debit vs credit

debit vs credit

Each day we step into this money maze fully equipped with a piece of plastic; ready to face the choice of the words “debit or credit”. Whether you use a credit card or debit card or another form of plastic; often the choice of debit or credit drops in your pathway.

Are you aware the guidelines for managing risk on a “debit” transactions are often different then when you make it a “credit” transaction? The protection of your plastic falls under different rules when you use “debit” versus “credit”.  Debit transactions are often government by Banking Regulations that have different rules than “Credit” transactions. There is the Bank Secrecy Act and there is the Consumer Credit Protection Act with each having different rules. This becomes important when discovering fraudulent charges to your account. There are banks that will require you to take on the burden of the first $50.00 (fifty-dollars) loss for unauthorized charges to a “debit” transaction. If you use your cards for “Credit” than the major credit such as MasterCard, Visa, Discover, etc. often have zero liability; meaning you will NOT be out of the first $50.00 (fifty-dollars) loss.

When it comes to the chipped cards, retailers or banks who do not used these cards assume the liability versus MasterCard, Visa, Discover, etc. due to new laws that not too long ago went into effect.

If you ever select credit over debit and experience an unauthorized charge; don’t hesitate to mention your awareness of “Zero Liability” when contacting your cardholder or financial institution. Avoid the $50.00 (fifty dollars) expense for the initial loss; choose “Credit” when possible.

There are some retailers that have programmed their machines to lock you into debit if you don’t read as you navigate the transactions. Be aware, you can cancel the process and start over if necessary to choose “Credit” over “Debit”.  Be mindful, if you desire to get cash back; this requires use of “Debit” and your PIN, in most cases. Next time you get a chance research the words “Zero Liability” as it relates to “Credit” versus “Debit” transactions.

FYI – Credit transactions cost the retailer more than Debit transactions therefore only the retailer stands to gain a buck by you choosing Debit over Credit. Sure the retailers expense may just be embedded in the cost of your purchase but remember reduced liabilities equal minimum stress. A dollars saved is a buck earned. Do your research; laws, policies and rules do change over the years, in the end the decision is up to you.

It’s time to Tackle The Beast – Get Cents Get Paid!

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Your Interest Rate

Your Interest Rate

I know most of you know about interest rates when purchasing a vehicle but are you aware that interest rates are negotiable? Believe it or not, car dealers receive compensation for auto loans and interest rates are often included in deals with finance companies as well as banks. Most people are very private about their spending when it comes to financing a vehicle or buying a house. Ask around; the world has changed, everything is not cut and dry or black and white as it once appeared. If you are afraid of inquiries affecting your credit rating, type a message to add to your credit file stating that you were shopping interest rates on a specific purchase. Many people are unaware that you can add content to your credit file as well. Another strategy is to inform the potential lender of your strategy but keep the shopping to a small group; don’t over extend your quest for a better rate.

Bankers, mortgage companies and other financial institutions can be flexible with interest rates. When making comparisons, count the cost of ALL FEEs connected to any loans. It’s a money game, what might be a lower interest rate may just be made up in the form of an additional fee of some type. Develop strategies to ask questions and uncover the fee game when financing your next vehicle or home. Pass this information to another, hundreds to thousands of dollars can be saved. In the end the decisions is yours; do your research, slow the process down a little bit before commiting to long-term loan agreements, it can save you hundreds if no thousands of dollars over the life of a contract.

It’s time to Tackle The Beast – Get Cents Get Paid!

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fix it repair it

There are no doubts in my mind that there are more people who have made mistakes regarding banking relationships and managing credit. I also believe, there are many who have fallen victims to errors from financial institutions to credit reporting agencies.

Consider these words, depending on our mindset; we can spiral into the grips of feeling sorry for ourselves or rise above current conditions. There are more things of which we have control than we realize. There are somethings that can break us free of past mistakes by pressing forward and not repeating the mistakes. Time can work in our favor when we begin to adjust our perceptions.

Think about it; by ignoring paying a bank owed fees because of overdrafts can cause you to be placed on ChexSystems which may block you from having a banking account.

Consider this example:

A person owes a bank $400.00 in fees from either mismanagement of their checking account and or coupled with institution errors… this causes their banking relationship to be severed or broken. You are upset and refuse to pay these fees; the result, you end up on ChexSystems for five years, unable to open another account with another financial institution.  Have you counted the overall cost over the years for not improving this condition? If you are upset and refuse to pay; it is like you are paying yourself to destroy your own banking relationships. It is better to fix it - repair it; press forward, be nice to yourself.

Be informed, not ALL Financial Institutions use ChexSystems; the possibility of finding another financial institutions that do not use this reporting service exist but may require inquiries on your part.

So back to the $400.00 example; as a result of not having a bank account you may possibly be stuck with purchasing money orders. Without having a banking relationship, it could result in difficulties getting a credit card, car loan, securing an apartment, buying a house or maybe getting a job if the employer only pays by direct deposit. The time is now to adjust perceptions and escape the shackles that prolong the new you.

Consider this a call-to-action, an invitation to take the challenge to change current conditions and return to a rewarding financial position. The money maze network will feature content for helping you make this transitions. Whether people admit it or not; money has a strong role in each of our lives. There are sure to be topics for making improvement, come test drive today; discover your rewards while unleashing a better you.  There are no guarantees but the possibilities of change are real. Uncover your rewards.

It’s time to Tackle The Beast – Get Cents Get Paid!

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what’s a personal check

You may have discovered that many people have stopped writing personal checks.  The dawn of debit/credit cards, online payments, quick pay and ACH (automated clearing house) have all but vanished the need to write personal checks.

When was the last time you balanced a checkbook? Look in the mirror you know the answer to that questions. How often do you over-draw your account?

There is something important you should know; when using your debit card, not all transactions are deducted immediately from your account. There will be times when a transaction may be pending. There are also times information is not transmitted right away. A charge can drop off your checking account screen and reappear because there are businesses using what’s called “an old batching system” for transmitting charges. A good rule of thumb is to remember what you charge with the knowledge that the vendor will get paid. Make a commitment to yourself to reduce banking overdrafts if at the very least, reduce by one each month.

If you don’t have a banking relationship, try purchasing a pre-paid/reloadable charge card to use for bill paying; this can reduce the fees you pay for getting multiple money orders. Also by using a reloadable card, one can improve their safety as it relates to carrying large amounts of cash.

Stay tuned as the money maze continues; there is sure to be a topic of interest that will benefit you.

Come let’s Tackle The Beast-Get Cents Get Paid! Let’s do it together!

improving credit relationships and scores

Paying on time – are you aware that when you pay a bill past the due date it is actually late? Creditors often give you a grace period before charging a late fee but the payment is still late. When reporting to credit bureaus, lenders must indicate payment times of within 30 days, 30-59 days, 60 to 90 days or over 90 days and or if there are write-offs.

This could be a means of trapping you with a single creditor because they may not penalize you but according to credit bureaus payments pass the due dates are late period. Want to improve your credit score try paying ahead of due date and watch your score rise.

Come let’s Tackle The Beast-Get Cents Get Paid! Let’s do it together!

too many money orders or overdraft fees

Did you know if you are purchasing too many money orders each month, that for a less amount, you can get a pre-paid card to use for paying bills? Begin to discover strategies for saving cash by paying bills using other methods. There are pre-paid cards with minimum fees and some with zero fees that can be used to pay bills.

It’s time to save a trip for buying money orders, use that time saved for something special.
For those who the above shoe does not fit; take a moment and count the number of times you may have overdrawn your checking account and total it for the year. Make a goal to save on overdraft fees each month, count the savings and treat yourself at a pre-determined time.

Stay tuned, there is sure to be words that will fit your needs.

Tackle the Beast Get Cents Get Paid!

Re-establish Banking Relationships 1

There are many individuals who believe they are not able to re-connect with banks or financial institutions.  ChexSystems which once had a seven or ten year cycle for tracking individuals has changed over the years. The new timeline is five years. You just may be able to restore your banking relationship; do your research with more than one bank. Financial entities have become more competitive, making them more friendlier than before. Research the up-to-date guidelines of ChexSystems personally and escape the errors of incorrect information.

Think about what you may owe to clear your account if you are one on ChexSystems versus the continous high cost of non-banking alternatives. If you are unaware of ChexSystems it is like a credit reporting agency but reports mainly on relationships with financial institutions.

Ask questions, don't be afraid to pursue getting back into healthy banking and or financial institutions. Your time is now.....

Time to Tackle The Beast - Get Cents Get Paid!