added it manually. I just called up just now after hitting the needed $500 and bam, easy as that.
Ray Wonder
Founder of the Wounded Tagless Children
I like spending money that I have. Also, I don't like interest and monthly bills.
RumblingRosco
Member
Lol dude come on, at least be more original with your attempt to troll the thread. This is almost a literal copy and paste.
Unless you're not in the US, then you may have a case.
There's no rule that says you have to charge more than you can afford to pay off that month. May as well charge and get any rewards and all the ancillary security benefits that come with a credit card.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
you guys are just fuckin with me now right
you guys are gonna bump this thread once a week and keep doin this aren't you lol
RukusProvider
Banned
Expert, I'll make your Super Bowl weekend.
Thanks to this thread, I got motivated to look around and see what else is out there besides my normal cc.
Got the BA travel card and chase travel card.
With our normal spending and their awards, my wife's flight to Europe will be free thanks to the BA "companion ticket" every year and we will get free business/first class upgrade on the round trip.
Www.creditcardforum.com took me about 30mins of research to align the right package for me.
Thanks to this thread, I got motivated to look around and see what else is out there besides my normal cc.
Got the BA travel card and chase travel card.
With our normal spending and their awards, my wife's flight to Europe will be free thanks to the BA "companion ticket" every year and we will get free business/first class upgrade on the round trip.
Www.creditcardforum.com took me about 30mins of research to align the right package for me.
Ray Wonder
Founder of the Wounded Tagless Children
That actually wasn't an attempt to troll, just skimmed on in here and found out I was stupid for using a debit card. lol. Maybe it's time to apply for my first one.
I bat for team debit.
It's too easy for people to abuse a creditcard. Many people end up relying on it without thinking and eventually rack up serious debt which hurts their long-term finance, often permanently.
I'm rather familiar with it because my parents are 5 digits in debt on their credit cards. They'll never pay them off and I can't imagine how terrible the interest is.
It's fine if you have good control and never become complacent using it, personally I avoid them because I fear getting lazy with it like my parents did.
It's too easy for people to abuse a creditcard. Many people end up relying on it without thinking and eventually rack up serious debt which hurts their long-term finance, often permanently.
I'm rather familiar with it because my parents are 5 digits in debt on their credit cards. They'll never pay them off and I can't imagine how terrible the interest is.
It's fine if you have good control and never become complacent using it, personally I avoid them because I fear getting lazy with it like my parents did.
I think the only way you'll get one at 17 is having a co-signer (parent etc)
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