Originally Posted by
Porcell
You realize that you only pay interest when carrying a balance, right?
I see this ALL the time when people bring up credit cards. "But, YOU PAY INTEREST." Why, suddenly, when we are comparing debit cards to credit cards, people assume that using a credit card that you'll magically start going in debt and paying interest? That's not even what we are talking about:
Debt card: Spend $300 in groceries, $80 phone bill, $400 in gas, $120 in restaurants; spend a total of $900 spread over a month with deductions from your account at every point of sale.
Credit card: Spend $300 in groceries, $80 phone bill, $400 in gas, $120 in restaurants; spend a total of $900 spread over a month with a bill at the end of the month that you then have another month to pay. And you get 3% or whatever rewards back on the $900 ($27).
See, no interest. You spend the same money, and actually get to spend it all at once at a point in the future, rather than chingchingching out of the account every time you buy something. You get miles or money back from the rewards programs.
And you build your credit score, which you'll need when getting a car loan or a mortgage.
If you are using a Debit Card, you should be using a Credit Card instead. There's no reason not to, unless you are an idiot who can't control your fucking spending when presented with a Credit Card. In which case, I have no advice for you except to stop being stupid with your money.