Debit cards are a fast and easy way to pay. And they can feel "safer" than credit cards, because they don't allow you to rack up debt.But in the wrong place, a debit card can expose your checking account to fraud, lock up your cash for days, or leave you scrambling to fix a mess.Here are three places where using a debit card just isn't worth it -- and what to use instead.1. Gas stationsGas pumps are magnets for "skimmers" -- devices that thieves attach to card readers in order to steal your card info.If a c ...

Core Insights - Americans are increasingly using credit and debit cards for payments, with a notable generational divide in spending behavior [2][6] - Total credit and debit card spending per household rose by 2.4% year-over-year in October, indicating the strongest growth in nearly a year, despite a decline in the number of retail purchases [3][5] - Baby Boomers are leading the spending growth, significantly outpacing younger generations, while Gen X holds the highest average credit card balances at $9,600 per household [4][7] Spending Trends - The overall card spending per household increased by 2.4% year-over-year in October and 0.3% from the previous month, marking the fifth consecutive increase [5] - Payments for services are driving the growth in spending, while the number of retail transactions has decreased since January, suggesting inflation is influencing spending patterns [5][9] Generational Spending Divide - A 2024 Federal Reserve report indicates that credit and debit cards account for over 60% of monthly transactions, with cash usage at only 16% [6] - Higher-income households, which tend to be older, saw a 2.7% increase in spending year-over-year, compared to just 0.7% for lower-income households [7][9] - After-tax wage growth for higher-income households reached 3.7%, while lower-income households experienced only a 1.0% increase [7] Factors Influencing Spending Behavior - Gen X, despite being in their peak earning years and responsible for 27% of consumer spending, has seen spending growth slow to just 0.1% year-over-year [9] - Older households benefit from stable income sources such as Social Security and pensions, while younger households face higher costs for rent, childcare, and student loans, limiting discretionary spending [9][10] - Payment preferences vary, with older adults using cash for about 22% of payments, while younger adults prefer debit cards for smaller purchases and are more inclined to use buy-now-pay-later programs [11] Balance and Debt Behavior - Millennials and Gen X are managing peak family expenses, leading to higher average credit card balances, while younger cohorts have smaller balances due to lower credit limits and shorter credit histories [12]

Core Insights - Nearly 50% of Gen Z lives with their parents to save money, indicating a trend towards multifamily living arrangements [1] - Approximately 40% of Gen Z engages in side gigs and freelance work to supplement their income, reflecting a proactive approach to financial stability [2] - A significant 64% of Gen Z regularly considers their financial future, suggesting a strong inclination towards financial planning and income generation through side hustles [3] Spending Habits - Only 26% of Gen Z adheres to a strict budget for vacations, while 43% find a balance between spending and saving for travel [4] - Gen Z shows a preference for experience-based purchases, with a focus on catching up on missed experiences post-pandemic [5] - Thrifting is prevalent among Gen Z, with 58% combining new clothing with secondhand items, indicating a shift towards sustainable consumption [6] Financial Consciousness - The findings from the Affirm survey highlight that Gen Z is financially conscious, with almost half avoiding credit cards and preferring debit cards for spending [7] - 37% of Gen Z actively maintain budgets, demonstrating a commitment to managing their finances effectively [7]

Core Insights - Gen Z perceives cash as outdated, with over 53% stating they use it only as a last resort, and nearly one-third considering cash users as out of touch or "cringe" [1][5] - The use of cash is linked to impulsive spending among Gen Z, contrary to older generations who used cash to maintain discipline [2] - Digital payment methods are seen as a form of self-expression for Gen Z, reflecting their upbringing in a digital-first financial environment [3] Financial Knowledge Gaps - Despite comfort with digital tools, many in Gen Z lack basic financial knowledge, with only 44% aware of their savings account interest rates [4] - A significant portion of Gen Z is uncertain about whether their savings accounts earn interest, indicating a gap in financial literacy [4][5] - Recommendations for Gen Z include checking interest rates on savings accounts and considering high-yield accounts for better financial growth [6]

Core Viewpoint - The bank is transitioning its debit cards from the Mastercard network following the completion of its acquisition of Discover earlier this year [1] Group 1 - The bank has completed its acquisition of Discover [1] - The transition of debit cards signifies a strategic shift in the bank's payment processing approach [1]

Core Points - Autopay allows for automatic bill payments on a set date each month, with options to connect directly to a bank account or use a credit/debit card [1] Group 1: Benefits of Paying With Credit - Convenience is a primary reason for using credit cards for autopay, as many companies support this payment method [3] - Responsible use of credit cards for autopay can improve credit scores, leading to better rates on loans and mortgages [4] - Credit cards provide flexibility for those living paycheck to paycheck, allowing for bill payments without immediate cash availability [5] - Using credit cards for autopay can earn rewards, such as points redeemable for goods, services, and travel [6] Group 2: Downsides of Paying With Credit - Potential interest charges can accumulate if credit card bills are not paid in full each month, leading to unnecessary debt [7] - Late payments on credit cards can incur additional fees, compounding financial difficulties [8] - High debt and late payments can negatively impact credit scores, affecting future loan rates [9][10]

Core Viewpoint - The debate between using credit cards versus debit cards continues, with financial expert Dave Ramsey advocating for debit cards due to their ability to prevent debt accumulation and provide similar security benefits as credit cards [1][4]. Group 1: Dave Ramsey's Perspective - Ramsey emphasizes that he does not own a credit card and prefers debit cards, which require funds to be available in the account, thus avoiding debt [4]. - He argues that debit cards offer the same fraud protections and security benefits as credit cards, making them a safer choice [4]. - According to Ramsey, incentives like cash back and airline points from credit cards do not significantly impact wealth accumulation, as evidenced by a study of millionaires where none attributed their wealth to airline miles [5]. Group 2: Contrasting Views from Other Experts - While Ramsey is against credit cards, some financial experts, like Grant Cardone, argue that responsible credit card use can help track purchases for budgeting and tax purposes, and maximize rewards [5]. - Justin Zeidman from Navy Federal Credit Union recommends having multiple credit cards, suggesting a more favorable view on credit card usage compared to Ramsey [6].

Group 1 - The Dow Jones Industrial Average is experiencing gains, primarily driven by American Express, which reported earnings of $4.14 per share on record revenue of $18.4 billion, surpassing Wall Street estimates [1] - Visa is also performing well as customers are increasingly using their credit and debit cards [2] - Walmart is investing in technology to enhance its online business, contributing to its positive stock performance [2] Group 2 - Shares of Zions Bancorp and Western Alliance Bancorp rebounded after previous losses, with Zions up 5.1% to $49.34 and Western Alliance up 2.2% to $71.94 [3] - Oracle's stock fell 5.5% to $296 due to investor skepticism regarding its artificial intelligence growth plans, indicating concerns about potential market bubbles [4] - Gold prices decreased by $52 to $4,254 per troy ounce, while silver dropped by $2.67 to $50.625, reflecting broader market concerns [4] Group 3 - The Standard & Poor's 500 Index rose by six points to 6,636, and the Nasdaq Composite Index increased by two points to 22,565, indicating a mixed market performance [5] - The Dow is the standout performer of the day, up 177 points to 46,129, largely attributed to American Express's strong results [5] - The 10-year Treasury yield rose back above 4% to 4.012%, while Bitcoin saw a decline of 2.2% to $105,859, down nearly 15% from its August all-time high [5]

RT CoinGecko (@coingecko)MetaMask just rolled out its biggest upgrade yet, including Solana support, a debit card, and more.In today's video, we break down @MetaMask’s latest features, how they're improving user experience, and what’s coming next.Watch the full video 👉 https://t.co/ZKusaKOxeo https://t.co/qoQpAxqPnG ...

MetaMask just rolled out its biggest upgrade yet, including Solana support, a debit card, and more.In today's video, we break down @MetaMask’s latest features, how they're improving user experience, and what’s coming next.Watch the full video 👉 https://t.co/ZKusaKOxeo https://t.co/qoQpAxqPnG ...