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Credit Card over Debit an Unconventional Way to Protect Your Cash
THEAMERICANWRITER - Jan. 31, 2013 | 7:21 CST
USA - I read an article on Yahoo about credit card checkout fees that will apply to certain States within the USA. Now I'm in a State where the fees won't apply and will be illegal if retailers try to apply it. But what I want to point out is, I went to read the comments and there were people on there who'd make statements like (and I quote), "If you can't pay for it with cash, you don't need it." And another would say something like, "Don't use credit plan and simple, either use cash or debit, and if you don't have the money then you don't need it."
Why I Choose Credit Cards Over a Debit Card
Here is my response to that, that I figured I'd make into a hub since it is quite lengthy. People who make such comments have a one-track mind. Not everyone who uses a credit card has it because they don't have cash or a debit. As a matter of fact, you can't get a credit card unless you have some sort of income. So to you who think like this, allow me to offer you a perspective you're clearly choosing to not see. I was like you and was proud of it that I was a cash buyer and had debit cards in the past that I'd use because debit cards are as good as cash being that the money extracted from them come directly out of the bank account it's attached to. Most of the time I'd withdraw the money by going to my bank teller instead and filling out the withdrawal slip, instead of using my debit card at an ATM or at the cash register to get cash back.
Not too long ago, I had a debit card with a particular bank and that card number was lifted by some bimbo somewhere who ended up taking my hard-earned money directly out of my bank account. As high as I am on security, this unknown joker still found a way to get my debit card number. A card I had but didn't use because I too was a cash paying type of person. A debit card just came with the account.
OCD with Cash Didn't Stop a Card Number Thief
So I had to deal with going through the process of getting that squared away. I decided to ditch the card with that bank and my other bank account with a different bank (just to be on the safe side), change banks and only have a savings account. After all, I was convinced it was an inside job considering I hadn't used that particular card. I'm OCD with my cards especially if it's attached directly to my bank account. So it was shocking to me that it was lifted. It had to have been an inside job. So yes, I changed banks and filed a complaint with the BBB as well as the Department of Banking in the same State I live and bank.
Strategic Way to Protect My Cash with a Credit Card
And now for all purchases, I decided to use a credit card. So if some unknown bimbo decides to lift a card number it won't be directly connected to my bank account. So while you people may be debit/cash buyers, if you have a debit directly connected to your hard-earned cash you're more likely to have to deal with the hassle of recovering your money if/when you get hit by a card thief (whether by someone at your bank or some person who lifted your number at an ATM machine, store swiper or other. Even if your bank offers protections and insures you up to x amount like for me, that's money you won't have immediate access to especially if you become a victim after business hours. So all that money will be tied up until you speak with a banker to file the necessary paperwork to get the investigation started and some sort of "credit" made to your account.
So my advice is to get yourself a credit card (no debit and no prepaids either) that is no where near connected to your bank account that has your lovely cash in it and that is no where near giving thieves easy access to your cash (like prepaids and regular debit cards) -- if you care anything at all about your money you've worked for.
Embrace a Credit Card If You Can Get One
I use my credit card for everything and pay it off with the cash I have in the bank a lot of times before my bill is due. Make a purchase using the credit card, then make a payment to pay it off right after.
There's no limit to how many times I can send in a payment in a month on my credit card so it works out very well. And using my credit card for everything protects my bank money because I have no card connecting directly to the money I have in the bank.
So you go right on ahead and continue rejecting credit card usage. Sometimes you have to get creative, strategic and smart to protect your cash in the bank and this is one way how I've gone about doing it: credit cards using them in a way that is different than the average user. You don't have to own fifty billion credit cards. One should be sufficient. It's all about protecting my cash in the bank that I work several hours to make.