Comments on: Debit Cards Poised To Overtake Credit Cards

By: BigJohn

BigJohn — Mon, 03 Nov 2008 17:24:45 +0000

I know this article is true, because everybody I know is purchasing a prepaid debit card everyday. I have purchase one from Tom Thumb for 4.95

By: John425

John425 — Fri, 31 Oct 2008 21:19:19 +0000

Ooops! should have said < 1% in a T-bill world!

By: John425

John425 — Fri, 31 Oct 2008 21:18:03 +0000

At my credit union they are PAYING 4.5% on my checking account (max of $40K) provided I use on-line banking AND use my debit card 12 times a month. Since I converted over, I am only using about 3-4 checks a month for routine things. A 4.5% rate is wonderful in a > 1% T-bill world.

By: just me

just me — Fri, 31 Oct 2008 20:01:00 +0000

We have a credit card for emergency use only. We pay cash or with a debit card for all other things. Using debit only does require that you be very diligent about keeping up with expenses, but I see no reason to have a wallet full of credit cards either.

By: Anderson

Anderson — Fri, 31 Oct 2008 16:19:44 +0000

Now 14 of the 15 largest banks approve transactions but hit customers with a fee if they exceed the funds.

Right -- effective, short-term loans at relatively high interest rates, verging upon usury.

The banks are likely making huge profits here.

OTOH, if we "cracked down" on the practice, they would simply cease the "loans."

By: charles austin

charles austin — Fri, 31 Oct 2008 16:16:10 +0000

You can get free credit cards that cost you nothing in interest payments or fees if you pay off the balance each month. Since a debit card requires you to have the cash already on hand, why is this so hard for people to deal with?