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Do you use a credit card? Why or why not?
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this post was submitted on 21 Aug 2023
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I use a credit card because our laws in the USA protect credit-card purchases better than they do debit-card and other electronic purchases.
Although I use a credit card with revolving credit, I always pay the full balance each month. In this way, it acts as a debit card, but I get the benefits of a credit card. I have to remember to pay it on time, but I can set up autopay even for that.
My credit union (a kind of non-profit bank owned by its members) is the issuer of the card, and it gives a 2% cash award for credit-card usage.
I do this, too. Anyone with any sort of self control should do the same, unless they prefer cash.
Using a debit card is too risky.
I feel exactly the same way. The only case I would recommend a debit card is if it's at a separate institution from your main savings. That way, you'd only lose up to whatever that account has.
I've seen too many stories of people losing their savings because of a compromised debit card.