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Started By
Message
Simple Debit Card: anybody try this?
Posted on 1/5/15 at 7:11 pm
Posted on 1/5/15 at 7:11 pm
https://www.simple.com/
I don't think this card has any rewards...which is the one thing that may prevent a lot of people from switching. Credit cards rewards are so valuable (assuming you pay off the balance every month of course).
I don't think this card has any rewards...which is the one thing that may prevent a lot of people from switching. Credit cards rewards are so valuable (assuming you pay off the balance every month of course).
1
Posted on 1/5/15 at 9:13 pm to saintforlife1
I don't understand why anyone would use a debit card over a credit card.
Posted on 1/6/15 at 8:01 am to Joshjrn
zero balance. No debt.
Posted on 1/6/15 at 8:28 am to Joshjrn
Easier to "stay accountable"
Posted on 1/6/15 at 11:59 am to Joshjrn
I qualify for a higher interest rate with 15 debit transactions a month. Makes sense to me.
Posted on 1/6/15 at 12:19 pm to NewIberiaHaircut
Using a credit card, I get rewards points, it improves my credit score, I have enhanced purchase and fraud protection, plus a host of other benefits that are almost too numerous to list. And, as long as I pay my balance every month, I never pay a cent of interest.
So, other than avoiding temptation for those who lack self control, I see no reason why anyone would use a debit card over a credit card.
So, other than avoiding temptation for those who lack self control, I see no reason why anyone would use a debit card over a credit card.
Posted on 1/6/15 at 12:22 pm to Joshjrn
quote:
those who lack self control
And there it is and it's a large % of the population.
Posted on 1/6/15 at 2:12 pm to Joshjrn
quote:
Using a credit card, I get rewards points, it improves my credit score, I have enhanced purchase and fraud protection, plus a host of other benefits that are almost too numerous to list. And, as long as I pay my balance every month, I never pay a cent of interest.
Nailed it
Posted on 1/6/15 at 6:17 pm to Joshjrn
quote:
Using a credit card, I get rewards points, it improves my credit score, I have enhanced purchase and fraud protection, plus a host of other benefits that are almost too numerous to list. And, as long as I pay my balance every month, I never pay a cent of interest.
I do all of this as well. So you're saying I should forget about the extra interest I can earn in my checking account for points? I travel a lot for work and all expenses are put on my card and no interest is ever paid. I get enough points.
Posted on 1/6/15 at 10:39 pm to NewIberiaHaircut
What kind of interest rate are we talking about?
Posted on 1/6/15 at 10:56 pm to Joshjrn
3.26% APY on $10K in checking and 1.26 APY on $15K in savings. Of course these figures were better a few years ago when I initially signed up, higher interest and higher maximum amounts (5% on $25K in checking and 3% on $50K in savings). I put several grand on my credit card every month and also enjoy the benefit of "free money" from this reward checking account. It's "free money" and I can't see a reason not to take advantage of it with my debit card.
Posted on 1/6/15 at 11:57 pm to Joshjrn
quote:
I get rewards points, it improves my credit score, I have enhanced purchase and fraud protection, plus a host of other benefits that are almost too numerous to list.
Nickels and dimes.
Posted on 1/7/15 at 1:17 am to BACONisMEATcandy
You credit score isn't really affected by the number of transactions you have a month via a CC. It's based on debt to limit of said card, and the fact that you don't have any late payments.
You can carry a zero balance on your CC and reap the same credit score benefits.
That's a myth.
You can carry a zero balance on your CC and reap the same credit score benefits.
That's a myth.
Posted on 1/7/15 at 9:06 am to Lakeboy7
quote:
Nickels and dimes.
And lots of them. I get 2% back on all purchases on my Fidelity Am Express card. I average $3000 in purchases per month which equals more than $700 year. You won't get rich on that but it is something. Also, no annual fee on this card.
Posted on 1/7/15 at 9:52 am to PlanoPrivateer
I should have explained, haven't had a CC since 2003 and the points, air miles and "rewards" were such a hassle it wasn't worth the time to try to keep up with. I'm sure these benefits are easier to track and access now.
Posted on 1/7/15 at 12:37 pm to NewIberiaHaircut
quote:
It's "free money" and I can't see a reason not to take advantage of it with my debit card.
Absolutely. I'd swipe that bad boy for all my $2 gas station purchases, car washes, blow and whatever else.
I just probably on average don't keep that much in my checking account. I usually roll surplus in to IRA and hopefully do better than 3.26, but if you often need access to cash that's a really good rate.
Posted on 1/7/15 at 12:40 pm to Lakeboy7
quote:
I should have explained, haven't had a CC since 2003 and the points, air miles and "rewards" were such a hassle it wasn't worth the time to try to keep up with. I'm sure these benefits are easier to track and access now.
They are. If you're financially responsible and able to click a few buttons on the computer, you should consider moving back to a CC.
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