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I already never carry my debit cards. Forgot the PIN immediately, don't have any reason to go to the ATM. No credit protection, no rewards, no extended warranti
by jerlam 2y ago
I already never carry my debit cards. Forgot the PIN immediately, don't have any reason to go to the ATM. No credit protection, no rewards, no extended warranties; why do other people use debit cards at all?
- krapp 2y ago>why do other people use debit cards at all? ... to purchase goods and services? You know they can be used in places other than ATMs, right?
- jerlam 2y agoI'm already carrying credit cards that have the benefits listed, which debit cards do not have.
- krapp 2y agoDebit cards do offer all of the benefits you listed.
- astrange 2y agoWhat debit card offers CSR/Amex level rewards?
- krapp 2y agoIDK, but the claim was that debit cards offer none of those rewards, not that they offer the best possible rewards compared to credit cards.
- mmh0000 2y agoDebit cards have very little benefit and a LOT of risk compared to credit cards. Because of the FCBA[1], federal law protects you from most any fraud happening via credit card. It's why most credit cards advertise "free fraud coverage"; they legally are required to provide it anyway. Debit cards on the other hand... Once your money is gone, your money is gone forever. You bank will have little interest in helping to retrieve your funds and are under no legal requirement to do so. [1] https://en.wikipedia.org/wiki/Fair_Credit_Billing_Act https://en.wikipedia.org/wiki/Fair_Credit_Billing_Act
- toomuchtodo 2y agoBusinesses can impose the credit card transaction fee on consumers as a surcharge, and many are starting to. Using debit rails (or hopefully soon, FedNow instant payments) avoids this fee burden.
- jerlam 2y agoWhen credit card surcharges become widespread, I'll have to consider it. But so far, I've only seen such charges at gas stations.
- deleted 2y ago[deleted]
- jhbadger 2y agoI've been to small indie stores and restaurants that don't take credit cards at all. Some only accept physical cash, others accept debit cards but not credit cards (because credit cards cost more for them to handle). If you just shop and eat at big chains then I suppose you wouldn't run into this problem.
- lotsoweiners 2y agoInteresting. I’ve been to some restaurants that refuse to take anything but cash but I haven’t seen a business (other than dispensaries) that takes debit but not credit cards.
- overstay8930 2y agothose small indie stores basically don’t exist anymore, if you run a cash only business 9/10 people are just turning around at the front door and going somewhere else.
- jhbadger 2y agoGo find some authentic Chinese/Vietnamese/Indian/etc restaurants that are run by and largely attract those immigrant communities. They tend to be tiny hole-in-the-wall places in strip malls next to nail salons and the like. You'll find they tend to be cash-based even to this day. And the good ones attract plenty of people.
- okdood64 2y agoTo get cash from an ATM whenever it's necessary and convenient? I'm confused, what's your confusion? There's still things cash be required, or useful for.
- _8j50 2y agoI ask the opposite, why are people accepting credit as a normal way of life? Debt means you are a slave to the creditor. How can you walk around owing money and that's normal to you? Surely you get that the rewards and protections are not there because creditors are generous right? At best you contribute to the social disease of perpetual credit card debt. At some point, creditors need to make profit. I prefer debit because I am spending my money. For in person transactions, I prefer cash.