Finance Discussions

If my credit card company began charging such fees, I'd find a different company.

Be very careful about using debit cards. They do not give you the protections that credit cards do. Once you pay for something with a debit card, the company you paid has YOUR money. When you pay for something with a credit card, the company has the credit card company's money. There's a big difference between the two.

You can easily contest purchases with a credit card but it's MUCH harder with a debit card. And all the time, the company will have your money. Try to maintain a credit card just to get this protection. Good luck!

--Bob

Thanks for the warning. This sounds like a round-about way to get money out of people who want a high credit score.  There's a webite called creditcard .com where you can search for credit cards based on your needs (low rate, rewards, credit status, etc..)

Yikes! Thanks so much for the warning. :O

Bob I've heard that before about Debit cards which is why I only use credit.  I gave that same argument to people who try to tell me to use debit :)  

The only way I'd even consider using Debit cards is if all Credit Card companies started doing these fees.  If it comes down to carrying around Cash or a Debit Card, I think I'd choose the Debit card.

Sounds like a good site!  Thankfully my bank was not included in this report and I would hope they would give me a break as a loyal customer.  But I will keep that in mind in case they ever do start doing this crazy fees thing!

I use my debit card for everything.  I used to have cash in my pocket because I waitressed as a second job, but since kids, I only have one job.  I hated writing checks and the card is so easy, I just have to remember to write the sale in the check register.  I've never had a problem, but maybe I'm just lucky?  I also like that I don't have to show my license to use the card or hand it over the to clerk (who more than once forgot to give it back).  There is no paper trail with the electronic pad at the registers.  That seems like a plus.

I had a Chase Disney Visa for a few years.  I accrued over three hundred dollars in Disney dollars (the reward for purchases) to use when we went on vacation last year.  The beginning of this year('09), the company sent me a notice that they were changing my fixed 9.9% rate to a variable rate + prime.  That sounded way to fishy for me.  I called the company - I was a great customer, never a late payment, payed double the minimum every month - I was sure it was a mistake.  They refused to change me back to my fixed rate.  If I wanted to keep the 9.9%rate on the balance (which now included the vacation) I had to cancel the card.  I was floored.  Well, I cancelled the card and paid off the balance.  My mother, who had the same card, got her notice of rate change about three months after me.  She never even carried a balance.  She'd charge $2,000.00 each month for all her bills, and then pay the balance at the end of the month.  It doesn't get any better than that, and they jacked her rate.  It's all a big scam.  I think all credit card companies are crooked, and the banks are right behind.    I hope I can pull myself out of debt at some point, put my own money away in a bag under my bed and loan myself money when I need it, no interest at all.  I think that's the only way you wil ever get ahead.