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(ABC News)   Financial expert Ric Romero: "Credit cards and debit cards may look the same, but they don't work the same. In fact, using your debit card in the wrong places could be disastrous to your bank account"   (abclocal.go.com ) divider line
    More: Obvious  
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13331 clicks; posted to Main » on 25 Apr 2010 at 11:28 AM (6 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



130 Comments     (+0 »)
 


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2010-04-25 08:23:55 AM  
If you can get a credit card with a sufficient credit limit then there is absolutely no reason to even own a debit card. I don't have one and never will get one, all for the reasons mentioned in the article.
 
2010-04-25 08:40:19 AM  
CelebrityPharmacist: If you can get a credit card with a sufficient credit limit then there is absolutely no reason to even own a debit card. I don't have one and never will get one, all for the reasons mentioned in the article.

Only if you pay the credit card off every month.
 
2010-04-25 08:49:59 AM  
Umm... I only use a debit card... Why? Cause I'm responsible and only spend money I have... It's a weird concept these days, I know...

/Oh, and no I've never had a single issue with stolen card numbers or holds on bank funds or anything mentioned in the article...
// Credit Cards are trouble (for me)... I can barely pay my bills on time as it is...
 
2010-04-25 08:52:14 AM  

The Icelander: CelebrityPharmacist: If you can get a credit card with a sufficient credit limit then there is absolutely no reason to even own a debit card. I don't have one and never will get one, all for the reasons mentioned in the article.

Only if you pay the credit card off every month.


You pay it with the money that would have been deducted from your debit card if you used that. Of course I am assuming that people have the discipline not to spend that money before the bill comes.
 
2010-04-25 09:06:30 AM  
I've had debit card numbers stolen on three different occasions (one was a bank employee who stole a bunch of numbers). It has cost me some inconvenience but never any money in the long run. The only costly problem I had with mine is that TD bank recently changed their policies regarding debit cards so they can screw their customers with $35 overdraft fees almost at will.

/not a TD bank customer any more
 
2010-04-25 09:17:17 AM  
I use and prefer to use only a debit card. I never have to worry about overdrafting or spending more than I have.
 
2010-04-25 09:31:59 AM  
I still think of my debit card as an atm card. Most transactions are done on CCs with bonus programs and the bills are paid in full every month. The bank card is just for getting cash on the rare times I need it.
 
2010-04-25 09:38:44 AM  
I've had to have my debit card replaced 4 times. Two of those was my dumbass leaving the card in the ATM. The last was when I kept getting charged for a service I didn't sign up for online. All the money was refunded and I didn't have any problems.

Headline should be "Are you a retard when it comes to your money and don't bother reading your bank's policies they send you when they change? Then you're going to do stupid things and probably lose a lot of money because you're a moron."
 
2010-04-25 10:08:15 AM  
My bank sends me out an ATM only card that isn't supposed to work as a debit card. It does so I guess there isn't any point to it anymore.
 
2010-04-25 10:15:02 AM  
I use a debit card simply because it's easier to use than cash.
 
2010-04-25 10:19:39 AM  

CelebrityPharmacist: The Icelander: CelebrityPharmacist: If you can get a credit card with a sufficient credit limit then there is absolutely no reason to even own a debit card. I don't have one and never will get one, all for the reasons mentioned in the article.

Only if you pay the credit card off every month.

You pay it with the money that would have been deducted from your debit card if you used that. Of course I am assuming that people have the discipline not to spend that money before the bill comes.


If that was the case, this wouldn't have been a funny SNL skit....

snltranscripts.jt.org (new window)
 
2010-04-25 11:10:50 AM  

CelebrityPharmacist: The Icelander: CelebrityPharmacist: If you can get a credit card with a sufficient credit limit then there is absolutely no reason to even own a debit card. I don't have one and never will get one, all for the reasons mentioned in the article.

Only if you pay the credit card off every month.

You pay it with the money that would have been deducted from your debit card if you used that. Of course I am assuming that people have the discipline not to spend that money before the bill comes.


It's amazing how this seems to be a difficult concept for many people.
 
2010-04-25 11:31:04 AM  

eddyatwork: I use a debit card simply because it's easier to use than cash.


I prefer using plastic so I can tell hobos and the Christmas time bell ringer I don't have any change. Makes me feel better about myself without having to actually give anything.
 
2010-04-25 11:31:34 AM  
Quick question: I'm currently a BofA customer and i was shopping around for other banks with handy online banking and excellent customer service for a permanent switch. Any horror stories or success stories with certain banks?
 
2010-04-25 11:32:39 AM  

eddyatwork: I use a debit card simply because it's easier to use than cash.


Same here. Although it gets annoying when the storeowners involves you in the whole "use it as a debit card, not a credit card" because of the lower charge on a debit card. Some guy couldn't remember his PIN one time and was holding up the line trying different combos, because the cashier did not want to run the card through as a credit card.
 
2010-04-25 11:33:11 AM  
I had to replace both of my debit cards a little over a month ago, when I found out about the security breech at Monoprice. I'm glad I got them replaced before I got hit. My credit union even did a same-day replacement of my cards.
 
2010-04-25 11:33:14 AM  

jonasborg: I use and prefer to use only a debit card. I never have to worry about overdrafting or spending more than I have.


They'll still run the charges if you're out of money, and charge you 30 bucks a pop for the privilege. They COULD decline the charges, but that's obviously a lot less profitable.
 
2010-04-25 11:33:34 AM  
My debit card is a credit card. What now smart guy?
 
2010-04-25 11:36:27 AM  

HagarTheHorrible: CelebrityPharmacist: The Icelander: CelebrityPharmacist: If you can get a credit card with a sufficient credit limit then there is absolutely no reason to even own a debit card. I don't have one and never will get one, all for the reasons mentioned in the article.

Only if you pay the credit card off every month.

You pay it with the money that would have been deducted from your debit card if you used that. Of course I am assuming that people have the discipline not to spend that money before the bill comes.

It's amazing how this seems to be a difficult concept for many people.


Yeah, seriously.

A credit card is superior in pretty much all ways to a debit card. Credit cards allow you to chargeback a bad charge (you can do this with debit cards too, but it's harder since the merchant gets your money faster), you can earn rewards (there's a ton of cards that will refund you 1% cash, or flier miles, etc), and it allows you to borrow "free" money from the bank for up to 30 days (then you have to repay it or face interest).

Except that most people are too stupid to realize that they have to pay off that credit card. They see a piece of plastic, not cash, and start charging for stuff they can't afford.
 
2010-04-25 11:38:04 AM  
Hotels are the one place I know that this actually is quite a frequent problem. When they run the Authorization on a debit card it will place a hold for the authorized amount on the card. When the final charge is placed on the card often times the charge will show up and the authorization will still sit on the card for 5 to 7 business days.

The calls from pissed off guests are never fun, they always believe that we're trying to steal their money when in actuality it is the Banks that are so scared of having unauthorized charges that it takes forever for the Auth to drop.
 
2010-04-25 11:38:52 AM  
options for managing your money if you're too stupid to not spend money you don't have:

1. get a credit card with an EXTREMELY low limit- like, say, $500. Make all your charges on the credit card. when it stops being accepted, you've spent your money for the month, congratulations. When your bill is due, pay it. Begin again.

2. spend money using a debt card out of your bank account, which is probably also linked to your savings account, and spend every penny that you own, then get hit with overdraft charges, and have the bank pull from your savings and so on.


chances for farking up with credit card: forgetting to pay your bill.
chances for farking up with debit card: spending every penny you have.


/fyi, I follow neither policy, I buy everything on credit card and pay it off and track my spending.
 
2010-04-25 11:40:25 AM  
I agree with the reply at the very beginning of this page. I took my ATM card out of my wallet years ago, before debit cards were popular. I have never used a debit card and refuse to do so. I prefer to minimize other people's access to my checking account. My preferred method of paying for stuff is cash or credit card, my checking account is only used to pay my regular monthly household bills along with other major bills such as insurance and taxes.

I'm amazed at how many people living 'hand-to-mouth' talk about ATM fees, bank fees, check cashing fees, blah blah blah. Throw the damn card away and use cash. Budget your money so you don't need to run to an ATM every day to get cash, or constantly need to use your debit card to buy a Big Mac or a pack of cigarettes.
 
2010-04-25 11:40:45 AM  

IKanHazaBukkit: Quick question: I'm currently a BofA customer and i was shopping around for other banks with handy online banking and excellent customer service for a permanent switch. Any horror stories or success stories with certain banks?


You do realize that many banks are regional in nature. For instance, not (m)any Wells Fargo banks in Pittsburgh, but there are a ton of PNCs. Perhaps you might want to say which city/state/area you would be doing most of your banking?
 
2010-04-25 11:40:52 AM  
Holy crap, subby isn't just doing the meme. The story is actually by Ric Romero.
 
2010-04-25 11:42:33 AM  

TheMephis: IKanHazaBukkit: Quick question: I'm currently a BofA customer and i was shopping around for other banks with handy online banking and excellent customer service for a permanent switch. Any horror stories or success stories with certain banks?

You do realize that many banks are regional in nature. For instance, not (m)any Wells Fargo banks in Pittsburgh, but there are a ton of PNCs. Perhaps you might want to say which city/state/area you would be doing most of your banking?


NY/MA-ish.
 
2010-04-25 11:43:37 AM  

IKanHazaBukkit: TheMephis: IKanHazaBukkit: Quick question: I'm currently a BofA customer and i was shopping around for other banks with handy online banking and excellent customer service for a permanent switch. Any horror stories or success stories with certain banks?

You do realize that many banks are regional in nature. For instance, not (m)any Wells Fargo banks in Pittsburgh, but there are a ton of PNCs. Perhaps you might want to say which city/state/area you would be doing most of your banking?

NY/MA-ish.


not to be repeating something I'm sure you've heard before, but.. uh.. credit union???

mine has excellent service, a billion locations, and great online banking (if only I could remember my password).
 
2010-04-25 11:44:04 AM  

IKanHazaBukkit: Quick question: I'm currently a BofA customer and i was shopping around for other banks with handy online banking and excellent customer service for a permanent switch. Any horror stories or success stories with certain banks?


Almost any bank deals with customers better than BofA. In general, when threads fill up with comments about banks, the smaller the bank, the better. Credit unions are generally considered the top of the list by Farkers, since they are owned by the people who have accounts there.
 
2010-04-25 11:45:39 AM  
sets the consumer's liability for fraudulent purchases at $50 bucks.

*twitch*.
 
2010-04-25 11:47:09 AM  

CowboyNinjaD: Holy crap, subby isn't just doing the meme. The story is actually by Ric Romero.


Came here to say exactly this. He's almost mythical.
 
2010-04-25 11:47:19 AM  
I see these articles a lot on the internet. Given what I've learned about the media from Drew Curtis' book, I'd say they are just scare tactics by CC companies so they don't lose a lot of business to debit cards. You know, the press release that doubles as a news article for lazy reporters.
 
2010-04-25 11:47:30 AM  
Another reason I like debit cards as opposed to cash? Cashiers can't farking count.
 
2010-04-25 11:47:51 AM  
it's pretty common for interac(canadian debit cards) numbers to be stolen.
 
2010-04-25 11:49:03 AM  

eddyatwork: Another reason I like debit cards as opposed to cash? Cashiers can't farking count.


the only reasons I keep cash around:

1. to pay friends when we split a bill or they buy something for me (like a movie/concert ticket a couple weeks before hand).

2. to buy sodas from a soda machine

3. change to feed meters
 
2010-04-25 11:50:00 AM  
i actually have never had bad service with BoA
 
2010-04-25 11:50:29 AM  
Debit card only here. If I can't afford, it can wait. Our obsession with credit in this country is sad.
 
2010-04-25 11:50:33 AM  

Youcouldntfindme: Umm... I only use a debit card... Why? Cause I'm responsible and only spend money I have... It's a weird concept these days, I know...


Same here, but my account is both a savings and checking. If there's anything on checking, then I can use my debit card for purchases. But, I kept overdrafting my checking, so I just use the savings. Easier to just draw cash out of the ATM so I know what I actually do have.
 
2010-04-25 11:51:14 AM  
Most people shouldn't be allowed either one.
 
2010-04-25 11:52:14 AM  
You should consider a debit card as access to all the money in your bank account. It is easier to not pay the credit card company for fraudulent charges than to get your money back from the bank. You probably can get it back, but I would prefer to just not pay a fraudulent credit card bill.

/whole point of the segment.
 
2010-04-25 11:56:29 AM  
I got rid of my debit card a couple years ago. It was the best decision I ever made. I spend less money and now don't have to worry about my account being drained.
 
2010-04-25 12:03:57 PM  

Youcouldntfindme: Umm... I only use a debit card... Why? Cause I'm responsible and only spend money I have... It's a weird concept these days, I know...

/Oh, and no I've never had a single issue with stolen card numbers or holds on bank funds or anything mentioned in the article...
// Credit Cards are trouble (for me)... I can barely pay my bills on time as it is...


Ditto. Although right before my paycheck arrived I had a meager $.38 in the checking account. You want to rob me? Steal my number? The bank will shut that shiat down right quick.
 
2010-04-25 12:04:19 PM  
FTFA: I've warned you before about thieves at restaurants who may have a credit card reader in their pocket that can capture all of the information on the magnetic stripe on your card, so they can make a counterfeit version of it.

Often restaurant employees are hired to do the theft when you pay your bill.


a) Citation needed?
b) where do i apply for the position of "card reader in pocket at restaurant" guy
 
2010-04-25 12:04:28 PM  
Ah, Ric Romero. The only other human on Earth who does a better job of talking to you like you're a 5-year-old is Rick Sanchez.
 
2010-04-25 12:05:54 PM  
I used to have a credit card, but I always paid some extra penalty because I would often forget to pay the fees every month. I had the money to pay, but just totally disorganised.

Debit card only. Does pretty much a credit card does and I don't have to worry about paying extra every month.
 
2010-04-25 12:06:52 PM  
CowboyNinjaD, austerity101, this! Wow. After years of lurking and liting, I finally see this mythical beast in action!

As for CC vs DC, what the hell does it matter? Aren't both equally vulnerable to fraud/ duplication? I understand that if your debit card is compromised, your entire golden hoard is open to the jerkoff waiter with the cloning thingamawhatsit in his pocket, which is bad? (Yes) And if your credit card is compromised, aren't you still on the hook for whatever indulgent purchases end up on it?

FYI I use my credit card often for lunch out or booze, and occasionally for large purchases online or IRL. Before I turned nineteen and got the CC, I was in the habit of using debit, which I used in exactly the same way (well except for the booze and the online purchases- what's an internet retailer that accepts payment on debit? I've never encountered one). Since getting a credit card nothing's different. I always have a ballpark estimate of what's in my account, and of the credit purchases I've made since the middle of last month, and so it's never been a problem. It's just a debit card that I pay off once a month.
 
2010-04-25 12:07:25 PM  
get a walmart card. you can load it up at the register and use that to pay bills and Debit Card Transactions. It doesnt link back to your main account at all and if you lose it, just replace it.

If you do have a credit card, I heard not to pay it all off monthly but keep 75% free.. so if you have $1,000 limit keep the balance around $250. pay what every it takes to get back down to that.

That shows responsible credit rather then no credit or just paying it all off.
 
2010-04-25 12:07:33 PM  
There is absolutely no reason to use a debit card for online purchases. Use a credit card, and if you're nervous about paying it off, switch to your online banking web site and cut a check immediately. (If you lack an online check writing service, I can't help you-- you're about a decade behind the curve.) Exercising your credit card and paying it off immediately is a great way to increase your credit rating.

The only time I use a debit card is at a major grocery store, where I can get cash back and save myself a trip to the ATM. You can't get cash back from a credit card without paying an obscene transaction fee.
 
2010-04-25 12:10:02 PM  

The Icelander: CelebrityPharmacist: If you can get a credit card with a sufficient credit limit then there is absolutely no reason to even own a debit card. I don't have one and never will get one, all for the reasons mentioned in the article.

Only if you pay the credit card off every month.


Ric strikes again! OK, Ron Obvious (my fave, from Pythoniana), let's all agree that if you don't have the discipline or common sense to pay off the credit card every month so as not to incur 15% or higher charges, you should probably stick to debit cards. Or cash. Or selling your children as indentured servants.

/Yep, I agree
//yep, yep, yep
 
2010-04-25 12:12:19 PM  
"Often restaurant employees are hired to do the theft when you pay your bill."

Everyone is out to get you! ooooohhh!!! be afraid!!!
www.purecostumes.com
 
2010-04-25 12:13:34 PM  
Ric Romero successfully trolls Fark again.
 
2010-04-25 12:14:07 PM  

CowboyNinjaD: Holy crap, subby isn't just doing the meme. The story is actually by Ric Romero.


I've got to hand it to the guy, though...

1. write something obvious
2. it gets posted to fark
3. gazillion clicks
4. PROFIT
 
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