Category: Credit cards

You know what’s the pits

You know what’s the pits, though, is that if we ever do get out of debt, we can’t completely wean ourselves from plastic because you can’t stay at a hotel or rent a car for that great vacation without plastic. The big hotels don’t take cash upfront I believe.

I dont see this an issue. Once you are out of debt get yourself the best rewards card you can find, whethere it be a cruiseline or airline or just merchandise. And only use it for what you can pay off immediately. You will get the best of both worlds.. They dont get any money off of interest and you get what you wanted.

That’s where the Debit Card will come into play. But the original poster to which I responded was trying to get away from credit cards AND debit cards.

I love my debit card….Just keep track of what’s your spending so you dont’ spend more than what you have!!!

As long as your debit card is rejected if you don’t have enough money to cover the expense, you will be fine.

If your account has some kind of automatic “courtesy” (what a friggin’ joke) limit, it will allow the debit to go through, charge you a stiff (EXPENSIVE) fee and you find out about it after the fact.

At our bank, if you are off, even a penny, the debit will go through, we get charged $30 per transaction and are “saved the embarrassment of being turned away” – AS IF.

For example, my husband underestimated where he was, a day or two before payday. He bought gas, DEBIT, it went through. No problem.

Later, he ran to the grocery store for a few things, DEBIT, it went through. However, another purchase also went through at the same time from the day or so before and together, he went a couple of bucks into the negative. Remember, he was getting paid via Direct Deposit in another few hours. Those two items both went through, each costing us $30, so another $60 came out of the account and for nothing. I would have much rather had the DEBITS rejected at the checkout line. Cheaper and less headache.

Now, he gets cash. I get cash. We don’t risk the debit card. Too expensive.

Literally the EXACT same situation occurred with me now I check my accont online daily and keep a chushion of about $100 in my checking account I had racked up $120 in overdraft fees on tiny things that cost like $5 cause I thought i had the money, but my car note went thru on a date i wasnt expecting. oh it was NOT fun

Prepaid Credit Cards

Hi everyone,

And a very happy new year to all! An update, and a question or two …

I’ve only posted once so far, but I am reading all the postings from others and learning so much. This month I am hoping to get current on all my bills, and have spent a great deal of time working with my creditors to do this.

I wanted to say that one of the most profound messages I got from this group was a posting that talked about the FICO score as being an “I love debt” score … that has been a powerful concept for me, and one I have thought about a lot!! It’s helped me realize that my entire focus has been on credit for far too long – which is why I keep getting back into debt. Even Suze Orman, and all her materials, seem to focus on credit … rather than on building financial security. I guess it’s a mindset, and I never realized it before. So now I am more determined than ever to get out of debt, and to find ways to build wealth (well, maybe I’ll never be “wealthy” but hopefully more comfortable than I am now!!).

Question – has anyone had experience with those prepaid Visa cards? WalMart sells them, so does Western Union, Green Dot, and other less recognizable vendors. They are appealing to me because you can’t accidentally get into overdrafts and the resulting “courtesy pay” fees, etc. They seem more finite and therefore a “stricter” alternative than a checking account debit card. Right now, I want instruments that don’t give me any leeway for extra credit. Does anyone have experience with these?

I’ve used them, they are very safe and very good to pay online bills with. Make sure that you get the one with the least per transaction fees. But what you need to use is called CASH. No Credit Cards of any kind until you are positive that you can handle them.

I am working at eliminating use of the DEBIT CARD and its accompanying “courtesy fees” as well. Just a personal goal. I am determined to use CASH as much as possible. When a check is needed, I will go buy a cashier’s check from the bank (we only get so many FREE each month). That way, I am positive that there is no way to have any additional fees. Once you get it and mail it, you are done.

I am not crazy about online banking/bill paying as they get access to the bank account and some companies “forget” to take what they are supposed to. Oops! Did we do that? Take $________ instead of $______????? So sorry. I am not interested in giving companies instant access to my bank account. No thanks!

Check with your bank on the Visa Gift cards. Depending on the relationship with the bank you may not be charged for them. Be careful though because some of them are not reloadable. I have heard of people using them to shop online so they do not have to give out their personal information. I am not sure about using them to pay bills though. I use online billpay for my utilities. It saves me time from writing and mailing checks.