Woodalls Open Roads Forum: General RVing Issues: Debit or Credit Card?
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 > Debit or Credit Card?

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Don & Carolyn

Mnnesota/Arizona

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Posted: 04/16/13 03:07pm Link  |  Print  |  Notify Moderator

Which is better?
I use my Wells Fargo debit card when I fill up with gas or grocery shopping. The pump asks for "debit or credit" and I always choose credit. In grocery stores, I choose "credit". But I am using my Wells Fargo debit card so the money is taken out immediately at the gas pump or grocery store.

I use my Master Card (credit) for things like tours or shopping.

A personal banker at Wells Fargo told me that I should be signing up for the Visa credit card at Wells Fargo and using that credit card and not the debit card. The reason is that I would be getting some 'rewards' by using the Visa card.

That got me to thinking... should I even be using my Wells Fargo debit card for gas and groceries? *PLEASE EDUCATE ME.*

Thanks,
Carolyn

big bird 2

La Crescenta, CA

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Posted: 04/16/13 03:16pm Link  |  Print  |  Notify Moderator

Would love to, but it would take hours and many pages of writing. You need a financial advisor.


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gemsworld

Sunny Southern California

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Posted: 04/16/13 03:24pm Link  |  Print  |  Notify Moderator

Get credit cards with cash back features. I use AmEx and Citi Bank credit cards and charge everything that I can, including vehicle registrations, home, auto, and life insurance, groceries, some utility bills, etc. AmEx pays up to 3% back on some purchases. I get back hundreds of dollars every year. You can also float the bill when making a charge or purchase for over a month if you time it right.





rk911

Wheaton IL

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Posted: 04/16/13 03:25pm Link  |  Print  |  Notify Moderator

personally, I would never use a debit card for a retail transaction. we use our credit card for literally everything excluding only those purchases at retailers who do not accept credit cards. and in those rare occasions we pay cash.

credit cards and debit cards have slightly different rules regarding unauthorized or fraudulent charges due to your card becoming lost or stolen. check here to see those rules.

we pay off our balance every month and there is no annual fee for the card.


'73,
rich, n9dko
Every retired man needs three things....a good truck, a good dog and a working wife
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Fizz

Ottawa, Canada

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Posted: 04/16/13 03:26pm Link  |  Print  |  Notify Moderator

Short version....

Debit is money you have.
Credit is money you borrow.
Most of todays money problems comes from borrowed money.

gemsworld

Sunny Southern California

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Posted: 04/16/13 03:30pm Link  |  Print  |  Notify Moderator

No financial advisor needed. This is a no brainer if you pay off your credit card balances in full when you get the bills. You can't even get 1% return on a CD nowadays. A debit card will only get you a giant sucking sound as your money is taken out of your account the minute you make a purchase.

M GO BLUE

Southgate, MI

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Posted: 04/16/13 03:40pm Link  |  Print  |  Notify Moderator

Always use your debit/credit card as CREDIT...you have more protection when used as a credit card




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shawdowboss

Ames, IA

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Posted: 04/16/13 03:44pm Link  |  Print  |  Notify Moderator

The other is some fuel stations will put a large hold on your debit card until they process the transaction if you do Pay at Pump. This way the know there will be money for THEIR transaction. This can be a headache when travelling and making multiple stops. Most CC transactions don't do large holds at Pay at Pump.

If you are very deligent about paying off a credit card, if it has rewards, then pay everything with a credit card to get the rewards (IE money back). Why not borrow someone elses money for 30 or more days to pay for everything, just remember to pay off what you borrow to not incur interest.


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Gale Hawkins

Murray, KY

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Posted: 04/16/13 03:47pm Link  |  Print  |  Notify Moderator

Don & Carolyn wrote:

Which is better?
I use my Wells Fargo debit card when I fill up with gas or grocery shopping. The pump asks for "debit or credit" and I always choose credit. In grocery stores, I choose "credit". But I am using my Wells Fargo debit card so the money is taken out immediately at the gas pump or grocery store.

I use my Master Card (credit) for things like tours or shopping.

A personal banker at Wells Fargo told me that I should be signing up for the Visa credit card at Wells Fargo and using that credit card and not the debit card. The reason is that I would be getting some 'rewards' by using the Visa card.

That got me to thinking... should I even be using my Wells Fargo debit card for gas and groceries? *PLEASE EDUCATE ME.*

Thanks,
Carolyn


Sure the WF rep states that as they make more money on the backs of the merchants when you do that.

fj12ryder

Platte City, MO

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Posted: 04/16/13 03:47pm Link  |  Print  |  Notify Moderator

I have no desire for a debit card. I can see the advantage if you have some issues with handling money. But if you can manage your money so you don't maintain a balance then a CC is the way to go. I have two: one is strictly for online purchases, and one is strictly for in person charges. Both are paid off online a couple of days before the bill is due. That means I can have a month or so of using both my money and the merchandise I purchased. Plus I get a percentage rebate back, not much, but it adds up to several hundred dollars per year. It all works for me.

Also I would never own a CC that charges you an annual fee for the privilege of owning it. With so many cards out there that don't charge, why would a person pay for one?


Howard and Peggy

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