UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next
Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308349  
Subject: Re: The purpose of credit cards? Date: 8/25/2005 2:17 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Debit cards are more dangerous to use than credit cards. They have direct access to your account.

Most debit cards have the same protections has credit cards. It is necessary to carefully read you account details to be certain. Although the protections may claim to be the same, in a dispute it is your cash that is already missing from your checking account. You may not have the reserves to pay for your rent/mortgage before setting up a new account and recovering funds from your bank.

The major advantage of credit cards is convenience. It is especially true when traveling. We use debit cards for gas (they do not accept credit cards), one car repair shop and a few grocery stores. We use a credit card at any restaurant, online purchases or any other merchant.

Rewards cards are nice, but are not a primary reason for using credit cards.

As previous noted, it is not necessary to pay interest to build your FICO score. Consistently paying on time and ignoring the temptation to spend money that isn't yours are the only requirements.

Debra
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement