Credit Card Vs Debit card?

[Linkmanager]

Can any one tell me which one id benefit for students... What should to prefer for the students to have credit cards or debit cards n y?

[jjones8601]

A bank card (debit) may also have the Visa or Mastercard logo and can be used as either. However, most banks do not report credit purchases and therefore provides no benefit to build your credit rating/score.

Beware! NEVER use your ATM/Bank cards secret “pin” number ANYWHERE someone may see it or obtain it. The bank will refund you if someone steals your credit card number and uses it for purchases. It will be VERY difficult if even possible at all to retrieve stolen money if someone uses your secret “pin”.

We have a son and he is in his second year of college. He received several offers for credit cards and we helped him sign up for two. We keep the cards and ensure the payments are made every month to help him build his credit. We knew that if he had possession of the cards, first and foremost, they would be maxed out quick. That will affect and lower your credit score. Secondly, he is too busy with school, work and partying to make us comfortable enough to let him manage the accounts.

Bottom line, credit cards can eat you alive but are part of our society. You will need some type of credit line in life unless you are independently wealthy. Most young adults start out with a jewelry store credit line. But as far as credit cards, apply for ONE or TWO and keep the AVAILABLE BALANCE, (not the OUTSTANDING BALANCE) as high as possible. Pay as much as possible each month and avoid minimum payments as the balance will grow and you are just giving away money. Lastly, DO NOT let the card stay with a zero balance too long. They may cancel the card for non-use and that will affect your credit rating/score. It shows up as “Closed by creditor” and impacts you negatively.

DO NOT let credit EAT YOU ALIVE! It is VERY easy to have happen. If you can not afford something, save up. If you can not save up… maybe you are not ready for credit.

[gpatrick]

I am a new poster.

For the U.S. here are my Debit card tips.

Have two accounts preferably at a different banks both with debit cards.
Have one that is used only for web, mail, fax and phone transactions.
Have another checking that used for in person purchases and atms.
Do not use it at pay at pump, pay inside.
When using a pin cover the entry so people and camera do not see what you put in.
Lower your daily authorization limit to $1,000
Check your checking account(s) online at least every two business days.
Only write one or two checks that have debit cards attached to the checking account.
Find a bank that has instant capture, so you can see preauthorizations online faster.