Publishes Advice on Using a Debit Card

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Walter Edelstein has published new banking advice to educate consumers on some of the risks of using a debit card for purchases.

Banking Advice

Banking Advice from Personal Finance Site Network

The more expensive the item you intend to purchase, the better off you will be if you purchase it with a credit card instead of a debit card.

Personal Finance expert Walter Edelstein, CFP® has published new banking advice on cautions consumers should take when using a debit card for purchases. Consumers need to get objective information on best practices they can use to improve their financial situation. is one of the sites that are part of Personal Financial Site Network that provides consumers with free information and easy to implement practical ideas to help them achieve their personal financial goals. Following is a summary of the new content which is one of the many new “How to” articles that have been published on Personal Finance Site Network.

Risky Places to Use a Debit Card

Debit cards and credit cards certainly appear to be quite similar. They both carry a Visa or MasterCard logo, they both allow purchases of products and services without having to carry around large amounts of cash or hassle with a checkbook, and both contain some degree of protection against fraud or unauthorized account use.

But there are also some significant differences between the two types of cards. In fact, there are some situations where using a debit card comes with a higher degree of risk than using a credit card. Here are some of the riskiest places when using a debit card:

  • Very Expensive Products. According to Mr. Edelstein “the more expensive the item you intend to purchase, the better off you will be if you purchase it with a credit card instead of a debit card.” Many credit card companies automatically provide extended warranties for any items purchased, so the value of this additional warranty coverage can be quite significant for expensive products. Purchasing an item with a credit card provides greater rights to dispute a purchase if problems arise. Of course, consumers shouldn’t use a credit card instead of a debit card because they can’t afford to pay for the item using a checking account.
  • Gas Stations. Unfortunately, one of the most routine purchases for many of us – buying gas for our cars – can cause a major problem when one pays with a debit card. Many gas stations will impose a $50 or $100 funds hold on a debit card payment, even if only $5 or $10 in gas is purchased. If a consumer has a low balance in the underlying checking account, having this hold in place can lock up an entire account.

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About Personal Finance Site Network Personal Finance Site Network was launched in 2009, and since then has provided consumers with hundreds of free articles and financial tips across a broad array of personal finance topics. Several of the sites in Personal Finance Site Network include: – where consumer can learn how to establish credit, protect credit, choose the right credit card, and unlock the secrets of a credit report. – where consumers can learn how to plan and navigate the path to the future beyond work, including 401K, IRA and Roth IRA information. Read how to develop a retirement plan or a pre-retirement plan that helps achieve individual long-term goals.

Mr. Edelstein has financial experience that spans over thirty years. It includes being a Certified Financial Planner™, having a Master's Degree from Columbia University, and having served as Chief Marketing Officer for a major online bank where he honed his online marketing skills to help consumers achieve their financial goals. proudly reaches out with this network of personal finance websites to help individuals and families discover the path to financial knowledge.

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