Current Events > Are millenials who use debit over credit cards low information consumers?

(+) Yeah! (+)

Crepes posted...

Seems like poor people care about credit.

it is true that credit becomes less useful when you have shitloads of money

of course at that point there is also no reason not to have a credit card
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Bloodychess posted...

CruelBuffalo posted...

Bloodychess posted...

Anyone can use your credit card

Your debit card has a pin number

So you would dispute it and charges go away....

Disputing CC charges from last year was hell.
Since my card was used legit and fraudulently on the same day, Visa mailed me a list and asked me to verify what charges were legit and what were not. I verified, signed, and mailed back. Weeks later, some dumbass in a cubicle saw my input and decided to invalidate everything, despite me following the directions. 3 phone calls to Visa with different feedback each time later, I had to get a branch manager at my bank to sort out their nonsense and help me not double pay on bills.

Sorry you had such a bad experience

Both me and my brother have had fraudulent charges on our CC's. Both times the process was extremely easy to fix. I literally just called my CC company, told them which charges were fraudulent and that was pretty much that. They didn't ask me to verify or anything, they just believed me and took the charges off of my card immediately. Same thing for my brother.
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Crepes posted...

Seems like poor people care about credit.

Poor people need to borrow more money.

Water is wet.
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Crepes posted...

Proof? Other than your ass. I mean.

Experience. Having lived on my own during and and since college, past graduation, and into medical school. Having financed and leased cars alike and lived at multiple apartments.

Your options are limited if you have no credit history, I've been there. From needing cosigners on rental agreements. Prohibitively expensive car loans. You aren't going to get as favorable terms as someone with an established history with no blemishes. I recently got a 2% interest rate on a financed used car (taking over my lease). Good luck getting that with no credit history lol. Ask me about my nissan versa with an 8% interest rate 6 years ago. Had to sell that car early lest the interest fuck me over during the rest of that loan term.
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prince_leo posted...

Crepes posted...

Renting is a waste of money though.

that is not true for every situation

It's not true for a lot of situations honestly. I'd even wager that renting actually ends up better for most people long term. Most people just take the whole "owning a home is better than buying" truism at face value and don't do actually run the numbers. Ton's of different factors (many of which are unknowable ahead of time) factor into which one is better for any particular person.
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MACisBack posted...

They want you to spend more than you have, its what is glorified now-a-days. You need that iphone ten, that new hot video game, eat out at that one restaurant, or get that tablet, when in reality you don't.

Hoo boy you do not understand millennials my friend

I work at a bank and trust me: using a debit card only does not help people budget or keep them from over spending. The card in your hand does not dictate what sort of person you are. If you are financially responsible you should be using a credit card.

- Increased security (bank side and agency side).
- Fraudulent charges are a degree removed from your actual liquid cash.
- Non PIN disputes are also more quickly resolved than PIN disputes.
- Rewards such as points, cash back, perks, etc.
- Building credit in the revolving category.
- You can even request an ATM PIN for your credit card and not have to also carry your debit card around if you need cash.
- The ability to purchase things such as rental cars, hotel rooms, etc.
- The ability to make emergency beyond your means purchases when needed.
- The ability to make purchases of large amounts when needed. (Debit cards have small daily limits and Ive seen customers get screwed because they suddenly needed to make a large transaction.)
- Ease of budgeting and taxes. Credit cards usually have annual or monthly reports you can access. You can even sort transactions by merchant type (such as medical) when doing your taxes or other budgeting tasks.
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BloodyNate posted...

Hoo boy you do not understand millennials my friend

I don't think I ever will.
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MACisBack posted...

I don't think I ever will.

Unless you're nearly 40 or under 20, you're a millennial
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I havent had a need for a credit card yet, so thats why I dont have one. Will probably get one soon though.
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Crepes posted...

Seems like poor people care about credit.

No, smart people care about credit.
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thanosibe posted...

cars, phones, computers

They pretty much are necessities though.
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sktgamer_13dude posted...

I havent had a need for a credit card yet, so thats why I dont have one. Will probably get one soon though.

Just get one to start building my man. Use it to pay for routine bills you have as a starting point and pay off the balance each month

Crepes posted...

Seems like poor people care about credit.

Are you here just to troll?
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dave_is_slick posted...

thanosibe posted...

cars, phones, computers

They pretty much are necessities though.

Car in the US? Yeah. Other countries have far less car owners because they have far better public transportation. Phones and computers are now only necessary because they've been integrated into society so much that most people 20 years old and younger have never been in a world with no cellphones, smartphones, email, facetime, etc.

Also there's the pressure for the newest and best. Both my wife's car 2008 Hyundai and my 2000 Chevy truck are paid off. My wife still has an iphone 4 and I use a prepaid flip phone for my personal use (though I have an iphone 5 provided for me for my job).

US is (not saying other countries might not be) is a very individualistic and materialistic country, where these things are a "measure" of a person's success, if they let society dictate that for them.
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thanosibe posted...

Car in the US? Yeah. Other countries have far less car owners because they have far better public transportation. Phones and computers are now only necessary because they've been integrated into society so much that most people 20 years old and younger have never been in a world with no cellphones, smartphones, email, facetime, etc.

Nah, I have to have a cell phone because I'm on call 24/7 for my job. A computer is also necessary for me to be able to work remotely.
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No. I just have a strict rule against using credit cards. Especially since my parents absolutely wrecked mine by not paying my medical expenses as a child.
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"Get you reward points"

You're a slave to corporate marketing campaigns

Riding a high balance on a CC does NOT help your credit. It hurts it. Source: anything i say, its the fucking internet

Naysaspace posted...

"Get you reward points"

You're a slave to corporate marketing campaigns

Riding a high balance on a CC does NOT help your credit. It hurts it. Source: anything i say, its the fucking internet

You don't have to "ride a high balance" on a credit card to get rewards points.
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thanosibe posted...

US is (not saying other countries might not be) is a very individualistic and materialistic country, where these things are a "measure" of a person's success, if they let society dictate that for them.

I've never quite understood people using a phone as a measure of success. Most of the most broke people I know have the latest $1,000 iPhone/Galaxy, while I'm just cruising a long with my iPhone SE that people go "....what is that" when I tell them what it is. Gonna run this thing into the ground.
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They are both ripoffs honestly. Debit cards have no fees except at atms that aren't your bank and you go below a certain balance. Credit cards unless you have no apr you are always paying a fee and you pay your balance every month which you need a bank to do that anyways. You are paying fee's for convenience regardless.

CableZL posted...

thanosibe posted...

Car in the US? Yeah. Other countries have far less car owners because they have far better public transportation. Phones and computers are now only necessary because they've been integrated into society so much that most people 20 years old and younger have never been in a world with no cellphones, smartphones, email, facetime, etc.

Nah, I have to have a cell phone because I'm on call 24/7 for my job. A computer is also necessary for me to be able to work remotely.

I do too. Both are provided by my employer. I've been in this field since I moved here in 2000 and every job has provided these tools for me.
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Naysaspace posted...

Riding a high balance on a CC does NOT help your credit. It hurts it. Source: anything i say, its the fucking internet

I agree. Good thing it's not necessary to ride a high balance on a CC. It's a shame so many people seem to think that it is.
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kg88222 posted...

Credit cards unless you have no apr you are always paying a fee

false
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Fuck credit. If I don't spend money that isn't currently in my possession, then I won't get fucked when the economy takes a shit again.
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you cut off my sentence. Like if you have an american express gold, you pay your balance every month there is no fee. You are still paying for convenience either way. A debit card you dont pay fees either if you are smart. And you need a bank anyways to pay your balance on the credit card.

kg88222 posted...

They are both ripoffs honestly. Debit cards have no fees except at atms that aren't your bank and you go below a certain balance. Credit cards unless you have no apr you are always paying a fee and you pay your balance every month which you need a bank to do that anyways. You are paying fee's for convenience regardless.

That's not true. If you're paying your balance off every month, the APR doesn't come into play.
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which is exactly what i said.

CableZL posted...

kg88222 posted...

They are both ripoffs honestly. Debit cards have no fees except at atms that aren't your bank and you go below a certain balance. Credit cards unless you have no apr you are always paying a fee and you pay your balance every month which you need a bank to do that anyways. You are paying fee's for convenience regardless.

That's not true. If you're paying your balance off every month, the APR doesn't come into play.

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Most cards there is an apr regardless unless you have an american express gold and pay your balance every month.

kg88222 posted...

Most cards there is an apr regardless unless you have an american express gold and pay your balance every month.

APR means nothing if you pay off your balance every month
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kg88222 posted...

which is exactly what i said.

"credit cards unless you have no apr you are always paying a fee"

That's what you said. That's not true. Credit cards normally have APRs once you get out of the introductory period, but you aren't paying any fees if the card has no annual fee and you pay your balance off every month. It doesn't matter which credit card you have, whether it's American Express, Chase, Capital One, etc.

As has been mentioned multiple times so far, using a credit card and then paying the balance of the credit card off is the best way to go. You get more security against fraudulent charges. You get rewards points on most credit cards. And you aren't paying any extra any way. You're just paying for what you normally buy any way.
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kg88222 posted...

Most cards there is an apr regardless unless you have an american express gold and pay your balance every month.

I'm honestly confused by your last few posts

If my balance is 0 on April 1st and I run up $500 worth of charges and pay it off in full on May 1st, what fee am I paying? Please be specific.
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If you are smart you pay no fees. You dont go below you r minimum balance on your debit. You dont use atms. There is no fee. Credit cards. There is an apr on most cards. Unless you have really good credit and can get a better one where you pay your balance every month and there is no apr. Either way you need a bank to pay your balance.

You have to build your credit to do that though. So with credit you are still giving money away.

You are paying for convenience regardless.

kg88222 posted...

There is an apr on most cards. Unless you have really good credit and can get a better one where you pay your balance every month and there is no apr.

It doesn't matter which card you have. If you pay your balance off every month, the APR doesn't come into play. Therefore you aren't giving money away.
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kg88222 posted...

Credit cards. There is an apr on most cards.

chill02 posted...

APR means nothing if you pay off your balance every month

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That's not true on a lot of cards. They wll charge you a monthly fee that is part of the apr.

Are you advertising for a bank?

kg88222 posted...

They wll charge you a monthly fee that is part of the apr.

Only if you carry the balance into the next month and beyond.
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Want to point out that there is a legit criticism of CC's. It being that psychologically, some people don't treat them as "real money" when they are spending. They become a bit more careless with their spending basically. Maybe if they were normally to spend $500 a month using a debit card, with a CC they might spend $550 or $600 per month. All the studies I've seen on this state that if you actively watch your statements and keep track of your spending, the chances of this happening is basically mitigated. Good thing I keep track of all my expenses on a near daily basis.
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I have no issues tracking my credit card expenses, but I treat cash like monopoly money
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kg88222 posted...

That's not true on a lot of cards. They wll charge you a monthly fee that is part of the apr.

You only get charged a fee if you have a remaining balance beyond when the full balance is due.

If you have a 15% APR and your balance is 0, then you pay 0 extra.
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infinity APR of 0 is still 0
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There are tons of hidden fees though. Credit cards have a ton more than Debit cards do. Debit cards are very simple. Don't go below a minimum balance and dont use atms.

They charge you an annual fee just for having the card regardless. They also charge you for other things.

They charge you finance charges as well if you carry balances past a grace period. Finance charges are avoided by paying your monthly balance.

There is still an apr.

CableZL posted...

kg88222 posted...

That's not true on a lot of cards. They wll charge you a monthly fee that is part of the apr.

You only get charged a fee if you have a remaining balance beyond when the full balance is due.

If you have a 15% APR and your balance is 0, then you pay 0 extra.

At this point, I'm wondering if he is referring to the Annual Fee that some cards have. I know that's not what is literally in his posts but after it's been explained to him so many times, I just can't help but think maybe he is calling it by the wrong name or something.
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kg88222 posted...

There are tons of hidden fees though. Credit cards have a ton more than Debit cards do. Debit cards are very simple. Don't go below a minimum balance and dont use atms.

They charge you an annual fee just for having the card regardless. They also charge you for other things.

If you don't want a card with an annual fee, then sign up for the plethora of cards that don't have annual fees.

And when you say "they also charge you for other things," please be specific. It sounds like you're just making things up.
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kg88222 posted...

There are tons of hidden fees though. Credit cards have a ton more than Debit cards do. Debit cards are very simple. Don't go below a minimum balance and dont use atms.

They charge you an annual fee just for having the card regardless. They also charge you for other things.

Ok so I was right. Not all cards have an annual fee and it's known up front beforehand

I've never been charged even $0.01 in fees of any type for using my CC. Not sure where you are getting this from.
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kg88222 posted...

There are tons of hidden fees though. Credit cards have a ton more than Debit cards do. Debit cards are very simple. Don't go below a minimum balance and dont use atms.

They charge you an annual fee just for having the card regardless. They also charge you for other things.

They charge you finance charges as well if you carry balances past a grace period. Finance charges are avoided by paying your monthly balance.

There is still an apr.

Many basic banks ones charge 0 fees ever for a credit card. APR would only come into play if you dont pay off your balance at the end of the month.

I cant tell if youre trolling or just very ignorant

kg88222 posted...

They charge you finance charges as well if you carry balances past a grace period. Finance charges are avoided by paying your monthly balance.

There is still an apr

right, that's only if you don't pay it off. If you aren't going to be responsible and pay it off in full every month then I agree, you shouldn't get a credit card.
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