Why I Don’t Use Debit Cards

Debit cards are everywhere. They can be used as a traditional debit card by using your pin to get cash at ATMs or by using it as a credit card to make purchases. Many people don’t even bother to get a credit card as a debit card pretty much does the same thing. Well I have always been against using a debit card and here’s why:

It is a gateway to your checking account, your stash of cash that you use to pay bills, buy groceries and gas, etc. What would you do if someone got a hold of your debit card number and cleaned that all out? Sure you can dispute the charges with your bank, but while you do it, that money is still gone. It may take months until it is resolved and you see that missing money, so what are you going to do in the mean time? Using a proper credit card makes more sense because if someone gets your number and uses it to make unauthorized charges, you just dispute them with the credit card company and never have to pay anything until it is resolved.

I do use my debit card to get cash at ATMs, but I try as best as I can to take out money only at reputable banks. I stay away from that cheap looking ATM machine in the back of a bar near the bathrooms as you have no idea what information is stored on that thing or where it goes or who may have access to it.

Obviously the decision is yours, but for the number of times I have had a credit card number compromised, I am never willing to let that happen to my debit card and have to deal with the temporary loss of cash.

Optionshouse Refer a Friend $150 Bonus

 

Optionshouse has a refer a friend promotion going on now where you can get a $150 bonus or 30 free trades when you refer a friend to them. If you don’t have an account currently, complete the referral form below, and I will get you a referral so you can start earning some cash.

You have the option to get paid via Paypal, Amazon.com giftcard or donate that money to the red cross. All you have to do is select the link below, give them your name and email, then start referring. It will then ask you to set a password for your account. To qualify for a referral your friend needs to open an Optionshouse account within 3 months of the referral email date. They need to fund the account with at least $1000 for a cash account or $2000 for a margin account. You should receive the $150 bonus within 60 days of your friend funding their account. If you choose the 30 free trades, they are good within 6 months of your friend funding his account.

If you trade a lot, 30 free trades in 6 months is a great deal, however if you can refer a bunch of people, then getting $150 per person is an even better deal! It is totally your choice on how you want to do this. I have an Optionshouse account and use it primarily for options, they have a really cool interface that allows you to see everything in one place. But even though they are great with options, don’t discount their $3.95 commission for stock purchases, they are one of the lowest in the industry and have great execution times.

If you already have an account, to get 30 Free Trades or $150 When you Recommend OptionsHouse.com to Your Friends.

If you want to sign up for an Optionshouse account complete the form below and I will get a referral out to you.

1. Send an OptionsHouse Referral To:
2. Your Email Address:(valid email required)

 

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Chase Freedom Visa – $200 Bonus

After a pretty dry spell for credit card bonuses, Chase has working hard on coming up with great sign up bonuses on their credit cards. Here is another one I just found. When you open a new Chase Freedom Visa credit card, you can receive a $200 cash back once you open a new account. All you need to do is spend $500 within the first three months. This is an $50 improvement from their $150 bonuis that was out earlier. That should be pretty easy to do if you charge your utilities, groceries and gas for a few months.

Along with the great bonus, the Chase Freedom Visa is also a cash rewards card. You earn 5% cash back based on quartly rotating categories. You also earn 1% on everything else that you buy using the card.

There is no annaul fee with this card.

See more details on the Chase Freedom Visa on their promo page.

July 2011 Hot Brokerage Promos

Since the market has turned around a bit many of the online brokerage sites are offering promos to get you to open an account. Now is not a bad time to start investing since the market is still of its highs from last year but seems to be rebounding a bit. Sure we still may be in for a rocky ride, but if you are investing in the long term, now is the perfect time to get going. If you have some extra money to invest I suggest you look at one of these promos prior to signing up with anyone.

Here are a few of the current ones going on:

• Tradeking Promo – Get $50 when opening a new Tradeking account (see post for more details)
• ETrade IRA Promo – Open an ETrade IRA and get 100 free trades. (See post for more details)
• Zecco Promo – Zecco brokerage gives you Get 10 free stock trades every month if you $25,000 balance or make 25 paid trades each month. Otherwise the commission is only $4.50 / trade which is one of the lowest out there. (See more details here
• OptionsXpress Promo – OptionsXpress is giving away $100 when you open a new account with them. (See post for more details)
• Firstrade Promo – Firstrade is giving away 5 free trade when you open a new account. (See post for more details)