Mind=blown at people who still use a debit card on a regular basis

[0p3rator]

I think many people don't realize that if you have a no annual fee card, and you pay the full balance every month, it costs you absolutely nothing to use a credit card. The credit card company makes money by charging the vendor to process your payment.

If you don't pay the full balance every month, they will fcuk you in the ass.

absolutely fckin' this ^

The real money is in the merchant agreements since 99.9999999% of merchants:

1. accept credit cards

and

2. all build the fee the CC companies charge into the price of everything

You get a crazy amount of CC offers in the mail not because they want you to run it up and not be able to pay it off (that money can be lost if you file BK), but because the more say, Visa cards there are in circulation, the more they make on the merchant fees.

And when have you ever gone into a place except a mom and pop gas station and saw a price for cash and a price for credit? You don't.

[chiefnz]

Just checked mine, got charged 73 bucks interest three days ago, even though i had the money to pay it.

I feel sick at the wastefulness.

[silkysmoothe]

didnt read through the entire thread, but I agree. Also, bank of america has started doing some rewards program for debit card users. I always get emails from them about if I buy something at a certain place I get some percentage back. I think its a new place every week/month. not too sure. I only use credit because of my amex rewards

[arn710]

Another question, then. Is it safe to apply for a secured card to help build credit? I found out I don't even have a credit history so I'm wanting to build it ASAP.. the only problem is the card has an annual fee and a bad APR.

Edit: Forgot to mention that you have to deposit a minimum cash amount to start the card.

Apply for a Chase Freedom card. I bet they will accept you

i got a capital one card that i use for everything. My credit score is very good too. Should i get another card? discover maybe

What kind of rewards are you looking for?

[gabe2gg]

can anyone recommend a good credit card for college students with no credit?

[Merauder]

You're all getting played by banks for a % on small change

[Driftslut]

the most important reason imo, is fraud prevention

if a thief gets ahold of your debit account, he can drain the account

*bzzzzt* Wrong.

I can't say if all banks do this, but the one I am currently with, you can have a spending limit placed on debit cards/check accounts in order to...oh what is it again? Oh yeah! In order to prevent someone from clearing it out, for that exact reason.

(However, there is no denying that credit cards have superior protection against unauthorized charges (under federal law).)

[neXen]

Because even the most responsible people **** up eventually. They offer you credit for a reason, banks aren't stupid. Most people plan to be fiscally responsible with a CC, and last I looked like half this population is in debt.

my dad is an auditor and even he messed up a payment or two.

Debit plays it safe, its basically cash. downside is no credit rating lols.

what the hell kind of reason is that?

if you are a responsible adult paying a credit card in prior to the due date is not hard

rewards> one or two fees over the course of ~15 yrs +

and the reason people are in debt is because they spend money they dont have, this is not the companies fault

[eljobber]

can anyone recommend a good credit card for college students with no credit?

You want a card that charges no annual fee. In your case, you may want to get a secured card. Check this link out.

http://www.bankrate.com/finance/cred...it-card-1.aspx

I think this is good because it won't allow you to overspend, and you can build credit. Do you have any bills you pay i.e cell phones?

what the hell kind of reason is that?

if you are a responsible adult paying a credit card in prior to the due date is not hard

rewards> one or two fees over the course of ~15 yrs +

and the reason people are in debt is because they spend money they dont have, this is not the companies fault

This. I pay ZERO fees for my credit card, and my rewards are excellent.

[sharpshooterz98]

You're all getting played by banks for a % on small change

Explain...

[natypes]

few miscers = all of america?

lol he doesn't realize we have 11 states bigger than the UK.

[Vayne]

How does everyone check their credit score?

[eljobber]

How does everyone check their credit score?

annualcreditreport.com

[Vayne]

annualcreditreport.com

So you have to pay to see the score?

[SirChubalots]

nothing is free. small business get hit hard by credit card surcharges

[eljobber]

So you have to pay to see the score?

It is my understanding it is free. I use Costco identity guard and can monitor my credit score there.

[Maiar]

credit cards are a scam

[mukky]

Da fuq? Why would you use a debit card when it pays to use a credit card for every purchase?

Credit card pros-

Rewards programs. You can make the normal purchases you make while reaping the benefits of the card reward program. I pay my bill off IN full every month. I even pay my rent with my credit card.

Consumer protection: If there is a fraudulent charge, you are federally protected against that charge. You do not get that protection if somebody uses your debit card. If you dispute a charge, you automatically get refunded, and the bank makes the seller prove they sent you a item in good condition. Some banks will cover you on debit card purchases, but all banks are required by federal law to protect consumer rights.

As long as you have fiscal discipline and pay your bill in full every month, you are golden. Debit cards are good in case of an emergency.

urine idiot OP.

Not on the idea of using CC for rewards, because I do to, but because of the fact that you think debit cards aren't federally protected. FYI, they are

[ChillBot]

brb interest / debt

[KRANE]

Da fuq? Why would you use a debit card when it pays to use a credit card for every purchase?

Credit card pros-

Rewards programs. You can make the normal purchases you make while reaping the benefits of the card reward program. I pay my bill off IN full every month. I even pay my rent with my credit card.

Consumer protection: If there is a fraudulent charge, you are federally protected against that charge. You do not get that protection if somebody uses your debit card. If you dispute a charge, you automatically get refunded, and the bank makes the seller prove they sent you a item in good condition. Some banks will cover you on debit card purchases, but all banks are required by federal law to protect consumer rights.

As long as you have fiscal discipline and pay your bill in full every month, you are golden. Debit cards are good in case of an emergency.

Did you not answer you own question?

[eljobber]

urine idiot OP.

Not on the idea of using CC for rewards, because I do to, but because of the fact that you think debit cards aren't federally protected. FYI, they are

http://www.usa.gov/topics/money/banking/atm-debit.shtml

When you use a debit card, federal law also does not give you the right to stop payment. You must resolve the problem with the seller.

Please kill yourself.

[mukky]

*bzzzzt* Wrong.

I can't say if all banks do this, but the one I am currently with, you can have a spending limit placed on debit cards/check accounts in order to...oh what is it again? Oh yeah! In order to prevent someone from clearing it out, for that exact reason.

(However, there is no denying that credit cards have superior protection against unauthorized charges (under federal law).)

yes there is denying that

debit cards are protected under federal law just as credit cards are

[mukky]

http://www.usa.gov/topics/money/banking/atm-debit.shtml

"If you report a debit card missing before it is used, you are not responsible for any unauthorized withdrawals.

Your liability is limited to $50 if you report the loss within two business days after you realize your debit card is missing and to $500 if you report the loss after two but before 60 days."

So if you report it stolen within two days, you can legally only be held responsible for 50 bucks, same as CC

[Nomadmiscer]

I am jelly. Im 27 now. Destroyed my credit when I was younger. The past ten months Ive been working on it. I have no debt and paid off everything old on my credit report. Now the waiting game. I got a secured credit card and pay that every month. Ive gone from a 450 to a 571 score. Hopefully in the next year I can start getting some of these rewards and free money.

[kingkarlkennedy]

don't you have to pay extra for reports?

[blessthefall]

i don't like to spend more than i have

this. people tend not to buy things if they only have $20 in their wallet and they want a $50 item

[KRANE]

don't you have to pay extra for reports?

One free per agency per year. Last time I checked.

[CurrenSy]

i have a score of 705 last i saw.

i saw in another credit card thread on the misc that a few ppl had notes that the best way to build your credit rating isn't to pay off your balance every month, but to keep your balance below 40% of your credit limit, while making payments higher than the minimum payment every month.

is there any merit to this?

btw, what score are these american express and chase freedom cards looking for? i currently have a discover student card with 750 credit limit.

[Bseic]

I'm a student and don't make enough money per year to qualify for any CC.

[KRANE]

I'm a student and don't make enough money per year to qualify for any CC.

Incorrect. Like many have said, secured.

i have a score of 705 last i saw.

i saw in another credit card thread on the misc that a few ppl had notes that the best way to build your credit rating isn't to pay off your balance every month, but to keep your balance below 40% of your credit limit, while making payments higher than the minimum payment every month.

is there any merit to this?

btw, what score are these american express and chase freedom cards looking for? i currently have a discover student card with 750 credit limit.

Actually, 720 is a good score. But they can vary depending of credit rating institution.