2881: 3 Times You Should Avoid Using Your Debit Card by Vekevia Tillman-Jones with Financial Finesse

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🗓️ 28 September 2024

⏱️ 9 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2881: Vekevia Tillman-Jones outlines three situations where using a debit card can backfire, leading to financial headaches like overdraft fees and increased vulnerability to fraud. She offers practical alternatives to help you manage these risks while still sticking to a cash-based approach. Read along with the original article(s) here: https://www.financialfinesse.com/2018/02/20/3-times-you-should-avoid-using-your-debit-card/ Quotes to ponder: "Trying to spend those held dollars before the hotel releases it could lead to an overdraft in your account, even though the hold eventually goes away." "Sometimes it seems like the internet is just one big hackathon with thieves stealing your info no matter how hard you work to protect it." "Credit card companies are also much quicker with crediting your account back to make you whole from unauthorized transactions." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily.
0:03.0	Three times you should avoid using your debit card
0:06.0	by Vakeevia Tillman Jones with FinancialFines.com
0:11.0	and I'm your host and personal finance enthusiast, Diana Merriam.
0:15.0	We're going to jump right into our next post as we optimize your life.
0:20.0	Three times you should avoid using your debit card by the Kivia Tillman Jones with Financial
0:29.8	finesse.com. One way to make sure you don't spend more than you make is by sticking to cash only by using your good old debit card.
0:40.0	That helps you make sure that you're only spending what's available in your checking account
0:44.4	and can be an easy way to budget as long as you're setting money aside outside of your checking
0:50.0	account for emergencies and other goals.
0:56.2	However, there are some instances where you may not want to whip out that debit card. Here they are, along with a hack to make sure you're still
1:02.0	basically using cash.
1:04.8	Number one, when checking into a hotel.
1:08.5	What's the point?
1:10.3	These days, most hotels have a disclaimer at their check-in desk about using a debit card to check in.
1:16.0	What is the deal with the extra hold-on funds or pre-authorized holds on your debit card or a credit card when you check into a hotel.
1:25.0	Since they aren't actually charging you and it's a hold that will likely fall off,
1:30.0	it doesn't really matter, right?
1:32.0	That depends.
1:34.0	From what I've seen, the range of the hold can be anywhere from 50 to $200 per day
1:40.0	in addition to the actual cost of the room, including tax.
1:45.0	The hotel is essentially protecting themselves in case you decide to destroy the room,
	...

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