As a society, we love the convenience that comes with swiping a piece of plastic. However, many of us are wary of credit cards. Debit cards, though, are connected to your checking account, so, in theory, what you spend is what you already have in the bank. As long as you are careful to record your transactions in a ledger or using personal finance software, you can still enjoy the convenience of plastic without the worry of debt. However, it is important to understand that debit cards come with their own risks:


One of the main issues with debit cards is the hold. This happens mainly at gas stations, rental car places and hotels.  Read More…


  1. I never carry cash. Everything is done with my debit or credit cards. I just wish my phone could take orders then i wouldnt have to carry my wallet too.

  2. One of the reasons i dont use debit anymore is because i was robbed by the ATM machine. I found out some crooks had hooked up an electronic device that scanned my card.

  3. I have the new type of debit card from BMO that has my face on it. Keeps it more secure when i make purchases.

  4. What’s a debit card? 😀

  5. Banks are eager to get you to use your debit cards at retailers. Each summer TD gives way a free iPod for those customers who use the most in a month.

  6. Beware the debit card? Beware the credit card! Most people have problems with have the other plastic. If everyone just relied on using their debit cards then most people wouldn’t be in financial debt at high interest rates.

    Everyone should watch the movie “Maxed out”!

  7. I remember way back when they were not common anywhere. Most stores thought they were a fad and didn’t give them a chance.

    I also remember there were a ton of brands besides Interac.

    They must be really raking in the dough with each transaction

  8. To each his own. Debit is how i live and play. I’ve never had any problems and dont mind the hold times when i make deposits.

  9. I think it should be illegal for people to use debit cards because of the lack of protection it has. I also hate credit cards and unless i have cash in my pocket i am not interested.

  10. Fraud charges is the main reason i dont use my debit card all that much. Banks only allow you 48 hours to contact them otherwise the charge is your responsibility. At least with credit cards you have 90 days to appeal.

  11. The first commenter makes a good point. Although i am lousy at paying down my balance i can see the logic of doing so.

  12. Most merchants get charged a higher fee when you use your credit card versus your debit card. This is why Dollar stores only take cash or debit card.

    I only use debit card.

  13. I always tell everyone to always use Credit Cards rather than Debit cards because with credit cards you have a thing called grace periods which is literally free money for 25-32 days. After which time the bank will charge you interest. If you pay down the entire balance before the end of the grace period then you pay no interest.

    Why use your own money where it could be earning valuable free interest when you can use the bank’s money for free?

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