3 Reasons I NEVER Use a Debit Card

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I'm going to give you 3 reasons why I never buy things using a debit card, never have, and most likely never will.

Most people typically have two types of cards in their wallets, a credit card, and a debit card.

If you use a debit card to withdraw cash from your bank's ATM, that's perfectly fine.

However, this video is going to touch on 3 reasons Why cash or credit cards are the superior option to using a debit card.

1. You can't build credit using a debit card
2. Credit cards have significantly better consumer protection
3. You can't earn rewards, points, or cash back using a debit card

Watch the entire video to understand my full thought process on these three reasons.

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⏰ Timestamps ⏰:
0:00 - Intro
0:31 - REASON 1
1:50 - REASON 2
4:14 - KUDOS SPOT
5:47 - REASON 3
7:31 - MY THOUGHTS
8:59 - LOL

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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos reflect my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort to every video that I make. I also believe in complete transparency and open communication with my audience.

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

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[brodofraggins]

I haven't used my debit card for anything but cash withdrawals in about 5 years. Your points about better protection are spot on. My debit card information was stolen at a gas station and used across the country the same day. It took over 2 months to get my money back.

In the mean time, while I was waiting for my new debit card, I was using my credit card at a bar, and the bartender put the card back on the counter and I didn't realize he wasn't holding on to it. Someone physically grabbed the card and bought about $100 in drinks with it before I realized what had happened. My credit card reversed the charges that night.

Banks don't have your back. I pretty much exclusively use my credit card for everyday purchases now (paying it off as I go of course).

[johnsantiago]

I'll call Dave Ramsey and report you. 😎

[I_like_turtles_]

No thanks. I'll continue using my debit card.

[em]

Bullshit, I still use my debit card because when I pay my credit card bills there’s still like a gracing period of like 7 days where if I make a purchase with the same credit card it will carry that balance and show that I still owe them money.

[skoopqueen]

I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this<

[MENSA.lady]

I always use a debit card because I don't own a credit card. Living debt free is wonderful. I have no idea what my credit score is, more important I don't care.

[TheRealJBMcMunn]

When you're buying gas and they offer 3% off for cash, use your debit card. My credit score is 832.

[johnsteer]

Some people don't qualify for a credit card

[terrynguyen]

I never keep the physical debit cards in my wallet. I just add to my Apple wallet and use it only to withdraw cash. I pay everything with credit cards. Great video.

[Gonzo_Bubb]

So like 20 years ago I rented a car, I put it on a credit card. I took an exit too fast, lost control, bashed up the car pretty good. Well, it turns out the credit card has insurance that covers that sort of thing, it really saved my ass.

[italiancapo]

Do a video on which credit cards we should have

[werunguns]

Dave Ramsey is punching his desk right now listening to this lol. But I totally agree with you Marko!

[OVERKILL_PINBALL]

plus... typing in your pin where someone could see it

[m.hamzakhalid]

It seems a good strategy to pay off your credit card debt. every month and reap all its benefits, but all it takes to mess up ONE time and that mess would ultimately compound to become a mountain!

[shakafshar]

I have been doing that for years and have a credit score of over 850👌

[Corpocut]

as a european, austrian especially, I can't totally agree with that. CCs are not that common here and the benefits are like 0! so there is no really way of implementing all that. I use my CC for online payments though.

[stevee]

I have the Fidelity 2% cashback card - I never pay a penny of interest and the rewards go straight into my Roth IRA.

[Shigiya]

Question: when would be a good time to pay off the credit card payment? Should you do it on the the same day? Or a few days before its due?

[jeffkaloostianii]

I disagree with credit in general, if people were to live within their means, nobody should have to rely on credit. They would save up for a house very quickly if they knew how to budget correctly... Credit is too tempting for most nowadays... Just look at the stats

[mrjvli]

And gettting charged 75c to use your card