Debit vs. Credit Cards

[deserteagle71]

So I was raised to be frugal. It you don't just have to have it don't buy it. Get up at 4AM and drive to a job, get home at 5PM and get on the tractor and work until dark. That's the way both of them lived and worked until they retired.

I get being a scrooge, well being frugal, honestly!

RSKY

Yup. I'm the same way. My Dad worked in a factory, night shift, for years. And worked the farm during the day. Not sure when he got any rest. We all worked that farm - father, mother, 3 kids. One of the things I always remember my parents saying - there is no such thing as man's work or woman's work. There is only work, so if it needs doing, do it! So all of us kids could milk the cows, drive the tractor, do the wash or the cooking. Whatever needed to be done. Best possible upraising.

My parents never had a credit card. Never bought anything unless they could pay cash for it. Here's the invoice for the first new tractor, with snow plow. my father bought outright - after coming to this country as a LEGAL immigrant, with nothing to his name, 11 years before.

 

[scootr]

Yup. I'm the same way. My Dad worked in a factory, night shift, for years. And worked the farm during the day. Not sure when he got any rest. We all worked that farm - father, mother, 3 kids. One of the things I always remember my parents saying - there is no such thing as man's work or woman's work. There is only work, so if it needs doing, do it! So all of us kids could milk the cows, drive the tractor, do the wash or the cooking. Whatever needed to be done. Best possible upraising.

My parents never had a credit card. Never bought anything unless they could pay cash for it. Here's the invoice for the first new tractor, with snow plow. my father bought outright - after coming to this country as a LEGAL immigrant, with nothing to his name, 11 years before.
View attachment 778227

Cool

 

[Oaktree]

Here's the invoice for the first new tractor, with snow plow. my father bought outright - after coming to this country as a LEGAL immigrant, with nothing to his name, 11 years before.
View attachment 778227

Wow, that translates to almost $35,000 today! For that kind of money you could get a much nicer tractor (likely with more attachments) now.

PIF customers regularly spend on the card. We are small potatoes and probably average about 4k a month that we charge and pay off.

$4k/month on a CC and you're considered small potatoes?!?!? 10-15% of that would be a typical month for me on average, I wonder what they'd consider that??

 

[Torvy]

$4k/month on a CC and you're considered small potatoes?!?!? 10-15% of that would be a typical month for me on average, I wonder what they'd consider that??

We put most of our recurring bills on the card, utilities, fuel, food, etc. High volume PIF customers spend 10k or more a month. By using the card and paying in full, even if you use the low end for cash back/rewards, we get $80 a month net 'income' using the card versus paying directly with cash.

 

[Sigarms]

Methinks William from America is a interesting fellow given is post history and the fact that that I see "Get a Free Quote Online" on his first linked "article".

That said, Welcome to TBN William!

 

[von-mil]

Did not click on the Markbecker link.
Did report it as spam.

 

[Torvy]

Not to mention his thoughts on cards are false. As long as balances are paid in full, no interest is charged. Since debit cards take the cash right away, they are inherently more expensive. (because the cash could be earning interest during the 25-45 days)

 

[Gem99ultra]

No they don't...

Change my mind.

The Marathon gas stations around here charge $0.04/gallon more for CC than cash. Many small stores/businesses tack on an extra 3% for CC purchases.

Now... that's just my experience here in Georgia. May not be that way everywhere. After all, our locals aren't exactly on the cutting edge of current affairs I did find out that you can't buy a tractor with either a DC or CC, even if your limit is higher.

 

[Sigarms]

The Marathon gas stations around here charge $0.04/gallon more for CC than cash. Many small stores/businesses tack on an extra 3% for CC purchases.

Actually, I've found the above to be the case when we go to South Carolina as a family for vacation.

Just hate seeing a sign for X amount only to find out that it's more if you pay with a credit card.

Sorry, just find it very irritating when you want to fill up and you have (or want) to pay cash and you have no clue how much it's going to run you

 

[two_bit_score]

The Marathon gas stations around here charge $0.04/gallon more for CC than cash. Many small stores/businesses tack on an extra 3% for CC purchases.

Now... that's just my experience here in Georgia. May not be that way everywhere. After all, our locals aren't exactly on the cutting edge of current affairs I did find out that you can't buy a tractor with either a DC or CC, even if your limit is higher.

I bought my Diamond C GN trailer on my Amex card.

 

[two_bit_score]

Actually, I've found the above to be the case when we go to South Carolina as a family for vacation.

Just hate seeing a sign for X amount only to find out that it's more if you pay with a credit card.

Sorry, just find it very irritating when you want to fill up and you have (or want) to pay cash and you have no clue how much it's going to run you

We are a little more up front in Texas. They can’t charge higher for paying with a CC but they can give a ‘discount for cash’.

So stations show the CC price and the cash price side by side.

 

[Streetcar]

I had my debit card number stolen, I rarely use card except at atm.when I saw the extra charges I went to bank to get new card and dispute charges. Bank manager told me never use debit card except at atm. He said risk to my account was too large

 

[Jstpssng]

The Marathon gas stations around here charge $0.04/gallon more for CC than cash. Many small stores/businesses tack on an extra 3% for CC purchases.

Now... that's just my experience here in Georgia. May not be that way everywhere. After all, our locals aren't exactly on the cutting edge of current affairs I did find out that you can't buy a tractor with either a DC or CC, even if your limit is higher.

Many places here charge an extra dime per gallon for using a CC. Last fall I ate at a nice, privately owned restaurant; when I went to pay I found they also charge an extra 3% for using a CC. (They probably had noted that on the menu.) Had I known sooer I'd have paid cash. However, as is my custom I had left cash on the table for the waiter, and planned to put the rest of the tip on the card for the government.

 

[Jstpssng]

We are a little more up front in Texas. They can’t charge higher for paying with a CC but they can give a ‘discount for cash’.

So stations show the CC price and the cash price side by side.

They do the same here. However one chain only gives the dime off it you use their "Debit Card"... there's no way in HE!! they are going to access my checking account.*

I believe that is the point of this thread.

*They lost me as a customer by doing that. I used to buy most of my gas there.

 

[bnold]

The stations I frequent in Tx with the separate cash/credit price still benefits me to use a card for the cash back. I get more cash back than I would save with the cash discount.

 

[KDubU]

CC only here and have been for years. Why use my money when I can “borrow” with no interest for 3-4wks? Granted there is a yearly fee for most CC’s but I earn $200+/mth back in cash with my cc.

 

[Jstpssng]

CC only here and have been for years. Why use my money when I can “borrow” with no interest for 3-4wks? Granted there is a yearly fee for most CC’s but I earn $200+/mth back in cash with my cc.

There was a time when I took advantage of every "bonus offer for a new card, and now have too many cards most of which set in my safe waiting for them to be canceled for non-use. I think I have a dozen, of which I use 3 with the best rewards and don't pay fees on any of them.

One of them just boosted my limit to over 15! WTF do I need that for?

 

[jyoutz]

I use debit cards exclusively. No high interest credit cards for me. The debit card accesses cash I hold without having to carry cash. I earn 2% on each purchase. Yes earn 2%, have for years. And the seller pays the trnasaction fee not the buyer, hope this helps

I do too. And yes I’ve had them hacked twice over the years. Both times the bank closed the card, issued a new one, and refunded the fraudulent charges.

 

[Sprinkler Fitter]

Either way the banks make ~3% of every transaction and you get to pay that "tax"

How does my bank make 3% when I use my debit card?

 

[Jstpssng]

How does my bank make 3% when I use my debit card?

They charge the vendor you are doing business with. How do you think that banks can afford to pay 2% back on purchases?