This week, we are switching from only using our debit cards to only using a credit card. Some of you may think we’re crazy and that we’ll wind up in debt.
My husband and I have always been debit users. Don’t spend what you don’t have, right? We would use our credit cards for booking hotel rooms and other large expenses, or if we didn’t have money in our checking account. We paid them off every month, but we viewed the credit cards as “for emergency and big expenses only.”
So, when my husband brought up using credit cards for every single purchase, I’d be lying if I said I didn’t freak out a little. He mentioned the idea to me a few months ago, and I’m finally ready to make the switch. Here are three reasons why I agreed to only use a credit card from here on out.
Why We’re Switching from Debit to Credit for Everyday Purchases
To Earn Cash Back
This is the main reason we are switching from debit to credit – cash back. We are getting the BankAmericard Cash Rewards Credit Card. Just for signing up, you get $100 cash back if you spend $500 in the first 90 days. For expenses, you get 3 percent cash back on gas (which we spend a lot on), 2 percent back at grocery stores, and 1 percent back on everything else.
Right now, we are kind of a mess with our banks and cards. We both bank at Bank of America (joined account), I have a Chase checking and savings, we have an online savings account, John has a credit card through Capital One, and I have a credit card through Chase. With one card that we use for everything, our lives will be simplified.
To Monitor Expenses
We use Mint right now to track our expenses, and while that’s great, there are so many categories and it takes a few days to update. If we only have one credit card that we’re making purchases with, it’ll be super easy to track and monitor our daily, weekly and monthly spending.
How We’ll Make it Work Without Getting in Debt
The fear of overspending on the card is why I’ve waited so long to make the switch. I’ve overspent on credit cards in the past, and certainly didn’t want to make a habit of it and wind up in trouble. The way we’re getting around this is simple – we are paying the credit card off daily.
So, in other words, if we can’t pay it our purchases off that day, we aren’t buying them. It’ll basically be the same as using our debit cards, except we’ll be earning cash back on every single purchase.
Keeping today’s post short and sweet, as I’m preparing for my very first book launch tomorrow! You can pre-order it today or just wait until tomorrow to make the purchase, if you’re interested. I’m also in the process of launching a brand new blog that will be my new brand and business. I’ll still be blogging here, too, but this new blog completely encompasses who I am. I can’t wait to share more details with you! (For those that buy my book, my new domain is in there. For those that don’t purchase my book, I’ll be sharing my new site within a month!)
Do you use a debit card or a credit card for everyday purchases? Why or why not?!