Debit card daily spending limits?

Discussion in 'Teacher Time Out' started by RussianBlueMommy, Apr 4, 2018.

  1. TrademarkTer

    TrademarkTer Groupie

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    I used to be like that, but then I realized how much money I'm throwing away using a debit instead of a credit card. Those cash back rewards can add up (it's basically free money!), and I pay my credit card off in full each month so I never have to pay any fees or interest.
     
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  2. Master Pre-K

    Master Pre-K Virtuoso

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    Ha! Ha!:D
     
    Last edited: Apr 6, 2018
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  3. vickilyn

    vickilyn Magnifico

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    When you can pay the balance off each month, they are great, no doubt about it. But not everyone does or can, because they have impulse control issues. Something is on sale that they want, so they buy it, even though it really doesn't fit in the budget. The rationale is that it is a good deal, so if it takes a few months to pay it off, no problem. In a perfect world and for a person with great control of their spending habits, you are right. For those of us not so perfect, we are probably better off sticking with our debit card. No, I don't keep my money in the mattress, but I was affected by the recession, so I am wary.
     
  4. Master Pre-K

    Master Pre-K Virtuoso

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    "A money order may also be an option, though money orders usually have a limit to their value. The U.S. Post Office, for instance, issues money orders, but their limit is only $1,000. Money orders typically act the same as a cashier’s check.

    You pay cash and the money is drawn from the issuer’s account, not from your personal checking account. Certified checks, on the other hand, can be for any amount as long as the funds are in your checking account."

    What is a Certified Check? AAACreditGuide, 11/17
     
  5. Master Pre-K

    Master Pre-K Virtuoso

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    Credit unions are good way to rebuild credit. Unlike banks, they focus on gaining and keeping the members, rather than charging fees to customers. More flexible and lenient when opening share/savings accounts, checking accounts, credit cards and loans. Usually less than $5 to start, and many will open with a payroll deduction.

    Some have open membership to anyone in the area. Others are restricted to school personnel (so check with your H.R. rep or even union rep!), hospitals, and of course family members who already have an account.

    Nice thing about credit unions is that even after you leave the company, they're motto is "Once a member always a member."

    This is why I like debit cards vs. checks. I set up my account to decline purchases when my account won't cover them. You can write checks all day, as long as you have them. If you forget a payment, and start bouncing checks all over town, those NSF fees add up really fast. And ChexSystems and it's evil twin, Telecheck will haunt you forever. But if you have a debit card, that embarrassing moment in the store when the clerk says, "It's declined, do you have another card or payment?" is actually a blessing to me in disguise. You have no way of knowing your account is jacked up until you check your balance when you write checks. At least with no overdraft coverage, you know you are broke - so stop spending money!!
     
  6. ChildWhisperer

    ChildWhisperer Devotee

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    Apr 7, 2018

    That's what I've been doing since I graduated from college and got my first credit card.
    I didn't know the PIN for my debit card for a long time because I never used it.
    All my credit cards are cash back, which I love.
     
  7. Ima Teacher

    Ima Teacher Maven

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    Anytime that we are going on vacation or planning a large purchase, we call the bank and/or credit card companies and tell them, just so they know that we are the ones doing the purchasing.
     
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  8. futuremathsprof

    futuremathsprof Aficionado

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    Omg, you’re a genius. Why haven’t I been doing this?! I mean, I get rewards for using my credit card, but I even think to do it like you in place of the debit card.
     
  9. Ima Teacher

    Ima Teacher Maven

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    I have three credit cards with reward options, but my debit card does the same. I like that.

    I paid my cards off in full monthly until I stupidly added EX to a couple of my accounts. He took the credit limit as a personal challenge, and by the time I removed him from my accounts, he had run up two of the cards to the limit. I was furious. DH had the same issue with his late wife. We think they would have been a good match. :rolleyes:
     
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  10. futuremathsprof

    futuremathsprof Aficionado

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    Pfft, lol! I mean, I’m so sorry to hear that.
     
  11. Master Pre-K

    Master Pre-K Virtuoso

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    Yeah, you gotta do this. Otherwise, they will freak out and block your card for fraudulent activity! I once made a large deposit, and started spending money left and right. They froze my card. I called the bank and said what gives?? They said, "We noticed unusual activity on your card." Oh, you are not used to seeing me spend my money! :cool::p
     
  12. Master Pre-K

    Master Pre-K Virtuoso

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    Again, that's why they are called EXs o_O
     
  13. Master Pre-K

    Master Pre-K Virtuoso

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    I realized this every time my pain-in-the-butt sister wanted to take me out to eat. She was racking up points and cash back and rubbing her cash in my face.
     
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  14. futuremathsprof

    futuremathsprof Aficionado

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    Yeah, I didn’t even know you could pay bills with a credit card. I’ve never heard of that until now so it never crossed my mind. I just do auto-debit for all my bills, so I don’t even think about it. However, I may switch them to my credit card to build up those points and rewards!
     
  15. mathmagic

    mathmagic Enthusiast

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    Yep - my wife and I solely use our credit cards. Almost 5% on all gas purchases, 3.5ish% on groceries (or stuff bought at the grocery store), 2%ish back on other stuff...adds up to a lot of extra money. But we also are really good with money - no debt, no balance on cards that will accrue interest (we sometimes leave a bit for when the statement comes out - just to show the utilization in terms of credit score)...just lots of "free" money!
     
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