Why did one person tell me credit cards are a necessity?

Question

A person answered a question I had an in it they stated "credit cards are a necessity in today's society". Wrong! I purchase everything, including big purchases and rental cars on a Visa debit card tied to my checking account. Your position on this issue?

Answer 1

You need to be careful if you rely on a debit card because it is tied to your checking account. If you make any purchases online it is usually not advised to use a debit card because if someone makes a fraudulent purchase, you will be out money and if you have checks clearing, etc. you could be at risk for all kinds of fees that you weren't planning on. This is why it is a good idea to have at least 1 credit card. You are more protected that way.

Just having a credit card doesn't mean you have to pay anything. You don't have to use it except to guarantee a hotel room or a reservation if required or to make an online purchase. It's just nice to have. I think of it as an insurance policy. You don't want to use it but it's nice to have just in case something happens. My mom taught me to use it instead of cash and pay it off every month. That was when you could earn interest on checking accounts.

Answer 2

They aren't a necessity. The reason why you are able to use your Visa debit card, is because when you run it through Visa's system, by using it "as credit" when you make purchases, it acts the same as a credit card, except instead of adding the balance to a credit account, it deducts it from the attached checking account, but it still processes through Visa's system the same way.

Answer 3

There's a very long list of reasons why debit cards are bad. They are still plastic and people tend to not keep accurate records of their spending, thus incurring overdrafts.

One of the biggest problems is that if a bogus transaction goes thru on a debit card, the money is gone from your account. You may be able to get it back but there is a time delay -- sometimes short and sometimes long. It also can cause other transactions to bounce. Bogus credit card transaction are just on paper.

I filter every thing thru my credit card. But I pay the balance in full every month. Therefore, I am using the credit card company's money for free and I get cash back rewards.

It isn't the credit cards. It's the lack of good financial management that's the problem.

Answer 4

I agree with you. Society has become so conditioned by immediate need and advertising that they actually believe you have to worship at the fico alter to have anything. That's more than wrong, it's nearly criminal.

You can purchase a house without a credit score, you can protect your money without using a credit card, you can have a life and not be in debt. It's very sad.

And the brainwashing continues. Seems like everyday there's another question on here from some teen or student asking what the best credit card for them. Sad. Sad. Sad.

Answer 5

The only time a Visa debit card won't work is if you're trying to rent a car. Rental car agencies won't accept debit cards. Other than that, debit cards work very well.

Answer 6

The only reason I can find for the necessity of credit cards is, if you pay them off ever month on time it can help raise your credit score. I am not sure if this is the same for debit cards.

Answer 7

A Visa check card (debit card) doubles as a credit card. You can not rent a car without a credit card so they must have used you debit card as a credit card. (It stil comes directly out of your account.)

I have a credit card for emergencies.

Answer 8

If the rate on the loan is lower, you will pay less in interest and your total payments will be lower. Just make sure that you can afford the monthly payment on the loan. You can also try transferring your balance to another card with a low or 0% rate. Make sure you pay down your debt as you do this though.

Answer 9

debit cards don't get reported onto Credit Reporting Agencies, therefore, it shows no history of timely payments
on your credit reports nor what kind of credit