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Poll
Question: What's better?
Credit Card. - 1 (9.1%)
Debit Card. - 4 (36.4%)
Neither - they both have advantages - 5 (45.5%)
I'm what they call an "ignoramus". - 1 (9.1%)
Total Voters: 10

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Author Topic: Credit vs Debit  (Read 1287 times)
AL1874
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Credit vs Debit « Reply #30 on: January 31, 2008, 08:20:55 AM »
You had better not let Karin hear you saying that she might get the wrong impression Smile
[ Last edit by AL1874 January 31, 2008, 08:21:17 AM ] Logged
measdale
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Credit vs Debit « Reply #31 on: January 31, 2008, 10:39:23 AM »
Quote from: Mark on January 30, 2008, 11:24:30 PM
I just don't understand why people who have high incomes use them when at least with a debit card you don't have to remember repayments Think

(I only have a middling income, but ...)

  • You get an average of six weeks interest free on CC payments, which means six weeks free extra interest on your cash.
  • There are CCs out there with cashback or other rewards (eg. Tesco, airmiles), which means they directly save you money.
  • CCs are accepted in far more places worldwide than debit cards, so they're more flexible [though I use cash for short (less than four week) trips].
  • If you need emergency money (eg. to buy a new car, major house repairs, etc.) then it's an instant way to pay for a multi-thousand pound bill. You can sort out a loan to cover it, if necessary, in the following weeks.
  • Most allow you to set up automatic payments of the complete balance so there's little risk (it's almost twenty years since I last didn't pay off my CC balances).
  • They give better purchase insurance than debit cards.
... so I use credit cards whenever I can.

The big downside of CCs is that they push up the cost of everything, since retailers have to pay a hefty percentage of the transaction to the card company and they sign agreements which limit how much they can claim back.
ie. a massive amount of the UK's annual spend goes straight to the banks and credit card companies.
[ Last edit by measdale January 31, 2008, 10:40:53 AM ] Logged
Bevc
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Credit vs Debit « Reply #32 on: January 31, 2008, 10:40:39 AM »
Quote from: AL1874 on January 31, 2008, 08:20:55 AM

You had better not let Karin hear you saying that she might get the wrong impression Smile


And who's Karin? blink
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Mark
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Credit vs Debit « Reply #33 on: January 31, 2008, 10:49:18 AM »
When you talk about using it abroad, is there a difference of usability with me ordering something from an American website and me going into an American shop and buying it? Because I've never had problems ordering things from other countries online with my debit card.
[ Last edit by Mark January 31, 2008, 10:49:40 AM ] Logged
AL1874
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Credit vs Debit « Reply #34 on: January 31, 2008, 10:57:19 AM »
Quote from: Bevc on January 31, 2008, 10:40:39 AM

And who's Karin? blink


A German Frau who gives me unfettered access to her bits Hug and a kiss

On the point of Credit / Debit cards.

A lot of german Hotels / Shops do not accept Credit cards because of the additional charges they have to pay.

Debt cards are usually fine but it is better if they have an “EC electronic Cash” branding.
[ Last edit by AL1874 January 31, 2008, 11:02:45 AM ] Logged
measdale
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Credit vs Debit « Reply #35 on: January 31, 2008, 11:01:05 AM »
Quote from: Mark on January 31, 2008, 10:49:18 AM
When you talk about using it abroad, is there a difference of usability with me ordering something from an American website and me going into an American shop and buying it? Because I've never had problems ordering things from other countries online with my debit card.

I wasn't thinking about the US, but in much of Asia, sub-Saharan Africa and S.America most outlets barely accept visa and mastercard, never mind their evil twins electron and maestro.

I'd have thought most outlets in the US accept either.
[ Last edit by measdale January 31, 2008, 11:02:06 AM ] Logged
Mark
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Re: Credit vs Debit « Reply #36 on: January 31, 2008, 11:21:58 AM »
Fair enough although I would assume that flexibility would only be beneficial to the vast minority of users.
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nkp2
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Re: Credit vs Debit « Reply #37 on: January 31, 2008, 11:31:58 AM »
Quote from: Mark on January 30, 2008, 11:24:30 PM

Oh I see.

I just don't understand why people who have high incomes use them when at least with a debit card you don't have to remember repayments Think


Because people have alot of thing to pay for.... i.e. you don't own a house do you? Have your own car? Credit limits can be huge for high earners and people with families often need to buy or pay for things now before pay day. Yes, they are risky things to have, but at the same time very useful.
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measdale
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Re: Credit vs Debit « Reply #38 on: January 31, 2008, 11:46:37 AM »
Quote from: Mark on January 31, 2008, 11:21:58 AM
Fair enough although I would assume that flexibility would only be beneficial to the vast minority of users.

I was just listing the benefits, not saying each one applied to everyone!

(oh .. almost forgot .. lmao)

Quote from: nkp2 on January 31, 2008, 11:31:58 AM
Credit limits can be huge for high earners and people with families often need to buy or pay for things now before pay day.

Not just huge for high earners. Through the 80s and early 90s, increases in credit limits were pretty automatic if you kept the same card.
My retired mother with zero income but still (I believe) using a Barclaycard from the late 70s has a credit limit of around £25k, shocking much higher than mine and I have an income!  Crying or Very sad


Finally - which is better depends on your circumstances.
If I wasn't able to pay off the CC every month, then a debit card backed up by a loan would be better (unless you can wangle an interest-free period, and know you can pay it off at the end).
So the poll needs to have an option "depends". Very Happy
[ Last edit by measdale January 31, 2008, 11:51:46 AM ] Logged
ljsmall
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Re: Credit vs Debit « Reply #39 on: January 31, 2008, 12:11:48 PM »
Quote from: measdale on January 31, 2008, 11:46:37 AM

(unless you can wangle an interest-free period, and know you can pay it off at the end).


Or you find yourself another company that'll offer you one with a 0% on balance transfers period. Wink
[ Last edit by ljsmall January 31, 2008, 12:12:02 PM ] Logged
JohnW
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Re: Credit vs Debit « Reply #40 on: January 31, 2008, 12:16:06 PM »
What's better?

That's a stupid poll question... neither one is always better... it varies depending on the situation...
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ljsmall
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Re: Credit vs Debit « Reply #41 on: January 31, 2008, 12:19:57 PM »
It's a really stupid poll considering it's never a case of one or the other. Most people who have credit cards use it in conjunction with a debit card.
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measdale
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Re: Credit vs Debit « Reply #42 on: January 31, 2008, 12:21:32 PM »
Quote from: ljsmall on January 31, 2008, 12:11:48 PM

Or you find yourself another company that'll offer you one with a 0% on balance transfers period. Wink


There is that, of course, you devious individual. lmao
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measdale
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Re: Credit vs Debit « Reply #43 on: January 31, 2008, 12:22:30 PM »
Quote from: ljsmall on January 31, 2008, 12:19:57 PM
It's a really stupid poll considering it's never a case of one or the other. Most people who have credit cards use it in conjunction with a debit card.

Oh, and at least three of us have complained about the poll so far ...
... which is almost enough for Mark to ignore us and do what he pleases. Very Happy

lmao lmao lmao (that's just to give him an excuse).
[ Last edit by measdale January 31, 2008, 12:22:51 PM ] Logged
Mark
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Re: Credit vs Debit « Reply #44 on: January 31, 2008, 12:24:44 PM »
Quote from: JohnW on January 31, 2008, 12:16:06 PM

What's better?

That's a stupid poll question... neither one is always better... it varies depending on the situation...
Quote from: ljsmall on January 31, 2008, 12:19:57 PM

It's a really stupid poll considering it's never a case of one or the other. Most people who have credit cards use it in conjunction with a debit card.

Neil, why do you have such a stupid poll? nervous
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