Q&A: How might one decrease the disadvantages you listed such as higher insurance premiums from using a credit card?
Question by Kamisha C: How might one decrease the disadvantages you listed such as higher insurance premiums from using a credit card?
Best answer:
Answer by Nicole
Using a credit card in itself won’t increase your insurance premiums. In personal home and auto insurance, the company runs an “insurance score” aka your credit score. The better your credit, the better your rate. I’ts a way for the insurance company to find a preferred market, just like them running your MVR. The fewer violations, the better your rate, etc.
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Q&A: When using a Visa debit card is it better to use it as “credit” or use a pin number and hit “debit?”
Question by Granny: When using a Visa debit card is it better to use it as “credit” or use a pin number and hit “debit?”
I’m wondering if there is better protection or lower fees with one or the other.
Best answer:
Answer by Thomas E
It’s probably BETTER to use it as a debit card.
Of course there ARE credit card fees; as a matter of fact, I read the other day that some “mom-and-pop” gas stations have stopped allowing the use of credit cards to pay for gasoline for that very reason – the fees eat into their profits. The people who sell gasoline actually make very little profit (maybe 12 cents per gallon), and the credit card companies base their fees on the total sale, so, since gasoline costs so much now, the fees can run as high as 10 cents per gallon, leaving very little profit. By the time gasoline hits the retailer, big oil has already gleaned all the profit, but that’s another story.
On the other hand: Use it as a debit card, and I think that the bank takes some fees; although I am not sure of that, it makes sense to me that that would be the case, since banks also are very greedy when it comes to “fees”.
Either way, though: If it works like mine does, the money is deducted from your account immediately, so at least YOU don’t have to worry about a credit card bill. And YOU will not be charged any fees either way – only the merchant.
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