Author Topic: Bad Money Advice  (Read 4346 times)

trammatic

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Bad Money Advice
« on: May 03, 2012, 06:08:56 AM »
Just wanted to share that this blog is back up and running.  It's not of the early retirement sort, but more of the exposing dumb things that people do with money sort.

http://badmoneyadvice.com/2012/05/credit-cards-debit-cards-and-crazy-americans.html

AJ

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Re: Bad Money Advice
« Reply #1 on: May 03, 2012, 02:17:50 PM »
Just wanted to share that this blog is back up and running.  It's not of the early retirement sort, but more of the exposing dumb things that people do with money sort.

http://badmoneyadvice.com/2012/05/credit-cards-debit-cards-and-crazy-americans.html

Meh, I find this somewhat unconvincing. Yes, you will trade a small amount of interest to use a debit rather than credit card. But for people who don't have infinite will power (i.e. most people that don't read this blog...and some that do), I don't think it is crazy or stupid to trade miniscule amount of interest for help staying out of debt. In fact, I'd say that that level of self awareness (to know that you can't trust your future self with credit) is wise.

Other than that, debit cards offer the same protection as credit cards as long as you swipe it as credit, and they have the same rewards as well if you bank in the right place.

Are credit cards fractionally better? Yes, but not enough so to call debit card users "crazy and stupid." It just makes for a more sensational title.

velocistar237

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Re: Bad Money Advice
« Reply #2 on: May 03, 2012, 02:24:29 PM »
Some of his posts are better than others, and I think trammatic was just pointing out that the author has started posting again after a year-long hiatus.

AJ

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Re: Bad Money Advice
« Reply #3 on: May 03, 2012, 03:50:04 PM »
Some of his posts are better than others, and I think trammatic was just pointing out that the author has started posting again after a year-long hiatus.

Ah, got it. :)

arebelspy

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Re: Bad Money Advice
« Reply #4 on: May 03, 2012, 04:00:02 PM »

Other than that, debit cards offer the same protection as credit cards as long as you swipe it as credit, and they have the same rewards as well if you bank in the right place.


A lot of times they don't ask, you just swipe and it automatically detects that it's debit and asks for a PIN.
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
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AJ

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Re: Bad Money Advice
« Reply #5 on: May 03, 2012, 04:03:27 PM »

Other than that, debit cards offer the same protection as credit cards as long as you swipe it as credit, and they have the same rewards as well if you bank in the right place.


A lot of times they don't ask, you just swipe and it automatically detects that it's debit and asks for a PIN.

This is true, but just push cancel and it will automatically run as credit instead.

arebelspy

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Re: Bad Money Advice
« Reply #6 on: May 03, 2012, 04:44:51 PM »

This is true, but just push cancel and it will automatically run as credit instead.

Huh, did not know that.  Thanks for the tip!
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.

 

Wow, a phone plan for fifteen bucks!