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Discussion in 'Community Discussion' started by TheyCallMeSaint, Jul 28, 2011.
I like using Credit, but I pay it off 100% at the end of the month.
Although I'm not old enough for a credit card, it seems like debit would be a more preferred mode of payment, while I would try to use credit for only large purchases.
I use credit for nearly everything, but I pay it off immediately so it's like debit. My reasoning is that it helps build a better credit score.
BTW, poll added.
It's more of a personal person, but I would prefer debit just in case. I just think it's more practical, but of course, I don't know everything there is to know about credit and debit.
We put everything on whichever card has the best rewards at the moment and pay it off every month. My policy is never use the debit card except to get cash from an ATM.
Cash! I love the feeling of a lighter wallet after a purchase. It means no bills need to be paid for that purchase. My second preferred method would be credit card for its security.
Unfortunately most people don't understand the differences between the two...
Debit = Money deducted from your bank account immediately
Credit = You can your pay bill at the end of the month, plus you can pay it off if it's a large amount, or pay it in full at no extra cost to you
Most importantly is that Debit cards do NOT offer the user anywhere near the kind of guarantees and protections that Credit Cards do.
Debit card. I don't like cash and I don't have a credit card. I don't want a credit card anyways, seems to get people in trouble. With a debit card I can only spend what I have and not a penny more.
Same here. I use my CC for every purchase, so I can rack up the rewards points. I pay my bill off in full when it is due. We rack up enough points for free flights to just about anywhere every year.
The people that get in trouble (usually) have no self-control. If you are a responsible and sensible person, and you don't buy more than you can afford, you won't get into any trouble. I would never put, let's say, a $10,000 item on my CC knowing that I couldn't pay it off in full when the bill comes (well, I could.....but that would be a waste of savings, now wouldn't it).
Unfortunately, you need to use a CC in order to build up a solid credit score. If you want to ensure that you are approved for a major purchase/lease (a house, car, etc.), and you want the lowest rates possible, you have to build up your score. Because of the way I/we use our CCs, we are always approved for everything, and we always get the lowest rates available.
Debit for most things, cash for small purchases, credit for large purchases.
I use credit for most things, but I have been using Paypal quite a bit lately
I'm almost 100% credit at the moment. I don't like cash, usually only have 10 or so dollars on me at any given time, unless I'm going to baseball game or something where cash is faster.
Also, about 80% of my purchases are online, save for the weekly grocery shopping and lunch out. So, that extra piece of mind and coverage from American Express makes life a little easier.
as the saying goes ... Cash is King
I use a credit card to pay for everything that I can. A debit/check card does not offer the same level of protection. And I hate carrying cash. The only time I carry it is Asian stores where they only accept cash or clubs.
Well I have already thought of this. I will just take out a loan from the bank and just pay it off. That will build my credit without a credit card.
Er......I think you need to think about this a little more.
99% credit, because of rewards which end up becoming things like free plane tickets, gift certificates, cash back, etc. As long as you pay it off before they charge interest, it's the same thing as paying cash or deducting from your checking anyway (only difference is you end up with free stuff at the end and a higher credit score).
Only time I use cash now is for club cover, public transportation, businesses that don't take credit, and making a small purchase at a place that requires a $10 charge minimum.
Debit is my preferred payment method. It's so much easier to track my money and expenses. I also use PayPal and credit cards, but not as much. I will never use cash as long as I live.
Same here. I also have all my bills set to auto-pay and the ones that allow credit go onto my credit card. So, with the exception of my rent and car payment, everything goes on my credit card so I can earn points. I even pay it off at least once a week. So far, I have a few hundred bucks in rewards that I am waiting to cash in on.
Just FYI, it's better for your credit score to wait until the monthly bill is generated before paying it off in full.
Debit and cash.
In Canada we have Interac debit, not linked to a Visa or MasterCard system. We just got our first Visa debit cards in Canada - only from one bank, though. They're quick and great for in stores, but have little in the way of protection.
Not really, please visit www.myfico.com
Cash, but only because I'm too young to have a card or anything. I think I would rather use a debit card.
Mostly debit, cash from time to time (if the sum is low).