12.16.06
Careful with Debit Cards
I recently found out that it is not a good idea to carry debit cards in your wallet or purse. It is like carrying the amount of cash that is in your checking account everywhere you go. If someone steals your debit card or you lose it, you are responsible to prove that someone stole your debit card.
On the other hand, if a credit card is lost or stolen, it is the responsiblity of the credit card company to prove the card is in the hands of someone else. Given this information, I choose credit cards so I don’t find myself dealing with the hassles and costs of recovering stolen or lost banking cards.
Another perk for credit cards is that if you pay off your monthly balance in full each billing period, your credit scores increases, and over time you will gradually qualify for the best interest rates.