One benefit that occurs to me is that should anybody else get a hold of
your card, they can't use it without your PIN code. Cards with the
Visa/MC logo can be used without that information, therefore your cash
is less secure.
Personally I use my credit card for virtually every purchase I make, as
it is more convenient to not have to bother with cash. I just pay the
entire balance off each month so as to not have that convenience cost
Yep. I treat CC purchases like checks. I write a transfer from the
checking account into a credit card reserve account, then at the end of the
month clear out the reserve account to pay the bill. Works really well
with the various accounting programs; it was more work before those
If you're gonna be dumb, you better be tough
It would be a benefit if it were true.
Debit cards run as credit cards have all the fraud protections of a
Of course, if the transaction uses a PIN, none of the above applies.
Same here. Not to mention bonus points. <G>
I've heard that studies show that we spends less when using cash. We
budget with Quicken, so we know exactly where we spend, regardless of
how we spend it.
After my sister's accident, the medicals bills (now well over $700,000)
went across the desk of someone who used to specialize in forensic
accounting for a very large construction company.
The hospitals involved either knew this scrutiny was taking place or
they're basically honest. Expensive, but honest. No evidence of 30
dollar boxes of Kleenex.
As usual, basically honest professionals are taking a bad rap for the
as*holes in any business.
Anybody in here who is a builder, or deals with builders, knows that
the bulk of them are pretty straight shooters.
It only takes a couple of bad apples.
WHICH reminds of a story.
A woman from one of the local service clubs was visiting a lawyer
because she noticed in her database of contributors that he never sent
any money even though he was a member.
"Why don't you help us out with a charitable contribution?" she asked.
"Let me tell you," he explained, "my wife is at home in a wheelchair,
my sister is in a very expensive rehab centre, my mother is in one of
the country's most expensive sanatoriums, my father is in very costly
physiotherapy, my 2 sons are in college, my daughter needs help in
keeping her head above water. I don't give them any money, why should I
give you any money?"
Interesting to note the "this is not a bill" statements from Medicare and
other insurances, where the participating provider discounts heavily and
takes the write-off. An unrecognized public cost, surely, that write-off.
I wonder if the MSRP-equivalent cost they state at first is derived between
the ears or buttocks.
Were it not for the auto accidents, our ambulance would be broke. They pay
the full amount on our bills.
My brother-in-law was telling me that the hospital would submit a bill
to the insurance company (maybe via my BIL, I'm not sure) say for
$90,000 and the the insurance would say: "we'll give you $ 60K" and the
hospital would accept that....how can that work? Frequent Flyer Miles?
In two ways: first, I'm still using the same PIN, too, so I didn't have
to memorize a new one. Mostly, though, the benefit I perceive is that
it's not possible for me to accidentally debit a major purchase from my
checking account, instead of charging it on MC like I meant to, simply
by inadvertently pulling the wrong card out of my wallet.
Good point, although my credit union will put any PIN on the card I want.
I know that feeling! <G>
I have a company charge card that allows no personal use. I keep the
three cards in my wallet in different colored Tyvek envelopes. On
occasion, my wife uses my wallet online 'cause I leave it next to the
computer and her purse is elsewhere. Twice she's put the cards back in
the wrong sleeves and I've had the company card out for major purchases
and realized what I was about to do.
Yup, uhuh...suuure...:) *wink, wink, say no more*
The old "purse-is-elsewhere" routine. Check!
*having a chuckle at Barry's expense*
Problem in this house, is that the company cards are somehow bolted
onto my accounts.
Sometimes she lets me use her purse. Most of the time, it matches my
I understand your reluctance about CC's ... although I have two, I rarely
use them and have the same aversion. Like you, and for the better part of my
life, I refused to touch the things, and still do for the most part.
But don't let the Visa on the check/debit card fool you ... keyed to a
checking account and only good up to the balance in the account, it is one
of the handiest things in the current world we live in, bar none, and one
thing I really don't want to EVER be without.
Better/safer than carrying wads of cash or a check book, and you can use it
anywhere you can use a credit card.
Although she doesn't have a checking account, I got a similar debit
(VisaBuxx) card for my youngest daughter when she was in Jr High School.
It's been safer for her than carrying cash in an urban setting, and
convenient for me, as I can transfer money from any one of my accounts on
the phone, or online, _instantly_ (and I mean INSTANTLY, 24/7)... that is
"peace of mind" for a father!
She's been in a shop in England and needed something, called me, and two
minutes later ... the time it took me to go online or call the number ...
the money is on her VisaBuxx card.
While she's away at college it is how I fund her monthly allowance, or any
emergency purchases that need to be made, like books, etc.
And it comes in especially handy when she's traveling overseas as I can make
sure she has available cash 24/7 anywhere in the world there is an ATM or
credit card terminal.
Mine has the same protections as a credit card as far as fraudulent use, and
I've been using it for online purchases, like the Taunton site, for the
better part of ten years.
Got to be one of the best inventions of our time, IMO!
Not only handy, but that is where I get the best exchange rates. The money
changers at the airport are thieves to be avoided. Many places will not
accept Traveler's checks either.
I still use a credit card for car rentals though. They can put a big hold
on your debit card and you lose some of the available funds.
My daughter has been in Tegucigalpa, Honduras for the last three years
(I'm still trying to figure out how to get some hardwoods shipped home).
We deposit money into her checking account here in the states and the
funds are immediately available to her in Honduras via her debit card.
One thing to watch is the fees associated with the debit card's use,
especially overseas. Initially she would was using the card for a
single $.75 purchase and was getting hit for a $3.50 transaction fee.
She has since changed to withdrawing amounts of $50 - $75 cash at a time
to cover small expenses incurred during the week avoided the multiple
We didn't have that problem two years ago with her VisaBuxx card in Europe,
but times change, so it is definitely something to watch for ... thanks for
There is a $2.50 transfer fee (charged to my account) when transferring to
the VisaBuxx card, no matter the amount ... but that is the only charge,
other than the below, that has been associated with the card, with two
different banks, since we first started using it nine years ago.
For me that is cheap for an instant transfer of funds, and the peace of mind
That said, don't overdraw the account (something that is not easy to do, but
can be done), because then they stick you with a $15 charge ... that's
happened twice in nine years and both times it came out of the next transfer
of her allowance, so she has always been REAL careful about it. AAMOF, she
keeps a close eye on it and will call me if it gets lower than $20 ... and
an added attraction is that I also get an instant e-mail alert from the
issuing bank when the account drops below $20.
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