Earn rewards with a debit card

Dakota · Oct 20, 2010

I am a Dave Ramsey fan and am following his baby steps to become debt free. I had cut up my credit cards except for one and use a debit card for all purchases. I had an issue with trying to rent a car with a debit card, the issue was more to do with account balance, Anyways I have recently joined Perkstreet Financial and have a second debit card which makes me feel more secure in case one doesn't work, I now have a backup.

They offer a checking account with a debit card that earns rewards. Anything from cash to music to coffee.

Goto Perkstreet.com and check it out

Dreamer · Oct 20, 2010

Good idea Dakota. Chase debit has a rewards program too. The points ad up pretty quick.

Dale

usaf6186 · Oct 21, 2010

So does Bank of America. My daughter has a debit card that earns airline miles. Jerry Lee

Dakota · Oct 21, 2010

Dreamer said:
Good idea Dakota. Chase debit has a rewards program too. The points ad up pretty quick.

Dale

Yes, they sure do

Dakota · Oct 21, 2010

I belong to a credit union, so I thought debit rewards was a new thing, guess not LOL

Moot · Oct 23, 2010

Why not earn rewards with a credit card? You can use the banks money for free, get reward points, be liable for only the first $50 of fraudulent use and have a powerful bank backing you on any contested purchases.

The only advantage I can see with a debit card is if you get a cash discount on fuel. I buy gasoline. Lots of gasoline. All purchased with one of the three credit cards I carry. Until about a month ago I was using my Sears Mastercard exclusively. I racked up 33,000 Sears bonus points and cashed them in for a $350 Sears gift card.

I am currently using my new Disney Visa card. The nice folks at Disney were kind enough to spot me 150 Mickey Dollars just for signing up. My wife got the same deal. We are planning a trip to Disney World in January and already have $300. I'm sure I will be making some gasoline purchases between now and then.

I pay my credit card bill monthly and on time. I never carry over a balance and never incur any fees, interest or penalties.

Sears gift card: $350.

Mickey money: $150.

Taking advantage of a large financial institution: Priceless!

Dakota · Oct 23, 2010

Moot said:
Why not earn rewards with a credit card? You can use the banks money for free, get reward points, be liable for only the first $50 of fraudulent use and have a powerful bank backing you on any contested purchases.

The only advantage I can see with a debit card is if you get a cash discount on fuel. I buy gasoline. Lots of gasoline. All purchased with one of the three credit cards I carry. Until about a month ago I was using my Sears Mastercard exclusively. I racked up 33,000 Sears bonus points and cashed them in for a $350 Sears gift card.

I am currently using my new Disney Visa card. The nice folks at Disney were kind enough to spot me 150 Mickey Dollars just for signing up. My wife got the same deal. We are planning a trip to Disney World in January and already have $300. I'm sure I will be making some gasoline purchases between now and then.

I pay my credit card bill monthly and on time. I never carry over a balance and never incur any fees, interest or penalties.

Sears gift card: $350.

Mickey money: $150.

Taking advantage of a large financial institution: Priceless!

What happens if you can't make your payments? Then the bank owns you!!! I like my debit card and yes Visa debit cards have the same protection as a credit card. I'd rather pay cash"debit" for everything then to worry about getting into debt with a credit card.

Turtle · Oct 24, 2010

Moot's weird. He's financially responsible and knows himself and he would never allow himself to get into a position of not being able to pay.

I'm weak and let myself get into trouble with credit cards. Never again. I pay cash as I go, well, Visa debit card. I actually carry very little cash, usually only enough for a surprise toll whenever I run across one in OK, FL or KS that I didn't think about.

I used to carry a credit card just in case I had some major repair or something, but I don't even have that, anymore. Cut it up and threw it away. With few exceptions, if I can't afford to pay cash for it, I can't afford it.

Dakota · Oct 24, 2010

Turtle said:
Moot's weird. He's financially responsible and knows himself and he would never allow himself to get into a position of not being able to pay.

I'm weak and let myself get into trouble with credit cards. Never again. I pay cash as I go, well, Visa debit card. I actually carry very little cash, usually only enough for a surprise toll whenever I run across one in OK, FL or KS that I didn't think about.

I used to carry a credit card just in case I had some major repair or something, but I don't even have that, anymore. Cut it up and threw it away. With few exceptions, if I can't afford to pay cash for it, I can't afford it.

I agree totally, Murphy has a way of finding you and messing with you, running balances or even paying the credit cards in full only works as long as you have a steady income. One thing we don't have is a steady income, our pay is only as good as the freight we haul....what happens when you have that major breakdown or accident? Most people get in trouble with credit cards due to medical reasons, losing a job etc. They are not a good alternative to your regular income and will make things worse in the long run.
With that being said I have two debit cards in my wallet and one credit card at home in the drawer. I have had issues with one card not working for whatever reason and feel safer with two now. The credit card is my security blanket, although I have enough to cover me for a couple months in the bank.

Moot · Oct 24, 2010

Turtle said:
Moot's weird.

I consider myself fairly normal, at least when it comes to financial matters. I am a baby boomer. My mother and father grew up during the Great Depression. The only loan my parents ever had was a 20 year G.I. mortgage on their post war crackerbox. Everything else, cars included were paid for with cash. The only exception to this was a credit card my mother had with a local department store. This card was rarely used but enabled her to get an extra discount on special sale items or some such thing. The balance was always paid in full when due.

I pretty much adhered to my parents principles into my adult life. I got my first credit card, an oil company card when I was in my early 20's. Never used it much, but it was cool to carry just in case. I got my first major bank credit card when I was about 30 mostly for on the road emergencies.

Gradually I began to realize the benefits of no annual fee credit cards and the use of a bank's money interest free for up to 30 days. Plus the extra bonus points.

Today all of my gasoline and most of my road expenses are put on a credit card. My weekly settlements go directly into my checking account and I pay my credit card bill in full and on time. I never purchase more on credit than I have available in my checking account. In that respect my credit card is similar to a debit card except I have to do the math. It works for me!

Dakota · Oct 25, 2010

Good for you Moot. Personally, credit cards have scewed up my life in the past so I treat them like razor blades, very carefully!!!

Moot · Oct 26, 2010

Moot 18:9 And if easy credit causes you to sin, tear up your credit cards. It's better to enter eternal life with no credit cards than to have a wallet full of credit cards and burn in Hades.

If your left foot causes you to sin, chop it off. It is better to enter eternal life driving an automatic transmission than to burn in Hades with a 13 speed manual transmission and two left feet.