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Debit card, credit card or cash?

February 16th, 2007 at 11:05 am

I don't carry a lot of cash. I don't even own a debit card. I use my cash back credit card for most purchases.

Although, I use my credit card like a debit card. Which is to say that when I make a purchase I subract it from the checkbook. When I get the bill, I simply add up my highlighted items in the check register and write a check to the credit card company. I found this to be the best way for me. No surprise credit card bills or dreading opening the bill and cash back is the icing on my cake. (which makes a nice Christmas Savings account)

7 Responses to “Debit card, credit card or cash?”

  1. Little L Says:

    I just got a mileage credit card. I plan to replace my debit card, which is used for ALL purchases, with the new CC.

    I plan to enter all purchases into my register also, just like you do, so I'm guaranteed to have the cash available to pay it. I will be making weekly payments in the beginning until I get used to making 1 large payment per month.

  2. threebeansalad Says:

    I use credit for the vast majority of things. I use cash only for a small purchases. I get 1% cash back and pay my balance in full every month. I also track my my purchases in Quicken and check periodically throughout the month to assess my spending. This way I don't worry that I'm charging too much.

  3. Ima saver Says:

    I don't have a debit card either. I write down my card purchases in a notebook and keep track of it that way.

  4. Amber Says:

    You know I read somehting similar to this on another site and was thinking about doing the same thing. Right now I use my debit for every thing

  5. Broken Arrow Says:

    This subject has been asked in the forums at least a couple of times now, and I think it's far from being exhausted!

    The reason why is because I think the best form of currency is one that works best for you. No, really! I no longer believe that one form is intrinsically better than the other. Only what works best for you.

    Some do better with cash than plastic, and some do better with plastic than cash... and the varied reasonings are all fairly valid in my opinion.

  6. LuckyRobin Says:

    Maybe I'm old fashioned but I like using checks and from the CU its not expensive to do so. Why do I like them? Because you have to take the time to write it out and fill in the amount and really be aware of how much you are spending. How easy is it to hand over a $20 and watch it fly away? Do you even notice the amount of a purchase with a credit card? I know I seldom did. I'm not quite ready to use my debit card consistently, I think I still need the reminder of writing the check out. Though I do pay things electronically a bit.

  7. Nic Says:

    I'm still using a debit card. I'm afraid i'll go overboard w/any type of rewards card. With m debit,I see exactly how much I have, or DON'T have.

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