Opting Out of Credit Cards (A Bit)
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 17 February 2020
⏱️ 5 minutes
🧾️ Download transcript
Summary
In episode 411, Jesse decried the ubiquity of credit cards and the fact that they enjoy a number of benefits that plain old debit cards do not... at the risk of getting yourself in debt. Since then, he's learned of a few strategies for managing fraud risk with debit cards.
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Transcript
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| 0:00.0 | Hello, Wineabbers. My name is Jesse Meekham, and this is podcast number 416 for |
| 0:09.0 | Wineab, where we teach you four rules to help you stop living paycheck to paycheck, get out of debt and save more money. |
| 0:15.4 | I always say these are going to be short. |
| 0:16.8 | I think this one actually might be short. |
| 0:18.6 | I did receive lots of people writing in, lots of emails from people writing in about my episode 4-11 where I kind of said we were |
| 0:28.3 | losing the war against the credit card companies and collectively we are not better off but we are certainly |
| 0:34.5 | doing a good job of lining the pockets of bankers. |
| 0:38.5 | And I was going to say like oh but I love bankers they're fine I don't know. I think credit cards do a lot more societal harm than they do good |
| 0:45.8 | they make things more fragile than they need to be on a micro level and a macro |
| 0:50.6 | level as we saw in 2008 and we'll probably see again but be that as it may I wanted to do a little follow up on the 4-1-1-1 give you some |
| 0:59.8 | 4-1-1 on episode 4-1-1 because I did find out two things that I did not know. |
| 1:04.9 | One of my problems with using a debit card instead of a credit card, they're still making |
| 1:08.0 | money on the interchange, no doubt, but they're making less and I like that. So I thought I'll just move to a debit card. Then I was |
| 1:15.3 | deterred by the fact that the fraud exposure, it's just more of a hassle. The |
| 1:21.2 | exposure is actually the same, but it's more of a hassle and your cash is actually at risk versus credit card fraudulent charges. |
| 1:29.0 | I've never had a fraudulent charge on my debit card, but it's probably because we use it so rarely. |
| 1:34.8 | And that would then give a little bit of credit to the idea that the less you use your |
| 1:40.6 | debit card, the less exposure you have to risk, cool. So if we could you use different numbers online |
| 1:45.0 | different numbers online where it's particularly at risk. |
| 1:51.0 | If we do that then we would cut down on the risk. If we do that, then we would cut down on the risk. And you can do this with |
| 1:55.9 | a credit card as well. Just cut down a risk all across the board. One |
| 2:00.5 | listener wrote in and said that you could use a service called privacy.com. |
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