Why Credit Cards Rule Over the Inferior Debit Card

By Craig Ford (Staff Writer), on November 11, 2009

I’m still trying to figure out why people think I’m foolish for using a credit card instead of a debit card. I’m a Dave Ramsey listener and fan so I’ve heard him rant and rave over the credit card — burn it, torch it, drown it, just be sure to kill it (if you’re not familiar with Dave Ramsey here is an introduction). Seriously though, don’t you think the whole no credit card intolerance has gone a little too far? When you take off your thinking cap the results can be dangerous.

mighty

Photo by MVI via Flickr

I imagine the following discussion.

Setting: A nosy neighbor comes into my home and sees my circular saw and says:

Nosy Neighbor: “Hey Craig, you need to stop using that saw because if you ever took the blade cover off it would slice off your finger.”

Me: “But I never take the blade cover off.”

Nosy Neighbor: “I’m just saying if you did take it off, it would be dangerous.”

Me: “I don’t take it off.”

Many of the conversations I have had about credit cards and debit cards have sounded much like the conversation above — except we talked about the two forms of plastic. The concerned citizen says my credit card is a danger to my family, my future, and my finances. I say my track record has proven otherwise. And around and around we go in circles. It is almost as if people are unwilling to have a rational discussion about the advantages of credit cards.

If the discussion was about plastic versus cash, then you have some valuable arguments in favor of cash being cheaper. However, because plastic is more convenient people start to make a big deal about how you should use a debit card and not a credit card. If the discussion were about poor money managers who did not use credit wisely, then my view would be different. But for people who manage their purchases and pay off their bills each month, I think carrying a credit card is fine. And to be on the safe side, our family has established some credit card guidelines that protect us from improperly using the cards.

Why Credit Plastic Demolishes the Weaker Debit Plastic

1. People do not spend differently using debit or credit forms of plastic.

Let’s say you are filling up with gas at the local gas station. Do you think that you would spend a different amount if you used the debit card? I seriously don’t think you would.

2. Accounting errors with a debit card can be much more costly than a credit card.

With a credit card I only have one major accounting task — to pay the bill at the end of the month (plus to review my statement). But, with a debit card I need to be sure there is cash in the account and to be sure when checks clear they do not conflict with my debit card purchases. If I make a mistake with my calculations I will get hit with a $29.00 bank overdraft fee. Personally, I know I’m more likely to overdraft than I am to miss an automatic credit card payment.

3. Credit cards offer bonus cash back or points rewards.

Let’s return to the discussion about filling up with gasoline. If I put $50 in the tank with a debit card I get zero bonuses. With the credit card I can get a few percent cash back (or comparable points) with most cards. Essentially, I get something for doing nothing. Take a look at the best credit cards.

4. Credit cards are more versatile with added features.

A couple of years ago I went to rent a car with a debit card. I learned that if I used my debit card I was required to pay the extra insurance at $12.95 per day. I chose instead to use my credit card so I would avoid the $12.95 fee.

5. Credit cards build your credit.

I do not know my FICO score, though a banker once told me, “Man, you have a good score”. While I try not to care about FICO I know some companies do care about the score. Your FICO score impacts car insurance rates and home mortgages, so I’d like to have a better score. If carrying a credit card instead of debit card helps improve my FICO score, then I will carry a credit card.

Next time you encounter a real life credit card user, don’t automatically dismiss them as having a lower IQ. There are legitimate reasons to choose to use credit over debit. With that said, if you are a credit card user and you habitually do not pay your full monthly balance, then there are probably about 1,000 reasons why you should cut up the credit card. If you are a responsible credit card user, I don’t think you should be bullied into ditching the card. I definitely don’t think there is a valid reason to switch from a credit card to a debit card.

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Craig is a fulltime missionary in Papua New Guinea who writes Money Help For Christians and Help Me Travel Cheap, a frugal family travel blog. He is the author of Money Wisdom From Proverbs, has a Masters of Divinity degree, and (most importantly) eats homemade pizza with his family every Friday night.

All posts by Craig Ford (Staff Writer)

31 Comments

Meg from FruWiki
November 11, 2009, 20:38

“1. People do not spend differently using debit or credit forms of plastic.”

Do you have anything to back that up? I know I spend differently using a debit card because I pay much closer attention to balances so I don’t go over.

“But, with a debit card I need to be sure there is cash in the account and to be sure when checks clear they do not conflict with my debit card purchases. If I make a mistake with my calculations I will get hit with a $29.00 bank overdraft fee.”

Having separate accounts for bills and general spending can help if you’re paying a lot of bills with checks that might not clear immediately. Also, I keep enough in my main checking account as a buffer to cover my largest bill and then some, so I’ve NEVER had an overdraft EVER. Also, some banks let you set it up so that your debit card is just declined instead of over-drafting. But of course, watching your accounts and making note of checks is just good common sense. I’d rather do that then spend more than I have anyhow.

“3. Credit cards offer bonus cash back or points rewards.”

Have at ‘em. Maybe you spend a lot more than I do, but I never got a lot of rewards — definitely not worth dealing with the scumbag credit card companies who can and do change terms as they please.

“4. Credit cards are more versatile with added features.”

Depends on the company.

“5. Credit cards build your credit.”

Already got a mortgage, but if I didn’t I’d rather save up the old fashion way. I really doubt my car insurance would be affected much if if I used credit cards. Of course, it would go up if I ruined my credit by not paying my credit card bills — which I have no plan to do. I’m reminded of a case, though, mentioned on Dave Ramsey where a couple trying to buy a house found out that their credit was hurt because of a VERY small sum on a store credit card that had gone unpaid because they were simply unaware of it. Oops! No risk of that with my debit card.

Anyhow, play with snakes if you want but I’m done with the hassle of credit cards.
Craig Ford (Staff Writer)
November 11, 2009, 21:28

@Meg
Thanks for your comment I’ll do my best to address your concerns.

#1 – I should have written “I don’t spend more”. I have studied my own spending, but honestly have not looked into any outside studies. I do think it is true that psychologically plastic is plastic. Anyone else have any thoughts on this?

#3 – I don’t actually think I do spend more with credit plastic than I do with debit plastic. For that reason my theory is that if I use plastic I might as well get rewards. If they do change the terms and I don’t like it – I just cancel the card. I am the customer and I have cancelled cards that implemented policies I disagree with.

#4 – In terms of cc versatility, I have only bought something once (Dave Ramsey site) that accepted debit and not credit. But, I have been many places (overseas) that accepted credit cards not debit cards. Hence, they are more versitile. I would be interested to know what debit cards have more features than the typical credit card.

#5 – Like I said in the post, I don’t even know my credit score. I don’t really care about my credit score, but if sliding a credit card for a payement instead of a debit card for a payment builds my credit, then I’ll do the thing that helps my credit. In the future there might be other things where people look to your credit score.

Regarding your ‘playing with a snake’ comment.
First, this post is not supposed to convince anyone to use credit cards (I rarely do).
Second, this post is not arguing that credit cards are better than cash (I think cash is best).
Third, I rarely use credit cards. When I do I pay my large reoccuring bills, work related payments, and travel expenses overseas. I do not use it for day to day shopping purchases (I use cash). In fact, when I use my credit card overseas (0% foreign exchange rate) I save 1-2% overseas compared to my debit card. Still, people say I SHOULD use a debit card – I’m honestly not sure why. What is the difference?

In all humility I want to know – what is the danger of using credit cards (instead of debit cards) for a person with good credit, good accounting, and disicpline? How, after 12 years without a single credit card fee does my using credit cards parallel playing with snakes? I want do want to have a healthy financial plan. Please help me see the light.
Is there ever a case where someone could say – I hate credit cards, but in your case it really doesn’t matters if you use credit or debit.
RussJay
November 11, 2009, 21:40

Its not one or the other, but when to use both. My checking account pays 4% APY, and it requires using the debit card 10 times per month. Which I do for small items, gas,supermarket etc. Last week I bought a new mattress,box spring set and I used my rewards credit card to pay $1200. It gives me added protection if something went wrong, and cash back is nice.
Kevin
November 11, 2009, 21:54

One of the most irritating things I see when reading a lot of debt blogs is the irrational hatred of credit cards. You can’t talk them down from their moral high ground so I don’t bother.

I am not in debt because of credit cards. In fact, it wasn’t until I really focused on getting rid of my debt that I first swiped my credit card. I got my first card in college and I figured out that it was over 100 months before I charged my first item. It wasn’t on that card. They canceled it about 6 months before But I had a different card.

I am in debt because of student loans, a car payment (that was pretty dumb), and my mortgage. I call the car payment dumb because I was raised to by a mother who taught me to never have a car payment. Until that point, every car I owned was a beater that I paid cash for. But I had a new job and wanted a nicer car for once. I still bought a used car and got a decent deal on it. But if I had bought another beater and saved the money, I would have been better off. The mortgage is bad because I got a loan that would never go through in today’s market. I got an 80/20 mortgage with no money down. I bought a foreclosed home so the deal wasn’t too bad. Still, thanks to a constantly declining housing market, I am upside down in that house. I’m not moving so it’s not going to hurt me. One of my financial goals is to pay off that 20% mortgage and get some equity in the house.

I started to use the credit card for many of the reasons you mentioned. I was already using my debit card for everything. I rarely used cash — it flows like water through my fingers. I had a strict budget in place for expenses and knew how to stick to it while paying with a card. And I knew I could and would pay off the entire balance each month. I don’t even use the grace period all that much. As soon as the previous month closes, I send the full payment. By the time the paper bill arrives in the mail, the account is already paid off. So there’s no worry about being hit with a late fee. And my online bill pay is electronic so there’s no money getting lost either.

I’ve seen a different rental car issue before. My GF (who doesn’t use credit cards) was going to use her debit card but they were going to put a $300 deposit/hold on the card that wouldn’t be there with a credit card. So we switched and put it on mine. The $300 hold would have taken the rest of the money she had budgeted for that specific trip… and made renting the car pointless when she didn’t have the money in the account for the gas and hotel she planned on staying at.

So far, my credit card has given me some extra money to pay towards the debts. I have stayed within my set budget and even under budget in some areas. I also find it easier to budget each month with my checking account balances. Since as the gas and food expenses come out at one time instead of ‘randomly’ during the month.
Mr. ToughMoneyLove
November 11, 2009, 22:38

All good theoretical points but you are allowing the exception to define the rule. Let me suggest this: Do a study of personal bankruptcies and/or foreclosures. Compare the number of credit card users to debit card-only users. Then write this article again.

Oh – and that rewards card thing? Nothing but a ploy to encourage more unnecessary card spending. And it works.
pharmboy
November 12, 2009, 0:01

I don’t think you’re foolish, but my wife and I don’t use credit cards for two reasons:

First, and this is a minor issue, I don’t like the idea of having a large bill (2 or 3 grand) do at one time of the month, we don’t have a mortgage anymore, so I enjoy the fact that our expenditures are spread out over 30 days.

Second, I really do believe that credit cards, overall, have a significant negative effect on our society. I realize that many people use them with no problem and even get some benefits and I was no different for years. But millions of people also end up getting hurt by their debt, and so as a matter of principle, I choose to not use their product. I don’t visit casinos for the same reason.
Craig Ford (Staff Writer)
November 12, 2009, 1:34

@pharmboy
I appreciate that you are confident of your position and not judgemental of those who disagree.
So would you say you contientiously object to credit cards based on their negative impact on others? I think this is one of the strongest reasons not to be a credit card user.

@Kevin
I wonder why there is such an irrational hatred of credit cards.

I do think that the biggest difference between the credit card and the debit card is apparent when you are renting a car.

@ Mr. ToughMoneyLove
While I agree that we should not allow exceptions to define the rule, I would disagree that these points are ‘theoretical’.
Ultimately, the question is what is the point of this post – to say that credit cards are awsome? No – I don’t believe that.
To say that everyone in the world must use credit cards? Nope, I don’t beleive that.
The point is simple – for some people and some situations credit cards make more make sense than debit cards- even a lot more sense. Those people they should not be belittled because of their choice to use credit.

Regarding rewards – I agree completely. They are a marketing ploy. Yes, they do encourage people to spend more money. But, when I know I’m going to buy something with plastic I don’t have a problem getting the rewards.

@ RussJay
OK. I’ll accept the both option. A checking account at 4% is certainly the exception these days. Of course, if using your debit card 10 times allows you to get that rate – good for you. The debit cards are trying to compete for their share of the plastic market.
Financial Samurai
November 12, 2009, 6:04

Craig – Not even curious to know your FICO score? You get a free report once a year I believe, and knowing is half the battle! Then again, it’s overrated if you don’t plan on taking on lots of debt.

CC’s are fine. Sometimes thought, you don’t let kids play with guns.

FS
Sam
November 12, 2009, 7:45

I don’t like the idea of having a large bill (2 or 3 grand) do at one time of the month, we don’t have a mortgage anymore, so I enjoy the fact that our expenditures are spread out over 30 days………….
Craig Ford (Staff Writer)
November 12, 2009, 9:27

@Financial Samuria – I guess I am curious to know my FICO score, just not curious enough to do anything about it. Typically, to get your credit score you actually have to pay. I don’t think the report includes a score. Can anyone confirm that?

@Sam – nothing wrong with spreading out your expenses over 30 days. It actually sounds like a good plan to me.
Sandy
November 12, 2009, 10:35

It’s not guns, that kill, it’s people that kill. It’s not credit cards that drive people into debt, it’s people who drive themselves into debt
mario
November 12, 2009, 14:15

After I paid off all my credit cards. I decided to use just one and hide the rest for safe keeping (in case of a big big big emergency).

I treat my card like a check book. I keep track of my current cash balance in the bank with an excel worksheet. When I use the credit card, I update the worksheet at the end of the day, debiting the bank balance and crediting the credit card column. At the end of the billing cycle, I have the cash to pay the credit card in full. The bonus I get for doing this is the cash back points. I get $50 for every 5000. I average about $500 a month on the card so I get at least $50 back every 10 months.

Now, it takes a lot of discipline to make sure you don’t “overdraw” and it may not be for everyone. It has worked for me for the past 3 years now.

On another note, recently we’ve received a couple of letters from the credit card companies, whose cards we’ve put away, saying that they were reducing our credit limits due to inactivity.
Miranda
November 12, 2009, 15:49

@Craig: You can get a free credit score, based on TransUnion, from CreditKarma.com. It gives you a nice idea of where you are at, even though it won’t do in terms of what lenders actually use.
Joel from Credit Card Chaser
November 12, 2009, 16:29

Craig, this is by far my favorite post out of everything that I have read today just because of your great “Nosy Neighbor” analogy!
Craig Ford (Staff Writer)
November 12, 2009, 16:48

@ Miranda – thanks for the helpful information.
pharmboy
November 12, 2009, 16:53

That’s exactly right! I don’t use credit cards because of their negative impact on society. I don’t believe they should be overly regulated to “protect” consumers, but as a society we should freely choose not to use them, because of the harm they cause especially with the casual, ubiquitous role they have settled into in our society.

My first child is 2 weeks away from being born, and if he or anyone else even partially rationalized their use of a credit card (for a big screen TV of course!) because this thought entered their mind: “well so and so uses credit cards and he is good with his money”, it would really bother me.
JerryB
November 12, 2009, 22:55

Whether I’m paying cash or using the CC, I agonize over any spending that is outside my budget. I keep track of my spending on a spreadsheet and can tell with just a glance how I’m doing for the month.
Mike
November 13, 2009, 10:24

I would like to share my experience with CC in response to this email. And I believe I can help answer the question of why so many are such avid opposers of CC, even when seemingly used rationally.

I have never once paid one penny of interest on a CC. I was raised to use them for their benefits, but to pay them off each month. And that was what I did throughout my college years and into my first several years of marriage. I have never had any CC debt. Until one day I read Dave Ramseys Total Money Makeover. As a christian I became aware of my incorrect use of debt. I had always thought, I’m good financially because I don’t have any CC debt, never mind the 35k in cars and student loans. So we decided to implement Daves plan, the whole plan and nothing but the plan. We had wonderful success and paid off all 35k in 9 months. We were debt free but our home. I had not used my CC, but it was still in my wallet. A security blanket of sorts.

In celebration of our progress I decided that we could make a celebratory purchase. We almost had our 3-6 months emergency fund in place, and we could afford it. So $3000 dollars later, we had a beautiful new TV cabinet and 52″ flat screen television (along with a more expensive cable bill for HD channels). The only problem was I had not saved up the cash. I put it on that CC because I knew I could afford it. And it took up every extra penny over the two months that it hit our bill to pay it all off.

Did I spend more than I would have with cash? No. But it was the patience and timing that was lost because of the CC. I had not followed the plan. And the CC in my wallet created the opportunity for me to abandon the plan. So I cut it up.

I’m good with money, but I’m also a good rationalizer. Removing the possibility of purchasing before I had saved the cash is the reason I don’t have a CC.

And I think we are so opposed to them because we have seen the hurt they cause many people. Just like Pharmboy, they target people who will make them money.
Matt Jabs
November 13, 2009, 10:44

Arguing the use of credit vs. debit is a popular topic these days.

I see the same void in this article that I see in nearly all articles of this nature – using a product (a CC is a money making product) from an industry that seeks to exploit the poor for gain. Before teeth gnash, I’m not saying CC users are exploiting the poor… but the industry itself. And if I have to convince of this fact, woe to us.

Most people are unaware of this argument, so they are not accountable. But for those who know the credit industry preys upon the weak and disadvantaged… for them it is an entirely different responsibility.

Cheers!
Jim Juber
November 13, 2009, 15:49

Did you know that you contradicted yourself in Reasons 1 and 2?

#1) You spend the same regardless if using a debit or credit card
#2) You check and double check your bank balance to be sure you have the necessary funds for a transaction.

So, judging by your article, you actually think about your spending when using your debit cards. Hence, Mr. ToughMoneyLove is on to something, the rewards are just a ploy to get card users to spend more money.

Also, just owning a credit card boost your FICO. No need to use it.
Craig Ford (Staff Writer)
November 13, 2009, 17:18

@ Jim. Thanks so much for your comment. #2 I’m not saying that I double check my bank balance when using a debit card – I don’t use my debit card. In order to sucessfully use a debit card I would need be a knowledgeable money manager. If a person is bad at accounting and overspends with a credit card I don’t think using a debit card will make them any more responsible. If they don’t get their act together debit cards are also quite costly.
In my response to Mr. ToughMoneyLove I did agree that rewards are a ploy. We might use another phrase – a marketing strategy. Imagine I’m going to open a bank account. One offers a $50 sign up bonus and the other $0. Would I really be better to open the account with no bonus just becuase the other is a ploy to get me to open their account? I don’t think so.
Finally, I completely agree about your statement regarding the FICO score. I am a very, very limited credit card user. I use cash for 95% of my purchases. I mentioned in an earlier comment that I only use if for three types of purchases. Over the last two months I have make less than 5 credit card purchases.
Again, I simply cannot see that using a debit card for those five purchases will drastically change my financial plan.

@Matt. I knew you would hate this post – sorry you chose to endure it .
Remember, this post is not about promoting cc’s. It is about comparing a cc and a debit card.
If I’m going to use one of two forms of plastic – why not get cashback. This might not be a primary or even significant factor, but it is a factor nonetheless.
I do beleive the most convincing argument for not to use a cc is the moral argument. But, I’m still not completely convinced (not to say that one day I won’t be …).
I have rare occassions (two times a year) where I spend around $10,000 in business expenses in a month. The cc allows me to charge those espenses and get reimbursed later. For me it is irresponsible to use all of my emergency fund (intended for my family) to cover business expenses.
I don’t think that my owning a cc in any ways means I am irresponsible towards my neighbor. I does, however, mean that cc do provide legitimate services for some people.

@Mike.
Thanks for your feedback. I have no problem with people avidly opposing cc’s. Honestly, I don’t promote cc usage (read through my comments here). What I do oppose is a thoughtless opposition where a person’s ideas MUST apply to everyone else.
There does seem to be a trend in these comments to attack the cc. That is fine. I’m not a cc fan.
To focus on the essence of this post – what would have happened if you used a debit card to buy a $3000 TV (and you didn’t have the money) instead of a cc? The first thing is that you would get hit with a ton of fees. You would probably have your bank account closed. You would have trouble opening a bank account for a long time. You would probably get sued. The problem is not that you used a cc instead of debit, but that you bought something with plastic that you could not afford. Let me know if I’m wrong. This post compares two forms of plastic. Do you think you would be better off today if you used a debit card that day instead of a cc to buy the TV?
Matt Jabs
November 13, 2009, 22:17

I have trouble with the concept of separating the morality from the situation. I would argue the morality as a paramount issue.

Per EF, personal EF should never be mixed with business costs, rather always remain independent of each other. If the money is not there for the business expense, should the purchase be made at all?
Kim
November 14, 2009, 16:55

Buy using a credit card wisely you have the ability to build your credit which in turn increases your FICO score as you mentioned. This is an opportunity to show that you as a credit card holder are capable of being responsible with discipline, spending within limitations and paying your bills on time. Without this it simply removes one simple way of building up credit.

The FICO score which is made up of your credit scores is something that is earned based on proof through responsible action. That is not an evil thing at all. It is an opportunity to use something for your benefit and the results will be based ultimately on the card holder’s actions.
Kristen from FiLife
November 15, 2009, 23:01

Another bonus that comes with using a credit card is that credit card companies provide insurance that a debit card does not provide. So if there are fraudulent charges, you are better protected if you used a credit card.
Terry
November 15, 2009, 23:21

I’d add one more:

Dave Ramsey likes to point out that (contrary to what many believe) you CAN rent a car with a debit card.

BUT – and here’s a big problem – you need to have a fairly large checking balance to rent a car with a debit card, because the rental company places a hold on a big chunk of money. With a debit card, if your current balance isn’t that big, you can’t rent a car with a debit card.
Craig Ford
November 16, 2009, 8:58

@Kristen – I have heard differing facts about the protection differences between credit and debit cards. My debit card paperwork says it offers zero liability protection and fraud monitoring (just like the credit card). As far as I understand both offer the same protection, but a debit card might take more time to get fradulent funds returned to your account. Anyone know the scoop? Either way it would be a credit card advantage.

@Terry – You are exactly right that you can rent a car with a debit card (thought you need to ask in advance as not all companies will allow it). As I shared in my post, some do not dislose that they have additional require insurance fees for debt card users.

@Matt – I agree morality is a paramount issue. Thanks for clearly sharing your position.
Financial Samurai
November 20, 2009, 23:43

Craig – What are your thoughts about some publishers who advertise cards to college students and such? Do you think that’s right?
Tina Fortune
November 22, 2009, 9:03

I gave up the debit card a few years ago when I was dinged a $35 fee for the miscalculation of a penny! Yes, I accept that it was my fault. I could give a number of excuses as a single/divorced mom of 3 with way too much on her plate. Yet, it was indeed my error. I went to the cash envelope system and (gulp) yes credit cards. I now have paid them off and use the credit cards for insurance and to increase my scores since I BK’d after my divorce 5 years ago. I do not believe that the spending is the same for debit cards as it is for credit cards though. Spending a debit card is just like spending cash whereas we all know there is some leeway with the cc.
Craig Ford (Staff Writer)
November 22, 2009, 16:49

@financialsamurai – Great question. Now if I could only figure out if I’m walking into a trap … .
My first reaction – not if it is preditorial.
My second reaction – how does one know when something crosses the ‘preditorial’ line?
My third reaction – a lot of advertisers focus on teens and college students. Do college students just have more money than sense?
My fourth reaction – I really don’t know exactly what cc companies are doing on campuses so I’d better plead the fifth.

BTW, I am not trying to be as unhelpful as possible, but this is a complex issue.
priya
December 21, 2009, 11:26

if the customer already has a credit card y does he need a debit card?
zoraker
February 1, 2010, 16:20

As to the morality claim, maybe you would feel better contemplating that owning, using, and paying off a credit card every month actually costs the credit card companies a lot of money because they aren’t getting the interest payments or other fees or charges, and have to make due only on the small fees they can charge the businesses to use the cards.

To some people it would feel like, “sticking it to the man”.

With Discover in particular it is very easy to realize $100 to $150 a year just by paying regular recurring payments with the card. You can also donate that money straight to charity from the website if you don’t want to dirty yourself with it.

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