Monday, December 14, 2009
The one thing I love about this blog is that I can say what ever it is that I want. Well this thing I have been wanting to say is loooong over due!! Ready?? Here it goes.... I HAAAAAATE CREDIT CARDS!!!!!
Whew ok I feel A LOT better.....
Before anyone gets there underoos in a bunch, let me just say this is NOT one of my Dave Ramsey rants AT ALL! I just want to take a moment and shed some light on some of the miseducation people have while using your cards and the reasons behind these excuses for not giving them up.
Disclaimer if you have 20-50K in personal savings and absolutely no consumer debt (including student loans) and you use credit cards, this post is NOT for you ok? I will not get mad at those folks who obviously know how to manage money enough to be able to deal with these issues. But the rest of you let me clear up a couple things about these super great cards you say you have.
#1. Debit cards offer the SAME EXACT PROTECTION as a regular credit card - This by far is the biggest misconception I think I keep seeing about the use of credit cards. If you don't believe me take a look at this...
Unlike a credit card, if your debit card is used fraudulently, the thief robs your checking account. Potentially, all your money is drained out of your checking account. It could take the bank 10 days or more to investigate and refund your money. In the meantime--you could bounce checks to your landlord, credit card company, or mortgage company. I got this off some website...
This is the biggest crock of crap I have EVER head in my life!! Listen here folks, I have been a debt card user since I was old enough to understand a checking account and I have NEVER EVER EVER waited more than 10 days to get money back from my card being lost or stolen. It has actually happen MORE THAN ONCE!! and before you say "oh you have a good bank" I haven't even had the same bank for my whole life so umm try again...... The most I have ever waited for my money to be replenished to my account was a 48 hours IF THAT. The banks have NEVER given me a problem with this and I have always had excellent customer service in dealing with these issues. Better yet when my card gets lost I get to deal with MY BANK which to me is way better than having to call some credit card company. Also the nice thing about my new bank is that the times I have found my card (in my pocket) after reporting it stolen, all I had to do is go in and have it reactivated. I don't even have to wait 2 weeks to get a new one!
But don't listen to me read this for yourself ON VISA'S WEBSITE
What happens if someone steals my Visa Debit card and uses it fraudulently?
If your Visa Debit card is lost or stolen and fraudulent activity occurs, you are protected by Visa's Zero Liability policy.* That means 100 percent protection for you. Whether purchases occur online or off, you pay nothing for fraudulent activity.
There is actually more they have to say on this issue if you keep reading......
#2. You can't keep track of spending - Again I say more BS, I have a debt card checking account spread sheet on my computer which I will be SOOO HAPPY to send to ANYONE who ask me for it to track spending. Its so easy all you have to do is punch in what you spent and how much you had and IT CALCULATES THE REST. So don't give me any crap about using cash you can't keep track and blah blah blah blah blah waaaah waaah, grow up and stop being sooo lazy that you can't even manage your own money!!
#3. These so called rewards suck - Yep I said it, those of you who SAY you are getting over check this out
Capital One® No Hassle CashSM Rewards - Excellent Credit
* 2% cash back on gas and groceries
* 1% cash back on all other purchases
So lets just say I normally spend $300 bucks on groceries if you do the math GUESS how much cash back I just got!!!! 3 bucks!!!!! woooooo im really beating on them credit cards now!!!! But let me get crazy with it and do 2%.....
a whole 6 dollars!!! WAIT LET ME DO ONE MORE! $5,000 with 2% back is .... drum roll please.... 100 smacks!!!! charley murphy!!! Yes if you spend 5,000 in a month (which I KNOW is not all on basic necessities, come here so I can give you a swirly because thats STUPID!! even If I spent this in a year or 6 months it still would make absolutely no sense, and the less I spend guess what, the less CASH BACK I get. No thanks I will pass.
#4. Online shopping can't be done with a debit card - If it has a visa or master card logo on it, its good as gold. I just explained in #1 how as long as your debt card has a logo, it offers the exact same protection and is good ANYWHERE they accept credit even online. I have made plenty purchases online and the world did not come crashing down around me. You can rent a car with a debit card, buy a plane ticket with a debt card and much much more...
The rewards of using a debt card far surpass any reward I could get with a credit card. I can be an adult and track my spending on my own without some credit card company doing it for me in the form of a BILL. I don't worry about APRS, TFD'S AND PBC'S with my debt card (have no idea what those letters stand for) and lastly I have peace opening up my mail box and not having bills fall out of it due to my spending habits. If its in the bank, I spend it and Im done. I DON'T bounce checks or go OVER LIMITS and get late fee's ect... I am a true nerd when it comes to money but Im not a nerd in area's I don't have to be.
I do hope I have shed some light on the misconceptions of debt card and credit card use and why I don't like them. If you want to yell at me go ahead cuz i AINT NEVA SCURD!!!