On Mon, 5 Aug 2013 16:18:02 -0700, Lew Hodgett wrote:
I use the debit card for every day small purchases.
Credit card gets used for higher cost durable goods.
Just my preference to do this.
So far this year the checking account with the debit card has had no fees
charged to it, in fact it pays a small amount of interest.
If your bank is charging you fees you should shitcan them.
In 2013, CC has charged a total of $2.34 interest and fees.
Debit or CC you still have to report it if you lose the card.
I suppose you could ignore it and see what happens.
I think it is immaterial what you use to pay your bills. Whatever you
use, you must do it responsibility using sound economic practices. You
follow your budget. Unlike the government, you don't spend what you do
not have regardless of how much you feel you need the item.
Just as you would not leave a $100 bill on the counter in the store
where you are shopping you do not leave a credit or debit card.
I have used credit cards since the 1970 and have had no major problems.
They are paid off timely, balances are paid of when billed, or as
quickly as possible.
Personally I use a credit card, as it isolates the the company where the
purchases are made from my accounts. Living in the current climate of
crime it frees me from carrying large amounts of cash. It also gives me
cushion for unplanned expenses, as most responsible companies take
credit cards today.
I review all purchase made using the credit card on a weekly basis, and
if there appears to be a problem immediately contact the card company.
I currently use a Discover card for everything that I can use it for. I
have had it for 26 months and Discover has PAID ME $1300.00 to use it.
Prior to that Citibank paid me an average of $50 a month to use their
card for about 4 years. Before that a GM card that knocked off an
additional $6500.00 on vehicle purchases after I made my deal.
I pay these cards off monthly and have not paid interest or fees on a CC
since 1983 and that was a one month mistake.
No, but it is all relative, for me reward points contributes a thousand
dollars a year or so to my bottom line(thankyou Visa).
I still perfer to deal in cash when possible, I live frugally except for
a few areas, and those things I do spend a lot on are usually cash.
This is a problem sometimes, buying cars and such with cash draws unwanted
attention as it is considered not playing by the rules.
I even once had a Ford dealer refuse a cash deal, strange world we live
The argument can be made for running every penny through
a credit card and taking every reward possible. I'm not comfortable
doing it. YMMV
Now I am really confused. You earn $1000 per year from charges but a
majority of your spending is done so with cash, you are still charging a
load each year considering that you prefer to pay cash.
I assume you define cash as strictly government issued currency, not a
check. Car dealerships and for that matter any business that receives
cash payments, government currency, in excess of $10,000 are required to
report that transaction to the government. This is a burden for the
business to provide extra documentation. Regardless your purchase of an
automobile is documented with the state government no matter how you pay
Your post got me thinking about how and why I spend with what,
I'll admit that some of the division is just force of habit.
It has a lot to do with who I'm paying.
Even though I prefer to use cash some years it isn't
predominate method, just depends on what I am up to
and how much is on hand.
household, small items, groceries-currency or debit
online or large items from large businesses- credit card
independent contractors or small businesses- currency always
Should I decide I want a car,
truck, or a sawstop I save the money for that
purpose and when I have enough I make the purchase,
depends on where the purchase is made how it's paid for.
I write very few checks 2-3 a month.
I used to, but no more. Too many stories of stolen numbers so I limit
exposure. Anything under $100 now is cash, all internet purchases are
credit cart, not debit. My debit card offers protection, but it may
take a few days to resolve, meantime the checking balance is potentially
gone until resolved.
On Tue, 06 Aug 2013 15:27:07 -0400, Ed Pawlowski wrote:
I keep two checking accounts, I keep the balance down on the one
associated with the debit card. Limits the amount of damage anyone could
do, plus it doesn't have an allowance for overdraft.
I use the CC for online and a couple of times a year report it lost to
generate a new number. I also keep the credit limit low on it, even though
be responsible for unauthorized charges.
Be sure to tape all that private information to your desk, or save it in an
easily found location on your hard drive. I bought a desk a couple of
months ago and found the lady's username and password for things like her
credit union, PayPal, plus presumably her husband's name and driver's
I was tempted to see if some of it still worked, but just got rid of the
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