One Cent At A Time

A Personal finance blog for saving money and earning more and thus having a better life

Bank Debit Cards vs. Credit Cards: Does It Matter?

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If you open any wallet, you’ll find that most people have at least one debit card and one credit card. This is how they pay for things, such as groceries, gasoline and personal items. Some people prefer one over the other; and if you’re deciding the best card for your need, you may question whether to stick with a bank debit card or take a chance with a credit card.

Credit Cards, Debit Cards

At the end of the day, there are no wrong or right answers. There are many reasons why some prefer credit whereas others prefer debit. about a year back I posted on same topic, whether to use a credit card or debit card? If you’re on the fence and can’t decide the best approach, it pays to consider the benefits — as well as the disadvantages — of both methods of payment.

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Should I use Credit Card or Debit Card

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One very often discussed topics in personal finance discussion is whether to use a credit card or debit card. Many experts and famous bloggers suggest using debit cards only. Mainly because debit cards can’t put you in debt. You may not be able to buy items that can be bought using a credit card. Here’s what I do in my situation

Credit Cards

We are 30 something, single income family of two. We live in rented apartment, never been in debt, even saving to buy our first house without mortgage. Naturally, we know how to handle credit responsibly. Due to my upbringing in a lower middle class family in India, I know what is essential and what’s luxury, which is quiet different from what average American perception of luxury vs. need is.

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Credit Card or Debit Card

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One very often discussed topics in personal finance discussion is whether to use a credit card or debit card. Here is how I handle my cards.

I have 4 credit cards Chase Freedom, American Express Gold, Citi Bank select platinum and Bank of America American Express platinum, also, I have BOF Visa Debit card. I seldom use debit card, as they do not give cash back or rewards. I did have ‘Auto Pay’ set up on all of credit cards where the entire monthly balance, what they call Total outstanding balance is deducted from my checking account, before they start accruing fees and interests. I do not have to remember to pay off the cards.

The other reason I keep 4 credit cards is I can build up my credit score by using them and paying the dues on time. When I first reached US, banks refused me to have any credit cards due to lack of credit history, I started with BofA secured card. Since then I applied for a new credit card each year. In 2005 I got my first secured card, 2006 got me my Citi card, 2007 I applied and got Chase Freedom. In 2008 I got an offer from BofA to convert secured card to BofA – American express credit card, which I gladly accepted.

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