Secrets of Success

Debit Vs Credit Card

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MEMBERS SPARKED

If given a choice by your credit union (avoid for-profit-banks, go with credit unions), choose a fee free credit card over a debit card. Debit cards draw directly from your money, and if pilfered can wipe you out; whereas, credit cards you are usually limited to a $50 loss if reported right away.

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Credit cards also cover you in case you have a dispute...We were able to avoid a several thousand dollar loss on a trip when the cruise line went bankrupt right after 9/11. Had we paid by debit card, it would have been our loss. Thanks, American Express !

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Member Comments

  • Most debit cards are now Visa or MasterCard and carry the same protection as a credit card for fraudulent use. Verify at www.visa.com Terms and Conditions. When you use credit cards, be aware that most people spend more money when it's credit than when it's debit. Check out www.daveramsey.com - by BONSAU100
  • When it comes to Debit VS Credit! When you use a Debit Card it is your money from checking/savings. When you use Credit you are spending money you don't have or don't have yet. You are spending before you have earned or received the money. Just food for thought! emoticon - by ARAPP31
  • FISHKNEES
    I did not know this before...Thanks emoticon - by FISHKNEES

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