Quote:
Originally Posted by Corey
How so? I get rewards for using my debit card, so I'm not missing out there. I'm in school and have a limited budget. I understand that if I had a credit card, I'd be more tempted to live outside my means and have a continuous balance on my card which negates the advantages of using a credit card as my primary means of payment. I understand my spending habits, my income, and my current debt load. In my situation, a credit card doesn't work.
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All points below assume since you know your budget, you have the mental capacity to stay within your budget using a credit card just as you do using a debit card. If you're sharper than a marble, you meet this criteria.
1. Your debit card is linked DIRECTLY to YOUR money. If someone gets hold of it, the impact to you is much higher (locked account/missing funds) and lingers longer than it would with a CC (typical turn around is 24 hours to get a new CC and carry on like nothing happened).
2. Rewards are always higher on a CC than DC.
3. Buyer protection is higher on a CC than DC, including benefits like extended warranties, sometimes price protection, etc.
4. You build up a credit history using a CC, not a DC.
The real question is, if you know your budget and monitor your spending, what is the benefit to using a Debit Card?
And the least sensical part of your statement: "If I can't afford a purchase, I don't need it" implies credit cards are ONLY for buying things you can't afford.
