4 reasons to use credit cards versus debit cards
News from CBS News:


With all of the recent hype over Suze Orman’s new debt card, it’s no wonder why many folks think it’s better to use a debt card versus a credit card. But for many folks that would be a mistake. The obvious reason many folks do this is to avoid getting into debt on a credit card and the high interest rates and fees that apply when you carry a balance. But if you resolve to never carry a balance, then a credit card is a far superior purchasing tool than any debit card, for the following reasons:

Protect from fraud: When you make a purchase with a credit card, there is a firewall between your bank account and the vendor. First, there is a federal law that provides protections unique to credit cards. Then there is this example: When you purchase something on your credit card, a bank issuing the credit card makes the payment to the vendor. You are obligated to pay the bank only after you are in agreement that the charge is legit and that the item or service you bought was delivered as agreed. But make a transaction with a debit card and the payment is immediately deducted from your bank account. Federal laws and bank’s policies include some protections from fraudulent or una…………… continues on CBS News

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The Right Ways to Use a Prepaid Card
News from MainStreet:

NEW YORK (MainStreet) — Prepaid debit cards are widely criticized for charging high fees and offering few incentives to consumers. The criticism, in many instances, isn’t unwarranted. A study conducted by credit card ranking site NerdWallet found that some prepaid products can cost users up to $ 300 a year.

Still, they remain popular among the unbanked and those who have poor credit. Here are a few ways those using a prepaid card can minimize the fee damage.

Set up direct deposit.
A growing number of products will waive certain fees or charge lower ones if a person’s paycheck is being deposited onto the card. Wal-Mart (Stock Quote: WMT), for instance, waives the $ 3 reloading fee associated with its Money Card and Western Union waives the $ 4.95 fee tacked onto its prepaid Visa (Stock Quote: V) when direct deposit is set up.

Replenish declining balances.
Other issuers will let you bypass fees if you load a certain amount of money onto the card in a 30-day period (which can be achieved by using direct deposit)……………. continues on MainStreet

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