Visa check card???

[KillingTime]

Ive never had any kind of credit/debit card... I do most of my purchases online so its starting to become a hassle not having one.

Im kind of stuck between getting a credit or a debit card though.

Whats the deal with the Visa Check Card.... how does it differ from a regular debit card? And can it be used in most online stores (or on ebay through paypal)?

What would you guys recommend? Im a student and never even opened a checking account, just seemed easier to pay with cash.
If I got a check card I would have to open an account and basically I would just put all my clothing & entertainment money in it every month (which is pretty much the only money I have left after savings, bills, gas etc.).
So id never have to carry around cash anymore, which seems really strange to me.... do you just give people at the store or restaurant the card or what? And do most places accept it? I guess you get used to it.

Overall which is better? And whats the deal with the Visa Check Card, seems to be the latest craze.

 

[Interpol]

I would recommend a debit card. You just deposit your money in your checking account, and when you use the card it is deducted right from your account. You can use it anyplace that accepts credit cards, only difference is sometimes you have to enter your PIN number.

The advantage to having a credit card would be you can buy stuff you don't really have the money for yet, but you also have to worry about paying your bills on time and paying interest.

 

[Giovanni Casanova]

I use my MasterCard debit everywhere... it's nice not to carry cash around, and I know when I am buying stuff with it that I am only using money I have right now. There is a tendency to spend money you don't have when you use a regular credit card.

 

[Francisco d'Anconia]

If you want to build a credit rating, stay away from check or debit cards (they're the same anyway). Since a debit card draws directly from a checking account, take some the funds from that account and get a Secured Credit Card with those funds.

It's a line of credit equal to the funds that you use to open the account. You are sent a bill each month that needs to be paid outside of using the secured account. It's usage is reported to the credit bureaus thus establishing a credit history. Banks do not report on debit cards.

Also, I wouldn't suggest using a debit card for any purchases on the net. Since it draws directly from your checking account it would be a really bad thing if the account is compromised. Also, it isn't insured like a standard credit card. You would probably owe any funds which would have been inappropriately used on that account. Think of it almost as someone stealing your check book.

 

[Giovanni Casanova]

Originally posted by Francisco d'Anconia
Also, I wouldn't suggest using a debit card for any purchases on the net. Since it draws directly from your checking account it would be a really bad thing if the account is compromised. Also, it isn't insured like a standard credit card. You would probably owe any funds which would have been inappropriately used on that account. Think of it almost as someone stealing your check book.

Most debit cards ARE protected against fraud the same way credit cards are.

 

[Francisco d'Anconia]

Originally posted by Giovanni Casanova
Most debit cards ARE protected against fraud the same way credit cards are.

Alright, most are however several of the larger commercial banks have been taken to court because their cards were not insured. It's good to verify if a particular debit card is insured and to what extent/amount because it is not always 100% and there could be stipulations

In contrast, Visa and and Master-card credit cards are all federally insured by law.

 

[KillingTime]

So is the Visa Check Card one of those that is protected online??

 

[Interpol]

Most debit cards now are backed by a major credit card company...I don't think security is a huge issue...

 

[KillingTime]

I was checking out the agreement for the Student credit card.... no annual fee or anything BUT i saw this:

Minimum Finance Charge for Purchases:
$1.50 (unless purchase Average Daily Balance is zero)

^ What does that mean?

 

[Francisco d'Anconia]

I suggest you actually speak with the issuing bank. Be careful of any information given to you that's "not a bit deal" or "not a huge issue." You're talking about money, your money.[/u] Other people may not be concerned about their money but understand that what you learn and the decisions that you make can effect the rest of your life.

Just something to consider...

 

[AverageFC]

Im kind of stuck between getting a credit or a debit card though.

Whats the deal with the Visa Check Card.... how does it differ from a regular debit card? And can it be used in most online stores (or on ebay through paypal)?

What would you guys recommend? Im a student and never even opened a checking account, just seemed easier to pay with cash.
If I got a check card I would have to open an account and basically I would just put all my clothing & entertainment money in it every month (which is pretty much the only money I have left after savings, bills, gas etc.).
So id never have to carry around cash anymore, which seems really strange to me.... do you just give people at the store or restaurant the card or what? And do most places accept it? I guess you get used to it.

Overall which is better? And whats the deal with the Visa Check Card, seems to be the latest craze.

Get both.
You'll want to establish some credit in your name, so get a credit card. You dont have to use it at all really, I hardly use mine, but getting some credit is a good thing.

I opened a checking account my freshman year. I got the Visa check card with it. A debit card you can only use at ATMs. The check card you can use anywhere, and it withdraws the money from your account. You can use it online, at the gas station, Chili's, etc. It's great I use mine all the time.