Why I Ditched My Debit Card
All about that credit card life
I'm going to make a confession: I don't use my debit card. To be honest, I haven't used it in years. And while that's not something our Card Solutions Manager here at Visions will like, the fact is, I'm all about my credit card.
Here's why I broke up with my debit card and haven't looked back.
This is the big one. If I'm already spending money, why shouldn't I spend in a way that will make me money? As my colleague pointed out in another blog post, credit card rewards are great for a number of reasons. From stocking up on gift cards for the holidays, acting as a mini-emergency fund, scoring discounts for travel – rewards are the reason I reach for my credit card every time.
It's good for my credit
To be more accurate: it's good for my credit because I try to use it responsibly. You see, when it comes to your credit score, making your payments on time and keeping your utilization in check can make a big difference. By keeping it active, making my payments on time (or early), and keeping my balance low, I'm ensuring that my credit score stays where it should.
Here's the nice thing about credit cards: they have a limit. And if I experience fraud on my account, I know that I can shut it right down and get provisional credit. That means I don't have to risk my account going into the negative, having one of my bill payments bounce, or anything like that. For me, it's peace of mind.
It's mobile wallet-friendly
Let's be clear: you can put your debit card in your mobile wallet, Apple Pay the day away, and still enjoy how secure and convenient contactless payments are, but there's something about the additional layer of security that gives me the warm and fuzzies. That and I can still benefit from rewards.
Did I mention I really like rewards?
I'm not recommending that everyone ditches their debit card for a credit card. Heck, I have good friends who prefer to use their debit card because it acts as a mini-allowance for them. They like setting up a certain amount of money in their checking account and knowing that once they've spent it all, they're done. And that's great!
For me, though, I'll be sticking with my credit card. We've got a good thing going.