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  #1 (permalink)
Old 12th June 2008, 11:04 PM
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Thumbs up Credit Card Vs Debit Card : Advantages & Disadvantages

I overheard the discussion between two young engineers about Credit Cards & Debit Cards.

Starting a thread where we can discuss credit cards vs debit cards. If you have any questions, post them in this thread!
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  #2 (permalink)
Old 12th June 2008, 11:22 PM
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Default Re: Credit Card Vs Debit Card : Advantages & Disadvantages

You can also add Pre-paid cards as a third option! They act as normal Visa or Mastercards, but are limited to the amount you "top up" in it. Its distinct from debit cards in the sense that you don't really have a bank account tied to it. Plus, debit cards can only be used in limited places, I believe.

I'm saying this because I've got one Its easy to use.. you don't even need to be employed to get one, which is great for students.
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Old 17th June 2008, 11:15 AM
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Default Re: Credit Card Vs Debit Card : Advantages & Disadvantages

Quote:
Originally Posted by ash View Post
You can also add Pre-paid cards as a third option! They act as normal Visa or Mastercards, but are limited to the amount you "top up" in it. Its distinct from debit cards in the sense that you don't really have a bank account tied to it. Plus, debit cards can only be used in limited places, I believe.

I'm saying this because I've got one Its easy to use.. you don't even need to be employed to get one, which is great for students.
Yes you can add third option as a Prepaid cards as I am also having it. It is worthy to use.
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Old 11th July 2008, 07:01 PM
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Default Re: Credit Card Vs Debit Card : Advantages & Disadvantages

Quote:
Originally Posted by leo212 View Post
Yes you can add third option as a Prepaid cards as I am also having it. It is worthy to use.
Where are my dear finance loving CEan's? There are many thread which requires their inputs.

I don't have much of finance knowledge, still trying to keep this thread alive so that someone can notice it and reply the question.

-Crazy
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Old 11th July 2008, 07:22 PM
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Wink Re: Credit Card Vs Debit Card : Advantages & Disadvantages

Use more Credit card - you will be bankrupt sooner or later.
Use debit card - you will have better control on your finance.


But i know- you wont listen to me. I dont do it either.
Those miles, and awards, and discounts and deals are just too attractive, aint they.

How many of you know that any MasterCard starts with 5 and Visa with 4.
Any one with Amex and discover ?
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Old 11th November 2008, 01:33 AM
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Default Re: Credit Card Vs Debit Card : Advantages & Disadvantages

Well, that's quite a negative remark koli. And an untrue one at that. I've been using multiple cc's for years & my financial standing keeps improving. The trick is not to think they are a 'license to shop'.
And just to share .... I was doing some reading and came across these tips that may come in useful ............

Build (7) Lines of Credit for Prime Rate Score
I'm ask all the time on what builds a Good Credit Score. The answer is simple but the action can be a little challenging. To get scores in the Prime Rate which consist of a 680 or Higher but preferable a score of 720 is the Prime Rate which gives you lower interest Rates, qualify for lower down payments and the like.

In order to build a Prime Rate Score the following must be accomplished.
  • Must have 7 lines of Credit
    • Mortgage or 2nd Mortgage or HELOC
    • Automobile Loan or Motorcycle Loan
    • Minimum 4 Credit Cards with Revolving Credit
      • The Credit Cards must have at Least 50% of available Cash
      • Recommend to pay card off every Month
      • Recommend to use card for daily expenses but keep all cards low to pay off monthly
  • Must not be Late on Any Line of Credit
    • If Payment is 30 days late or More, this Line of credit is not Usable: Need to establish New Line of Credit
    • Must pay off all Debts with Vendor
    • Recommend to contact Vendor for Best Rates
    • Get No Credit Cards with Yearly Fees or Monthly Fees
  • Must have at Least 50 % available on the Line of Credit
    • Account must be below 50 % but recommend 25% or less:
    • It Takes 6 Months to Recover from over the Limit Fees:
    • Credit Cards will change the date of payment so pay account within 15 to 20 days...
It doesn't matter what the Rate is: for example: Rate is 39% which is excessive but does not matter because you pay off the entire balance in 15 to 20 days. However, if you are carrying a 25% or 50% balance, it does matter.
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  #7 (permalink)
Old 15th November 2008, 02:59 PM
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Default Re: Credit Card Vs Debit Card : Advantages & Disadvantages

Quote:
Originally Posted by sjohnson2 View Post

In order to build a Prime Rate Score the following must be accomplished.
  • Must have 7 lines of Credit
    • Mortgage or 2nd Mortgage or HELOC
    • Automobile Loan or Motorcycle Loan
    • Minimum 4 Credit Cards with Revolving Credit
      • The Credit Cards must have at Least 50% of available Cash
      • Recommend to pay card off every Month
      • Recommend to use card for daily expenses but keep all cards low to pay off monthly
  • Must not be Late on Any Line of Credit
    • If Payment is 30 days late or More, this Line of credit is not Usable: Need to establish New Line of Credit
    • Must pay off all Debts with Vendor
    • Recommend to contact Vendor for Best Rates
    • Get No Credit Cards with Yearly Fees or Monthly Fees
  • Must have at Least 50 % available on the Line of Credit
    • Account must be below 50 % but recommend 25% or less:
    • It Takes 6 Months to Recover from over the Limit Fees:
    • Credit Cards will change the date of payment so pay account within 15 to 20 days...
Hey,

Thanks for such an informative post.
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