Why I Kissed My Debit Card Goodbye
So, a few weeks ago, after doing research for this article, I kissed my debit card goodbye. Well, sort of anyway. Technically there was no kiss, and I still have a debit card for cash withdrawal purposes (and trips to Costco, of course). But everywhere else I go, I am now officially a credit gal.
Now, I’m a bit of an anal credit gal because I know credit cards can get me into trouble. So I keep a ledger for my credit card purchases so I can account for them and make sure I actually have enough cash on hand to pay my bill in full when it comes each month. But that’s another story altogether. Although, having the ledger does make it easier to make sure there aren’t any fraudulent purchases made with my account number each month.
Why do I now firmly advocate credit over debit you might ask? Protection. If my debit card number is stolen and used and it takes me more than two days to notice it (and come on now, who checks their statements online every day?) then I could be liable for $500. If it takes me more than 60 days to notice, I could be held responsible for all of the charges.
But, with my credit card, I’m only liable for $50 as long as I catch and report the fraud within 90 days. Besides that, if someone stole $500 from my bank account the bank could take up to three months to return it to me. I could bounce checks and incur fees. It could be a real nightmare. But, with my credit card, no money ever comes out of my pocket.
So, I’m a firm believer now in being a once card gal—just call me Polly Plastic.
What about you? Debit? Credit? Or both? Let me know your thoughts and why.
Comments
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It should have been Labour's guiding light for the last 11 years - but better late than never. The government will create a new over-arching law creating a duty on the whole public sector to narrow the gap between the rich and the poor. This single legal duty will stand as the main frame from which all other equality legislation flows. Race, gender and disability injustices are all subsets of the one great inequality - class. It trumps them all.
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There are certainly a lot of details like that to take into consideration. That's a great point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up where the most important thing will be working in honest good faith. I don't know if best practices have emerged around things like that, but I am sure that your job is clearly identified as a fair game.
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Great article! This guide should be very helpful to a lot of people as they start their journey out of debt. This article is also applicable to a lot of other situations as well.
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You are on right decession SARAH. I don't think to keep credit card if always enough cash at hand. It may charge huge(depend on Bank)and some other hazard. Okay i agree with you. Thanks a lot to share with us.
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Here comes startling news. The social mobility white paper published today will propose legislation of extraordinary radicalism - simple, fundamental and profound. It should have been Labour's guiding light for the last 11 years - but better late than never. The government will create a new over-arching law creating a duty on the whole public sector to narrow the gap between the rich and the poor. This single legal duty will stand as the main frame from which all other equality legislation flows. Race, gender and disability injustices are all subsets of the one great inequality - class. It trumps them all. The gap between rich and poor in Britain is greater than in almost all rich nations, putting the UK with the United States among the most unequal. This new duty to narrow the gap would permeate every aspect of government policy. Its possible ramifications are mind-bogglingly immense - as astonishing as Tony Blair's promise to abolish child poverty: it will make that pledge more achievable by 2020. Harriet Harman, the head of the government's equality office, is the architect of the new law and will outline its meaning and importance in a speech to the Fabian Society's annual conference on Saturday. Business secretary Peter Mandelson will speak at the Fabian event too, which should be interesting.
Having just gotten the call from the bank that my debit card was illegally used....I think i will use cash and credit only now.
I'm a credit only kind of guy. I don't even have a debit card. Instead I have an ATM only card for cash and a credit card. Life is better that way.
I will NEVER have a debit card because I don't appreciate knowing someone can CLEAN OUT MY ACCOUNT without even bothering to use a pin no.
I will also never allow auto pay on my credit card. The card issuer gives more weight to the company who is taking YOUR money than it does to their own customer.