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Bank of America Plans $5/month Fee for Using Debit Cards .

Home ▸ Archive ▸ Serious Business ▸ Bank of America Plans $5/month Fee for Using Debit Cards .
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queencitybuckeye

Senior Member

7,117 posts
Sep 30, 2011 2:48 PM
dlazz;917342 wrote:Credit cards build interest because they tie up "future" funds.
Not sure what you're saying here. If you use a credit card and pay it off monthly, you're effectively borrowing money interest-free.
Sep 30, 2011 2:48pm
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MontyBrunswick

Sep 30, 2011 2:51 PM
queencitybuckeye;917351 wrote:Not sure what you're saying here. If you use a credit card and pay it off monthly, you're effectively borrowing money interest-free.
This is true, but most people (including myself) carry a balance from month to month. If you use a debit card for everything it's more challenging to bury yourself in debt.
Sep 30, 2011 2:51pm
LJ's avatar

LJ

Senior Member

16,351 posts
Sep 30, 2011 2:52 PM
I just like cash accounting myself.
Sep 30, 2011 2:52pm
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gut

Senior Member

15,058 posts
Sep 30, 2011 2:57 PM
dlazz;917342 wrote:Credit cards build interest because they tie up "future" funds.

Debit cards do not carry interest, and they do not tie up future funds. They also allow you the convenience of using "real" money, when you have no cash on hand.
Credit cards build interest only if you don't pay it off every month. And if you are spending more than you have, then learn some fiscal discipline (or get a credit card with a much lower balance). I don't see how using a debit card imposes more fiscal restraint, unless you empty your bank account about every month in which case you have bigger problems.
Sep 30, 2011 2:57pm
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MontyBrunswick

Sep 30, 2011 2:59 PM
Oh, also worth noting on debit cards, you can do cash back during a transaction and make the merchant an ATM.
Sep 30, 2011 2:59pm
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Sep 30, 2011 3:03 PM
dlazz;917374 wrote:Oh, also worth noting on debit cards, you can do cash back during a transaction and make the merchant an ATM.
thought you could do this with credit cards too?
Sep 30, 2011 3:03pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 3:04 PM
dlazz;917374 wrote:Oh, also worth noting on debit cards, you can do cash back during a transaction and make the merchant an ATM.
Which should warrant a fee, just like going to a non-network ATM. And the merchant should charge you, too. My business is not a bank.
Sep 30, 2011 3:04pm
LJ's avatar

LJ

Senior Member

16,351 posts
Sep 30, 2011 3:05 PM
Glory Days;917380 wrote:thought you could do this with credit cards too?
I've only ever seen it when you use a debit card and key in a pin
Sep 30, 2011 3:05pm
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MontyBrunswick

Sep 30, 2011 3:16 PM
Glory Days;917380 wrote:thought you could do this with credit cards too?
You can sometimes, but typically the creditor charges an insane interest rate on the cash withdrawn and the cash has to be paid back before you can pay on your balance.

I think my credit card company wanted 20-30% interest on cash withdrawals.
Sep 30, 2011 3:16pm
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thavoice

Senior Member

14,376 posts
Sep 30, 2011 3:24 PM
Yeah. you do NOT wanna take cash from your CC. The interest rate on it is outrageous and typically is only done in a very last ditch effort by people.
Sep 30, 2011 3:24pm
G

gut

Senior Member

15,058 posts
Sep 30, 2011 3:26 PM
thavoice;917441 wrote:Yeah. you do NOT wanna take cash from your CC. The interest rate on it is outrageous and typically is only done in a very last ditch effort by people.
You can avoid the interest if you pay it back promptly, but they still klll you on the convenience fee (anywhere from $5-$30, might be a 3-5% charge).
Sep 30, 2011 3:26pm
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thavoice

Senior Member

14,376 posts
Sep 30, 2011 3:32 PM
gut;917449 wrote:You can avoid the interest if you pay it back promptly, but they still klll you on the convenience fee (anywhere from $5-$30, might be a 3-5% charge).
Its been years since I did it or even looked into it but you may be right. The last I remember seeing though on my credit card that purchases are interest free for 30 days but cash advances werent.
Sep 30, 2011 3:32pm
W

WebFire

Go Bucks!

14,779 posts
Sep 30, 2011 3:34 PM
So wait. Now fiscally responsible people use credit cards?
Sep 30, 2011 3:34pm
IggyPride00's avatar

IggyPride00

Senior Member

6,482 posts
Sep 30, 2011 3:48 PM
Swipe fees were getting out of control as banks were charging like 45-50 cents each for something that was only costing them 10 cents.

It was a major drag on mom & pop retailers, so reigning them in was not a bad thing.

If this is the fallout from regulating against banks raping and pillaging the small businesses of the world, then so be it.

Ultimately the small banks who don't have the tremendous overhead the TBTF banks do as far as executive compensation levels will prosper because they won't have to be so draconian with fee raising to make up for their inability to continue legalized extortion like we saw with the old swipe fees.
Sep 30, 2011 3:48pm
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queencitybuckeye

Senior Member

7,117 posts
Sep 30, 2011 3:52 PM
WebFire;917471 wrote:So wait. Now fiscally responsible people use credit cards?
Of course, and the worst of the fiscally irresponsible do as well. It's a tool. Used properly, it helps makes something easier. Improperly, you can hurt yourself badly.
Sep 30, 2011 3:52pm
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QuakerOats

Senior Member

8,740 posts
Sep 30, 2011 4:07 PM
dlazz;917342 wrote:No you weren't, you were looking to start a political rant. "Change" this, "liberal" that...shut the **** up.

No, I was looking to get under your skin. Mission accomplished.
Sep 30, 2011 4:07pm
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MontyBrunswick

Sep 30, 2011 4:13 PM
QuakerOats;917508 wrote:No, I was looking to get under your skin. Mission accomplished.
Wrong. If you took the time to notice, I trolled you.
Sep 30, 2011 4:13pm
Q

QuakerOats

Senior Member

8,740 posts
Sep 30, 2011 4:39 PM
dlazz;917510 wrote:Wrong. If you took the time to notice, I trolled you.

I could care less; I don't tell you what to do, and you sure as hell aren't going to tell me what, where, and when to post.
Sep 30, 2011 4:39pm
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jmog

Senior Member

6,567 posts
Sep 30, 2011 4:42 PM
If Chase does this I will move instantly. Matter of fact I will be calling them to let them know that I will be moving if they do this.
Sep 30, 2011 4:42pm
DeadliestWarrior34's avatar

DeadliestWarrior34

gooby pls

3,101 posts
Sep 30, 2011 5:20 PM
Sep 30, 2011 5:20pm
tk421's avatar

tk421

Senior Member

8,500 posts
Sep 30, 2011 5:55 PM
Luckily US Bank is doing pretty good, over 1 Billion in net income last quarter. They shouldn't have any reason to implement these new fees.
Sep 30, 2011 5:55pm
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Sep 30, 2011 7:45 PM
WebFire;917471 wrote:So wait. Now fiscally responsible people use credit cards?
fiscally responsible people can technically use whatever methods they want.....since they are "fiscally responsible".
Sep 30, 2011 7:45pm
majorspark's avatar

majorspark

Senior Member

5,122 posts
Sep 30, 2011 7:45 PM
queencitybuckeye;917499 wrote:Of course, and the worst of the fiscally irresponsible do as well. It's a tool. Used properly, it helps makes something easier. Improperly, you can hurt yourself badly.
True. But I would also bad that when used badly it does not always hurt just yourself. Usually other bills can't be paid either along with the cards. If the result is bankruptcy the creditors take a loss and pass it on to their good paying customers.
Sep 30, 2011 7:45pm
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WebFire

Go Bucks!

14,779 posts
Sep 30, 2011 8:15 PM
Glory Days;917678 wrote:fiscally responsible people can technically use whatever methods they want.....since they are "fiscally responsible".
Yeah, it was meant to have some sarcasm. Usually credit card use is associated with bad money habits.
Sep 30, 2011 8:15pm
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Sep 30, 2011 8:34 PM
WebFire;917705 wrote:Yeah, it was meant to have some sarcasm. Usually credit card use is associated with bad money habits.
damnit, internet defeats me again!
Sep 30, 2011 8:34pm