Credit and Debit Card Essays

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Pro arguments: The usage of debit card is continuously increasing. Because of the crisis of the economy, tighter credit and consumers become more careful in spending money; more people prefer to pay with debit cards nowadays. According to the Nilson Report, Americans made 28.4 and 21 billion purchases respectively using debit and credit card in 2008. In 2009, the total credit card purchase transactions went down 4 percent; it was recorded as $20.2 billion. However, the total debit and prepaid card transactions in U.S. was $36.2 billion, an increase of 8 percent.
(http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php, last accessed on April 1, 2010)

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Retailers pay banks or credit unions an average of 75% for every $100 a customer spends when they hit credit and sign. It is more than twice when a customer chooses to sign instead of punching the PIN. With the regulations of debit card, financial institutions may need to charge the retailers to pay more when customers using debit cards. Therefore, some retailers may not able to run the business, or they need to raise the price of products and transfer the cost to consumers.
(http://www.nytimes.com/2010/01/05/your-money/credit-and-debit-cards/05visa.html, last accessed on April 1, 2010)

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Government and the related institutions should enhance the regulations of debit card. As a consumer, I am totally a fan of using debit and credit cards. I don’t like carry cash with me because I feel like I spend more money when I have cash in hands. Also I find it hard to track how much do I spend as I don’t count the cash in my wallet before I go shopping.

Take a look of the past debit card crime in 2006, 14 people were arrested in replacing hundreds of thousands of debit cards across the country. It takes time for the frauds to turn credit cards to cash, they need to make a purchase first then fence the item for generating cash. Because of that, the numbers of debit card
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