#11
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Re: Debit/ credit card question
[ QUOTE ]
[ QUOTE ] Their support is mistaken, as long as your debit card has the visa logo on it it's 100% functionally equivalent to a credit card (if you tell them the number over the phone or type it in over the web there is no way they can even tell the difference). As far as fraud protection, you're still backed by visa on this front, no different. ATM transactions (for example as a grocery store where you hit the debit/atm button and are asked for your pin) are different however - you woul dhave to deal with your bank if you have problems with these (and many places don't accept this type of transaction). [/ QUOTE ] Tagtastic is correct on both fronts here. There is one slight but important difference on the logistics of fraud protection availiable when using your debit card - if your debit card is stolen and you get hit with fraudulent charges, it obviously saps your actual available cash instead of just sapping available credit. As these disputes can take 30-60 days to resolve themselves (but often a lot less, its not always 30-60), you can find yourself unable to pay bills / etc due to the fraudulent charges. Speaking as such, there is a little more security in paying with a credit card rather than a debit card, since sapping your credit line shouldn't affect your ability to pay bills /etc. [/ QUOTE ] That's why I never keep more money than I need in my checking account. I've never had a credit card and don't see why I would ever want one. I use my Visa check card to buy stuff online all the time, even when it says credit cards only. |
#12
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Re: Debit/ credit card question
Rewards are a definite reason to get a credit card. I use mine everywhere I can. Rewards should be at least 1% back, typically in the form of cash or airline tickets, but other products are also available. I get 5% cash back on all gas and groceries I buy, 1% on everything else. It's not huge, but it's something.
EDIT: And from what I hear a good credit score will save you money on a mortgage someday. |
#13
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Re: Debit/ credit card question
Badger can you tell me about this card that you have? I'm interested.
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#14
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Re: Debit/ credit card question
It's a citibank card. Let's see if I can find a link.... 5% cash back card No annual fee.
Emigrant Direct Will give you a flat 1.4% on everything. No fee if you open a savings account with them. It's real easy, once the reward gets to like $100 I go online and click a button that says send me a check. A couple days later I have a check for $100. I have no idea how rates compare. If you're not a spending idiot you shouldn't have a problem avoiding credit card debt, so the rate doesn't matter. Sadly, millions of Americans can't figure this out. |
#15
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Re: Debit/ credit card question
I use American Express Blue Cash and love it.
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#16
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Re: Debit/ credit card question
[ QUOTE ]
I use American Express Blue Cash and love it. [/ QUOTE ] I have an AMEX blue, what is that? |
#17
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Re: Debit/ credit card question
I used to travel a ton. Some hotel chains and rent a car companies will not accept debit cards regardless of whether they have a Visa or Mastercard logo. I argued until I was enraged a few times and never got them to take one. I have plenty of credit so there were other options for me, but in one instance I walked out and went elsewhere.
I was told it had to do with a "damage deposit reserve". Their policy is due to the fact they could reserve say $500 on a car and I could then go and close the account (or withdraw all the funds) and then if they wanted the money because I did hookers and blow and trashed their room/car they'd be screwed. I've never understood why Visa/MC doesn't enforce their logo on this. |
#18
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Re: Debit/ credit card question
I'm curious... is the Emigrant the best cashback card around? I know the Amex Blue Card gives you 1.5% if you spend over 7k a year, but is that realistic? And it's only on the amount after 7k..
On the other hand the Emigrant one requires 10k in there (not a problem now, but they better keep their rates competitive). |
#19
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Re: Debit/ credit card question
I didn't realize Emigrant requires 10k in there. Still, I imagine with the 5% cash back at grocery stores and gas stations it is close to 1.4% overall. Over that for some people. It's simple as it requires no new bank accounts.
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#20
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Re: Debit/ credit card question
Everything you could every want to know about credit cards, including best cashback programs can be found here.
What I have been doing lately is signing up for travel credit cards to get the sign-up milage bonuses (sometimes 20,000 miles or higher) and then canceling after a few months. Wait a several months and you can repeat the process all over again with the same card. Of course, if you are purchasing a home in the near future you might want to avoid doing this as your FICO will take some small, short-term hits... but nothing to major. I, of course, keep my two oldest credit cards active so as to maintain my length of history. The fidelity 1.5% cashback card is very nice if you already have a fidelity account. More info on that card here. |
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