Giving up my debit cards!

[joshuagraham]

With me now having about $6K in available credit with my CC's (with no annual fee! ), I think I am going to cancel my debit cards from one bank (which charges me an outrageous ATM fee for foreign use, which I do a lot) and only keep the one from the other bank that I have simply as an ATM card.

Wow, I can remember while going through the BK, and for a while thereafter, not having *any* CC's, so the debit card was a lifeline. Then I got an unsecured CC with an annual fee and so small of a limit that I couldn't even by a transatlantic airline ticket with it (this having to use the debit card .) Finally I am able to spend money when I need to and not have to move money around before the fact. I'll still need to move money around, but I can do that after I make the purchase. What a relief!

[justbroke]

A debit card should still be used in cases where you have the money and really don't need to use "credit" in order to purchase something. So long as you're careful not to run up your credit lines, this should be fine. Remember, keep the credit line balances below 10% if possible or 30% if necessary.

[Logan]

The best credit card and debit card for foreign transactions is Capital One. They do not charge foreign transaction fees.

[Nicar]

Keep in mind, debit card's liabilities is higher than a credit card. If your credit card is stolen, liability is 50 bucks....usually it's zero. With debit cards, the longer you wait,
the more money you will lose!

[joshuagraham]

The best credit card and debit card for foreign transactions is Capital One. They do not charge foreign transaction fees.

Not anymore, at least with use via an ATM. I was abroad and had a Capital One account, and they instituted a 3% fee for foreign ATM. As soon as I got back I severed my banking relationship with them. And they had always charged a 2$ fee for foreign ATM as well.

[HRx]

No form of electronic payment will forever be free or "cheap" or the consumer or vendor.

[Logan]

Not anymore, at least with use via an ATM. I was abroad and had a Capital One account, and they instituted a 3% fee for foreign ATM. As soon as I got back I severed my banking relationship with them. And they had always charged a 2$ fee for foreign ATM as well.

Thanks for the heads up. It's been a while since I pulled money out of an ATM but I do know they don't charge fees when you use you credit card. Hopefully that won't change with the ING purchase.