- There's a difference between debit cards, debit visa/mastercards and credit cards.
I agree with you on some points. I do own a debit card at another bank but its
rarely used...maybe I used it once in +10 years but only because I had forgotten my primary wallet that has my Debit visa/mastercards.
I'm not sure about any features my debit card may have. Only problem I've had with it in all the years of having that debit card was the mail gal delivered my new debit card (old one expired) to the neighbours mailbox by accident.
Neighbour gave it to me later that night at our barbecue with the neighbour.
Here's the issue...I think you're talking to me as if I'm defending
debit cards after ditching credit cards.
In reality, I'm defending
debit visa/mastercards after ditching credit cards because many many years ago I discover that they have the same rewards, same protections, same insurance and so on. In some cases, they have other advantages that a Credit Card does not have.
In fact,
@SunTrader posted a link that I was going to post later into this conversation but he beat me too it that shows why Debit visa/mastercards have an
advantage over Credit Cards.
https://arsenalcu.com/2019/01/22/run-debit-as-credit/
I've personally experience those advantages because I'm a heavy user of Debit visa/mastercards because I do not have Credit Cards for a very long time (since 1995).
- Once again...you're mistaken. I'm not talking about Debit cards.
Also, I get purchase alerts to my email every time I make a purchase...email usually received within 1 min after the purchase. That's a neat feature I did not have with my Credit Card purchases. Yet, that little difference may be specific to the bank of the Debit visa/mastercard because I don't have that feature with my other bank that I rarely use the Debit visa/mastercard.
Have I ever had a problem with my Debit visa/mastercard ?
Yes, once with my tax accountant in France. He accidentally charged me 3x times...exact same dollar amount within a few minutes of each other. Secretary in his office was new and using his payment terminal the first time that day.
I got the email alerts after I left his office and walking to my car. Here's the cool thing about that email alert...my bank uses algorithms or something. It recognize the triple payments as unusual. I didn't fit my payment history. It held the last two payments in "pending status".
A few minutes later I get a phone call from the bank...it took a few minutes to verify whom I was and then I authorize them to allow only one of the payments to go thru but to "not allow" the other 2 duplicate payments.
I called my tax accountant, he apologized about the error. No problems.
I don't know I could have had that feature with a Credit Card. In fact, when I use to be a Credit Card user...the Mastercard I had did not sent me email purchase alerts for every single purchase and it did not hold suspicious purchases in "pending status" until Mastercard was able to contact me.
Here's the thing...I also have no annual fees on my Debit visa/mastercard. In fact, I've never heard of an annual fee on such at any other bank.
If you want to use a credit card,
that's your choice. Yet, do not tell me I should be using a Credit Card especially when I have had no problems with my credit rating / credit history since I burned my credit cards in
1995 nor have I accumulated any more debt after I paid off those credit cards in
1999 and other personal loans and a business loan that I inherited when I became owner of the business upon the death of my grandparents.
It was a debt they couldn't pay off in 20 years but I paid it off in less than one year. Seriously, I hate debt and I know for fact that
70% (7 out of 10) of the global population are not responsible with their credit cards which is why there's a growing crisis...worst now since the Pandemic.
- In contrast, if you're a new person to Credit and you're trying to build a good credit rating for the very first time...Credit Cards are a good / quick way to do that but its not the only way to get good credit history.
With that said, someone made a comment that one can
not have good credit history if they had no credit cards. That's not true. Read #4
@ https://arsenalcu.com/2019/01/22/run-debit-as-credit/
My bank has the same similar like info too but I'm not going to post a link from my bank (security/privacy reasons)
P.S. Last time I'll repeat the above. You will never be able to convince me to go back to using Credit Cards because I already get better features than the Credit Card with my Debit visa/mastercard.
P.S.S. I get air miles and travel rewards with my Debit visa/mastercard. I also get grocery rewards at two of my favourite grocery stores. My last 3 grocery shopping +150 dollars each...didn't pay a penny because I had accumulated enough rewards over the past year at that particular store.
P.S.S.S. I once purchased a new snowblower for $2500 dollars. It was stolen that night after my kids forgot to close the security gate after a day of snow mobiling with friends. I called my Debit Visa @ 1am in the middle of the night because I knew I had insurance with that purchase. They asked a few questions, I fax them the police report. They reimburse me for the full amount with a check by end of month.
Just in time too, got the 2nd snowblower home the day before one of our many snow storms (we get about 5 blizzards per year). Cleared to snow on my property and then drove to the grandparents home to help them.
Also, I didn't want to use my home insurance policy. The purchase insurance with debit visa was the best option for that situation. Guy in the video is someone I know vai another friend...speaks English pretty good too.
wrbtrader
