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Was wondering when you go out shopping, are you using
your credit or debit card or both?
With all these CC having rewards and whatnot, it makes sense
to use your CC to rack up the points and rewards.
I was reading this article and it got me thinking, should I just not be using my debit card anymore?
In what situation would you use your debit and not credit card?
If you go to the grocery store, is it credit or debit?
What about gas station?
A quick run to a store for a $30 purchase?
Drive thru for a coffee or lunch?
If you pay your CC off every month, it certainly makes the most sense to use it always.
From a merchant standpoint, there's a tipping point where it makes more sense to go debit vs credit.. But not really from a consumer standpoint.
Unless, you get money for debit purchases, which I do. I get a dime each time something goes as debit. So, do the math there, under a certain value, it makes more sense to do debit than credit. I don't know the exact terms on it, USAA debit card, i'm sure the rules are out there somewhere... vs, I think, 2% cash back on my credit card with them.
I only have a debit card to withdraw cash from the ATM, and given the rare occasions that I use cash, I am thinking of getting rid of even that. I might lock the debit card in the household safe and ignore it.
I use my credit card for every purchase over $1.00
For the longest time I was a debit card for the small stuff and use the
CC for the big purchase.
Just recently I signed up for a new bank account.
Got my new CC and I asked for a debit card as well.
I think they even asked "You want a debit card too?"
The banker looked at me like I was joking, it wasn't rude, more of a funny look.
So that interaction got me thinking about debit vs credit.
Have I been doing this all wrong?
How many rewards and points did I waste by using my debit card, LOL
Agree with 509's post about liability. If you have an authorized charge to your CC, chances are high that you won't have to pay for that. By law your max. liability is capped at $50, as I recall, and many banks won't charge you even that. Plus, you have all sort of consumer protections for a CC purchase. Presumably, you also earn cash back on the purchased.
As an example, somebody I know had charged $50 by mistake, and the merchant won't even talk to them about a refund. But when the charge was disputed with the CC co., it was refunded.
By contrast, your debit card charges -- authorized or not -- are typically irreversible. So there is no reason to ever use a debit card other than in an ATM.
Agree with 509's post about liability. If you have an authorized charge to your CC, chances are high that you won't have to pay for that. By law your max. liability is capped at $50, as I recall, and many banks won't charge you even that. Plus, you have all sort of consumer protections for a CC purchase. Presumably, you also earn cash back on the purchased.
As an example, somebody I know had charged $50 by mistake, and the merchant won't even talk to them about a refund. But when the charge was disputed with the CC co., it was refunded.
By contrast, your debit card charges -- authorized or not -- are typically irreversible. So there is no reason to ever use a debit card other than in an ATM.
Interesting.
I just always thought for A, B, and C purchases you use your debit card.
If it's a X, Y, or Z then you use your credit.
No debit card ever used to make purchases…only credit cards .
I am not going to depend on a banks good will to give me back my money if the bad guys used a non visa or master card network with your info .
You do not have true zero liability with debit cards …the fine print in the zero liability guarantee says so
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