Switching from Debit to Credit?

For just about anything you want to get off your chest about credit cards.
20 posts
ashleyAMX
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Postby ashleyAMX » Thu Feb 03, 2011 6:23 am

Credit definitely gives you enough rope to hang yourself with. But I'm really serious about my finances and thus far its working well. it will automatically deduct from my savings on the due date. I have daily limit notifications texted to me that way I know where my balance stands.

It would probably be better if I had cashback, but right now I just receive member rewards points. The downside I've seen so far is that it tempts me to spend unnecessarily. But, then I realize that's counterintuitive and I should earn points from what I have to spend. Not to spend to earn points.


cashnocredit
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Postby cashnocredit » Thu Feb 03, 2011 2:06 pm

bubblebusteconomy wrote:It's the other way around sweetheart. You need to be switching from credit to debit. Credit cards will lead you down a miserable road my friend.


Credit can be abused. however, using debit cards exclusively can make life hard. I know since it's what I did. I switched to a debit card for convenience. No monthly bills no worry about bumping over a credit limit. Just daily limits (10k) which was good enough for most things.. That was fine and dandy til I started having increasingly difficult times renting cars and hotel rooms. And then there was increasing car insurance rates. Since I didn't need or use credit and hadn't in a decade, no need to check credit reports - right? So I got tired of this the last time I flew to the East Coast and started researching credit. Found out about secured cards, and the details of credit reporting. Pulled my CR and had some baddies. Most were from utilities I hadn't turned off when I moved 6 years ago..

On the positive side, I didn't have a FICO score, had no active lines, had only one line closed within the last 10 years, and had some CAs. Ta da! I didn't have to worry about ID theft!


OK, I fixed that with a couple of secured cards (now unsecured).. I use credit but never carry a balance. The only downside: I do track my CRA info as ID theft could cost me a lot.

jeffysdad
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Postby jeffysdad » Thu Feb 03, 2011 2:36 pm

Why is bubblebust wasting his time with us deadbeats when he could be petitioning Congress to return to the gold standard?
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 (Amazon.com, 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.

VApennypincher
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Postby VApennypincher » Sun Feb 06, 2011 1:56 am

What if I want to switch from debit to credit but do not have a enough spending power? The card i have comes with a $700 limit and I was denied for a second card. I spend slightly more than that each month and my credit card that i have wouldn't work unless I was making payments middle of the month. Can I do that?

ashleyAMX
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Postby ashleyAMX » Sun Feb 06, 2011 11:57 am

In my opinion, I think theres nothing with paying in the twice a month. At least it wont force you to over leverage yourself. Do it until you get your credit up. Also, watch for your bill close date because you don't want the cycle to report when your nearly maxed out.

websteth
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Postby websteth » Sun Feb 06, 2011 12:31 pm

VApennypincher wrote:What if I want to switch from debit to credit but do not have a enough spending power? The card i have comes with a $700 limit and I was denied for a second card. I spend slightly more than that each month and my credit card that i have wouldn't work unless I was making payments middle of the month. Can I do that?

You can pay more than once a month if you want. I have done this on occasion if I know I have set money aside for a certain expense. Example, I had the cash to buy a laptop but, I wanted to use my AMEX Gold to buy it to get the extended warranty. I just charged it and made a payment to AMEX for the amount of the charge. Most card companies like it when you pay early. After some time, you can always request a credit increase and that should help with your problems.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

VApennypincher
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Postby VApennypincher » Tue Feb 08, 2011 1:54 pm

I have never heard of paying in advance but it seems like a good work around to my problem. Thanks I will try that.

bubblebusteconomy
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Postby bubblebusteconomy » Sun Feb 13, 2011 4:43 am

jeffysdad wrote:Why is bubblebust wasting his time with us deadbeats when he could be petitioning Congress to return to the gold standard?


If you took a moment to turn off American Idol and watch the news you would come to find that Ron Paul won the CPAC straw poll. A return to the Gold Standard will happen soon. That is if the election rigging is stopped to pave the way for a Ron Paul win. American is thirsty for change but the elitists will keep us in the trap and there cronny Nobama in office.
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jeffysdad
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LIke I said...

Postby jeffysdad » Sun Feb 13, 2011 7:15 am

Bubblebust should be fighting to get America back before the liberal so******ts elect Adam Lambert president. I don't even think he has a birth certificate either. Better can some peaches and buy some ammo. Heavens!
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 (Amazon.com, 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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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Feb 15, 2011 11:26 pm

jeffysdad wrote:Bubblebust should be fighting to get America back before the liberal so******ts elect Adam Lambert president. I don't even think he has a birth certificate either. Better can some peaches and buy some ammo. Heavens!


HA!

I responded to his post in the personal loans thread a minute ago.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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