Beware the gas pump—Updated post #8

[Mirvin 264]

Still seems like risk with no reward.

I can understand an aversion to credit cards for people who aren’t good at keep track of their spending, but if you are moving money in and out of accounts, you are already doing all the work.

I too keep very little money in the account my debit card is linked too. Have a second account for paying bills from that also has the bare minimum, and a third account with zero balance strictly for deposits (checks, PayPal, Venmo, payroll, etc).

My goal is to shield our actual money from any and all outside risks.

The account we actually keep money in has no debit card, atm card, checks, deposits, etc. All money in and out of that account is strictly made from an internal bank transfer. It took me forever to save up 74 dollars and dang it, I aim to protect it.

I haven't had a credit card in at least 3 years and it's an awesome feeling. Don't need it if I cant pay for it.

 

[torinodan]

Thanks to covid and two years of lost pay my CC's went to collections so I don't have any more of those. Just debit and cash.

 

[lostchild]

Never even considered a debit card, too much trouble keeping up with account balances.
And too many horror stories of fraud or overdraft occurrences.
I used to be an all cash kinda guy, then covid sorta took that off the table. Nobody wanted to handle it.
Now, it’s all cc. Very liberating, no keeping up with nasty cash or pockets full of loose change. One statement monthly, list of all purchases, one payment and done.
Still seems funny putting a $1.00 item on one, but as long as it works…

 

[Kahrnut]

Never even considered a debit card, too much trouble keeping up with account balances.
And too many horror stories of fraud or overdraft occurrences.
I used to be an all cash kinda guy, then covid sorta took that off the table. Nobody wanted to handle it.
Now, it’s all cc. Very liberating, no keeping up with nasty cash or pockets full of loose change. One statement monthly, list of all purchases, one payment and done.
Still seems funny putting a $1.00 item on one, but as long as it works…

 

[NWSharpshooter]

I haven't had a credit card in at least 3 years and it's an awesome feeling. Don't need it if I cant pay for it.

Congrats. Debt free is a great feeling.

Credit cards are only debt if you let them be. I haven’t paid a penny in interest years because I don’t carry a balance.

I don’t spend anymore with a credit card than I would with a debit card or cash.

 

[Mirvin 264]

Congrats. Debt free is a great feeling.

Credit cards are only debt if you let them be. I haven’t paid a penny in interest years because I don’t carry a balance.

I don’t spend anymore with a credit card than I would with a debit card or cash.

I wasn't that wise when I had acess to any unsecured debt, so when I got the chance to get it all paid off I did it (no bankruptcy involved either). I still have mortgage and auto loans just no unsecured lines of credit. If the good Lord lets me live about 4 more years we will be debt free, can't wait to see how that's gonna feel!

 

[Talos]

Congrats. Debt free is a great feeling.

Credit cards are only debt if you let them be. I haven’t paid a penny in interest years because I don’t carry a balance.

I don’t spend anymore with a credit card than I would with a debit card or cash.

This! Credit cards are incredibly easy and convenient and safer than debit cards. Some people just can't handle their funds or refuse to change.

 

[Fatal_Bert]

I used to be hard core against credit cards and used my debit card exclusively. Then it dawned on me how stupid that is, you're putting your own money at risk every time you swipe that thing. Not to mention you don't get any Cashback rewards, but your still getting hit with hidden processing fees.

Do yourself a favor and cut that thing up immediately and get a CC that gives you atleast 1.5% back on all purchases. Quit risking your own money!

 

[NWSharpshooter]

I wasn't that wise when I had acess to any unsecured debt, so when I got the chance to get it all paid off I did it (no bankruptcy involved either). I still have mortgage and auto loans just no unsecured lines of credit. If the good Lord lets me live about 4 more years we will be debt free, can't wait to see how that's gonna feel!

Debt is a funny thing.

Properly and responsibly leveraged debt is one of the best wealth building tools around, plus it is one of the best hedges against inflation.

Improperly and irresponsibly utilized debt is one of worst and fastest wealth, family, and life destroying tools around.

Rarely if ever is credit card debt considered a responsible utilization of debt. Vehicle debt is more often than not a poor use of debt as well, however there are times when lenders offer rates so low that it makes sense to utilize on a reasonable vehicle purchase.


Wealthy people utilize debt to buy assets and build wealth.

Poor people utilize debt to buy liabilities and destroy wealth, or more truthfully speaking, transfer wealth to those who properly utilized debt.

 

[NWSharpshooter]

I used to be hard core against credit cards and used my debit card exclusively. Then it dawned on me how stupid that is, you're putting your own money at risk every time you swipe that thing. Not to mention you don't get any Cashback rewards, but your still getting hit with hidden processing fees.

Do yourself a favor and cut that thing up immediately and get a CC that gives you atleast 1.5% back on all purchases. Quit risking your own money!

I have a family member who has good credit, little to no debt, and refuses to stop using his debit card even after having his checking account cleaned out more than once.

One time he was on a missions trip in eastern Europe and the travel agent he used wiped out his checking account. My wife and I had to support his spouse back home until he returned to the states and he had to borrow money from others on the trip. Once home, it took almost two weeks to get things cleared up, and he had a pile of late fees and overdraft fees on top of everything else that I don’t believe he ever got back.

Still to this day he refuses to stop using his debit card.

Stubborn to the core for no reason.


I don’t get it.