5% cash back on a credit card for my regular purchases sound like a good idea. Is it really cash back or is it a service fee being charged to a merchant? If it is a fee then the banks are actually increasing the cost of doing business and most likely causing prices in general to go up. This could be good for an individual but bad for the economy overall. Since credit card companies want us to spend more money on higher priced items and carry a balance I doubt they are very concerned about using these practices. They even will give you 100$ to start. Coincidentally that is the amount that was taken from my account in the debit card swindle.
My other concern if I switch from credit to debit for regular purchases is that I will receive 100% theft protection. From looking at some card advertisements I’ve gotten it looks like it's either one feature or the other on most cards. Being guaranteed that I won't be held responsible for criminal use of my card is the priority. If I get cash back in the process I guess that's great for me too. I plan on paying the balance every month before interest occurs anyway. They tempt us with zero interest for one year to get us in the habit of carrying a balance.
Are many people changing from debit card to credit card use on a regular basis? Is debit card fraud a trend? I'm looking forward to more comments and content. I sure everyone has great suggestions for managing money during a recession. Thanks for signing up to follow my blog. As I continue to learn I will post any relevant links or data that I find and my goal is for others to do the same.
No comments:
Post a Comment