Debit Card vs. Credit Card?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Debit Card vs. Credit Card?

Postby westonterry » Fri May 04, 2012 1:32 am

I just had an offer to get a debit card but i refused. The main reason is to think about how and what the advantages are in having a debit card?

I am a credit card holder for almost 5 years now and I love what the credit card is giving me. My point in creating this thread is to ask common advantages of debit card over my credit card. Thanks!

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Postby Money card » Sat May 05, 2012 10:58 pm

There's no interest on debit cards. The purchase comes right out of your checking account.

The only use for a debit card is this - let's say you travel on business or vacation. Let's say you have a Bank of America card and you like paying cash for fast food restaurants, you don't want to take $200 or more through the airport. So when you get to your destination a tourist area you can ask somebody at the hotel where there's a Bank of America cash machine and then you can get whatever you need.

When I was in Florida I took my TD Bank debit card, when I had time I stopped off at a Publix and bought a couple of items and asked for cash back.

My debit card is in a different wallet and I would use it only when traveling on vacation.

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Postby jeffysdad » Sun May 06, 2012 10:29 am

IMO there are only two reasons to use a debit card:

1. You're someone who spends beyond your means with credit cards and a debit card would enforce more responsibility.
2. You patronize businesses that offer a "discount for cash/debit" and you don't usually carry enough cash to pay.

Beyond that, a no-fee credit card with at least a 20-day grace period whose statement balance you pay in full every month by the due date is superior to a debit card in every way, especially if the credit card pays rewards/cashback.

I won't even carry a debit card linked to a checking account that has any "real" money in it. My main checking account is with Chase and fortunately they are still one of the banks that will issue you an ATM card instead of a debit card if you ask them. I have a Fidelity money market account in which I keep a small balance. It has a debit card that I leave at home unless I know I'm going somewhere as described in No. 2 above.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby Celestine » Sun May 06, 2012 10:50 am

westonterry wrote:I just had an offer to get a debit card but i refused. The main reason is to think about how and what the advantages are in having a debit card?

I am a credit card holder for almost 5 years now and I love what the credit card is giving me. My point in creating this thread is to ask common advantages of debit card over my credit card. Thanks!

Just my two cents...

The only reason not to use a debit card is that debit cards are directly linked into the checking account. If ever someone steals a debit card, the debit card holder is left with no money to spend on other things-pay bills, food, etc. But when a credit card gets stolen, the credit card holder still have his/her checking account to withdraw money from while his/her credit card is being "fixed".

And the only reason to use a debit card is to withdraw money from ATMs to use on establishments that does "Cash Only" transactions or transactions less than $10.00 or $5.00.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

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Postby DavidNY » Sun May 06, 2012 12:16 pm

One reason to use a debit card is to avoid fees on checking accounts.

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Postby bmw1990Z » Sun May 06, 2012 2:46 pm

In my opinion....
debit cards are great to have as well as credit cards. Yes, having either works great but having both is better. A lot of merchants, especially boutique shops don't always accept your card and therefore its nice to have a debit card to get cash out. Also, I like the fact that it comes directly from my account instead of on a bill each month, even though I can make payments as often as I like on my credit card...
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-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

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Postby brigitte-grisanti » Tue May 29, 2012 10:54 am

Hi! Debit cards are ok, but you need to find out how well they protect you. My bank can take up to 30 days to refund fraud transactions. Credit cards have a faster process time and will investigate it swiftly and warn you of any fraudulent transactions.

Brigitte Grisanti

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Postby danpass » Tue May 29, 2012 7:33 pm

No advantage to debit cards.

Take just a gasoline transaction for example. It'll freeze $100 on the account until the actual amount processes thru.

With my Amex green I just buy, return, keep, get groceries, buy gas a few times but I never worry about some random hold. Let Amex worry.

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Postby FutureBillionaire » Tue May 29, 2012 7:54 pm

I have a debit card so I can get cash from the atm. It is the world mastercard debit card and it is black. It looks kind of cool. I haven't swiped it in 2 years. All credit, all the time. I get to pay my bills when I want to since I can change the due date of my credit cards.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

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Postby socialmedic » Thu Jun 07, 2012 12:59 am

I use debit cards for cash when I am traveling in Europe, from what I can tell the exchange rate is the best and the ATM fees are not terrible.

However I tried only using them when I traveled to Europe and my main bank cancelled the debit cards due to inactivity. When I tried to reinstate them for the last trip for my two accounts the business account card they gave me could only be used as a credit card, and could not access my account. That totally defeated the purpose of having a back up debit card in case of loss or theft of the other one.

I now have to open another account at a different bank if I want that added protection. I have to be careful there too. I opened an account with a bank that has a free exchange with certain French banks. When I held that one for travel only they began charging me monthly fees due to lack of activity. Consequently they lost my business.

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