General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJust a tip on how to more safely use credit cards:
My insurance company passed this along to me.
Many (most?) of us have more than one credit card.
If you're like me, you pay some recurring monthly bills automatically by credit card.
What you should do is use one card for these monthly payments and a different card for day to day purchases.
If the one you use daily is somehow compromised by 'cloning' or whatever (this has happened to me twice) you can change that account, but you don't have to contact all the monthly accounts and change that card too.
This works great.
LakeVermilion
(1,044 posts)Social Security goes to a different bank.
Yay, i'm ok.
trof
(54,256 posts)hey, glad it works for you.
My pension and S/S both go to the same credit union.
Never had a problem.
Kilgore
(1,733 posts)Pay cash for my face to face purchases.
Monthly payments for power and water are direct pay from the bank. Amazon is also direct pay.
Our one and only card is for buying things that have no other options like airline tickets and rental cars. It mostly sleeps in a safe place.
Yes, I am a Luddite.
trof
(54,256 posts)Purchases cost no more, but I get about $300 cash back every year.
Why wouldn't you?
Kilgore
(1,733 posts)That 2% comes from somewhere. Not that long ago I owned a smallish business that accepted credit cards. It cost us in the range of 2 - 4% each time our customers used a card.
Of course we did not absorb those costs, we just raised our prices to cover it. So in reality, our customers paid those fees for us. Every so often someone would ask for a cash discount which we gladly gave when asked.
Since I am not in the business of making banks rich, We pay cash and always ask for a cash discount. Usually the smaller the store, the easier it is to get it.
KamaAina
(78,249 posts)trof
(54,256 posts)It's a no brainer for us.
Plus, a debit card takes the money from your account IMMEDIATELY!
A credit card leaves the money IN your account until you pay the bill at the end of the month. It's called 'float'.
We have an interest bearing account (not much, but a little) in a credit union.
Why not take advantage of all the benes you can?
renate
(13,776 posts)How sweet of you to think of sharing that with us!
trof
(54,256 posts)1939
(1,683 posts)The checking account has the retirement checks and social security feeding into it. It is used to pay bills with surplus transferred to the savings account. There is NO debit card for this account ever for this account.
One credit card (the one with the best record of reversing fraudulent charges) is used for on-line buying.
One credit card (with the best cash back offers) is used for day-to-day purchases from brick and mortar stores.
One credit card is used for travel expenses (airline, rental cars, hotels, meals).
Cash advances are taken on a debit card on a brokerage account with the broker on notice that he could lose the whole account if I get jacked around with fraudulent activity ( I notify him when I will be traveling)