CRAIG, That was a valuable lesson that your daughter learned at a young
age. If it had to happen, good it was with a lower amount of money.
Now she will keep a closer watch on her use of the Debit card.

It`s too bad our schools don`t teach our kids about Cash flow, credit,
credit/debit cards. balancing the check book, interest, compound interest.
Interest on a credit card is compound interest going the wrong way.
There should be a required course for Junior and Senior in High School.
The majority of adults can`t teach their kids about cah flow, it they don`t
know how to handle it them selves.

I know we are going more and more to a cash less society. Plastic will be
king.
Try renting a car with just cash, doesn`t work. every hotel I have called
in for reservations wants your card #.
Buy stuff off the internet, a card in a must. When I order from Phill it I get
my parts the next day. can`t do that with cash, would take a week.

Buying fuel, most places add 5 cents more or so to ea gallon. so cash is
better. but a card is soooo convenient!

:oops: Am I :offtopic: Here? I get that way sometimes. so what was the
???

PAPER OR PLASTIC ?

Charlie

This is exactly why I do not recommend the use of a debit card! It costs you MORE money than interest on a credit card, even one of those high interest cards!:eek: My website about credit repair has been picked up by the Dept of Education webportals and used in classroom instruction.

My article on ezine, What every college student needs to know about credit and credit cards, won an award for excellency and accuracy is being used as a training aid in the business and finance classes at Boston University.:)

I'm suprised myself that schools teach so little about money. Teaching money skills early makes those with credit cards think of them as money, because it is! Using a debit card for everyday purchases can cost you 460% APR in fees for overdrafts, NSF charges and transaction fees!:eek: If you pay the balance off every month, credit card interest is negligible!;)

Credit cards do not ruin credit or lives, abuse of them does. Most gas stations do not charge extra for credit any more! It's a lot easier to get your money returned for a defective merchandise purchase with a credit card than a debit.

ya know... its not like i did this to intentionally rip someone off... i didn't drive off from the pumps or anything... its been 16 days since the first time and 4 since the last and still nothing has hit my account yet. keep in mind neither of those are complete fill ups (never really is w/ a teenager anymore)
and im completely willing to pay the remaining balance && i kept the recipts
but what im saying is they've got a problem w/ their system b/c its never done this before. ever. there's never been a dollar opening && the rest hitting later... my money was just gone... instantly... idk.
i'll keep updating. trust me... I'm a little more honest kid than you could imagine.

... after my 2nd speeding ticket... I sold my Trans Am to buy my 240D...
how many brats would do that???

Something good has happened from your thread. You are thinking it all over. There are more variables to things than meet the eye. Part of the growing up process.
There is far more overall involved to this as well than meets the eye . I cannot really comment directly as there are too many variables. If all goes well in your life believe it or not you will never totally forget this event. I cannot forget the few ocasions that I was less than proud of.
I just try to make sure there are no additional things ever added to that list. No I am far from a perfect person and will still commit errors of ommision etc. Just nothing by intent. In the long haul this item may be a watershed for you to some extent. One should never forget what it might be like in the others persons shoes as mentioned.
This is not a religious thing either. At one time certain sects taught to do what you may and they would be your conscense or bear the guilt. Great methology to obtain control of an individual and wreck their life.
When I was young for example I wondered why so many older people had such a miserable attitude. I thought the cause was because of all the past things in their life they could not undo so there truly can be a price. Just my spin or opinion on things .

The main reason I wouldn't use a DEBIT card (with pin# and shorter reporting time for erroneous charges than a CREDIT card) at a gas station or other high-traffic point-of-sale environment is that there is equipment that can be used to thieves to record your pin# on gas pumps and other entry systems. Additionally, there can be computer glitches.

I filled up a tank and paid at pump with debit card, and next day I see 3 charges in 10 minutes from that same gas station. Somehow, 2 other people's tanks of gas were charged to my debit card. Took me 2 months to clear up, but I caught it early. Banks give you something like half the amount of time to dispute a charge from a debit card than a CREDIT card. Credit cards are fine as long as you PAY YOUR BILL IN FULL every month. I use the debit like an ATM card, and sometimes at a restaurant, etc, where I do not need to disclose my PIN. And, why pay cash or use a debit card when you can put it on credit, pay it off EVERY MONTH, and leave your money in the bank to earn interest? Internet savings accounts give you 5% now. 5% of monthly expenses earning interest, or not earning interest? I like interest if it's coming to me and ZERO going to a bank!

Personally, I use personal and business VISA debit cards that have the same protections as a credit card without using credit (which I don't do and certainly don't want to teach my kids to do).

And that is fine as long as you have the funds in the bank to cover these charges. I rather like paying things up fron myself, but with the proper use of a credit card, you can make it work for you!:cool: You see, I have a rewards card that gives me bonus bucks for every dollar I spend on it.;) I can use these for whatever I want! :D Since I pay the bill off during the grace period, then there is no interest and the bonus bucks? Yeah I get to keep them! I get about 60 dollars of free groceries each month!:D 4 digit credit limit, no annual fee and 0% interest! Credit score of 765!:D

That's the point of using a debit card, not spending money I don't have. ;)

My debit card also gives rewards when it's used in "credit card mode," but it's only a few $100 per year for my spending.

I don't know/care what my credit score is, I don't need it unless I want to borrow money.

you seriously need to change banks if your debit card is costing you more than a credit card.

I get a few hundred dollars a year in free fuel from Speedway every year just from using my Chase/Speedway credit card to pay for everything I can. And I pay it off each month. I have had a credit card over 3.5 years and have yet to pay a single cent of finance charges or late fees. I have MADE money off my credit card, a lot of money. :D Not bad for a 21 year old student eh? :D I've even paid a chunk of my college tuition before by putting the money from a loan into my bank account, having them charge it to my speedway card, and then paying it off online like a day later. Benefit? Several thousand fuel points at speedway worth like a $25 fuel card....cost to me? 0 :D Gotta know how to use the system. ;)

Thanks for this post! This is exactly what I'm talking about! If Black Red Gold took a look at what the account maintenace fees are on a debit and forgets abouit using the rewards properly, then a debit will cost you. If fraudulent charges appear on your account, your debit pulls your money from your bank and you lose the use of it. On a credit card, the interest stops until the matter is resolved, any remaining interest is returned to you and you can still pay bills as usual! Bank of America is the WORST bank ever! You are charged a fee for everything you do and everywhere you use your card, but the fees are cleverly hidden. If you use your card at the pump and it spits out the wrong info to your bank, tough! Your liable for ALL errors and charged accordingly! Not so with a credit card! :D

PawoSD, GREAT post! I published an article on ezine about this very subject and how college students can jump start their financial future with responsible use of credit. It sounds like exactly what you are doing, keep it up! Article page: http://www.ezinearticles.com/?id=929494

Exactly, I will never own another credit/charge card and I certainly wouldn't recommend that my kids ever get one. I use bank debit cards for everything that I could use a credit card for.

I spent years floating $5-10K of expenses per month on my AMEX card and trying to keep track of what money was really mine and what money had to be set aside for the next credit card bill. I finally figured out it was more trouble than it was worth and put myself on a cash basis, much easier to manage. They can keep all the silly rewards, it's not worth the hassle.

is this over yet?

Nope.

Not by a long shot!:D You see, if your satisfied with not knowing what your credit score is fine, but remember this, I MAKE money off of my credit card!:P I put new Venetian Marble countertops and stainless steel appliances in my kitchen for Christmas.;) Santa been very very good to me! I can choose what ever 12 month no interest no payment plan I want and when.

I will have this paid off long before the interest becomes due and I have a substantial amount in savings and other investment accounts. I waited until I got the best bargain, new $1200 stainless steel gallery range for $700, New Whirlpool Gallery commercial fridge on closeout for $840, worth $3000 and a Stainless steel dishwasher, $798 retail, for $280 my price all include a 10 year warranty and stove and fridge MADE in USA!:D

Venetian Marble countertops and backsplash woth $6000, paid 600$!

Added value to house $24,000! Bonus bucks to go grocery shopping at Costco $646! Lamb Roasts, New york cut steaks, T-bones, pot roast, fresh king crab legs, 2 bottles of 1996 Chateau Haut-Brionne!:D

Free food, no interest and no fee, 2 bottles of wine at $145 each, cost $2420!
Added house value$24,000 minus $2420=$21,580!:D

Doing it on someone elses money and getting paid for it=PRICELESS!!:D
My tastes are simple, I only get the best!:D
For everything else, there's MASTERCARD!:D:P