Debitize: Good for credit card lovers!

[TheDisneyDoll]

I haven't seen a post here about this site so i thought i'd share it because a friend of mine shared it with me
I've been using it for a couple weeks now and i was really nervous at first but it's working brilliantly!

The site allows you to use your credit cards to earn points and as you make charges it pulls the amount from your debit card and holds it in an account and at the end of the week it pays off the charges you made. This way you can earn your credit card rewards with out the interest and you don't have a big payment to make at the end of the month.
You can set it to hold a certain balance on your card and set it so if your bank account below a certain number it will not withdraw anything. It will also send you an email letting you know you've reached your bank account minimum.

It's really easy to set up but it does ask for your credit card information and it connects to your bank account directly. I know some of y'all aren't into that and I understand and I can say in my few weeks of using it the site has done exactly what it says it will do and I haven't found any hidden fee's or lost money anywhere. Trust me I've been watching!

I've found this site so helpful! Paying off a big balance once a month is mentally draining sometimes, and with this is less overwhelming and you don't have to debate at the store if you want to earn those credit card rewards or just use your debit card. I am really good about paying my balances and i still have that debate.

And for those who potentially have given up on credit cards this could be a good method to slowly build up a stable credit with less stress.
And for you Red Card Disney buyers an easy way for 5% off those glorious gift cards and less hassle.

https://debitize.com

 

[seashoreCM]

I do not like the idea of some additional person or some additional thing connecting into or hooking into my bank account.

Don't forget, "it" has to interrogate your credit card account frequently to know when charges have been made to need to be paid off. And "it" has to interrogate your bank account to know if your balance has gone low enough that "it" should not take money out to make a credit card installment payment with.

One more way that bank account(s) could get hacked.

So you are debating whether to use your credit card and earn points versus just using your debit card for fear of running over your credit card limit and not having enough of a bank account balance. The same debate and anxiety happens using Debitize because "it" can also run into problems behind your back finding out you don't have enough of a bank account balance for "it" to immediately make a credit card payment and avoid your going over the latter's limit.

 

[Lulubelle17]

Can't you just log into your credit card account once a week and pay it off? I have a Disney Visa and I log into my account a few times a week to pay off my balance as I go. I don't like to have a high balance, so I pay it back as I go. That way I never pay interest and get my rewards every month.

 

[cvjw]

Buy something on your credit card, then pay it off. No need to wait till the end of the month when your balance is overwhelming to you.

I would never authorize an outside source to access my bank account to pay my credit card accounts. Too risky in this day and time. Also, more chances of something going wrong. If the company did pay the wrong amount, you could be overdrawn or get a credit card fine. Would be difficult to work out with so many hands in your business.

 

[Lvsdisney]

I make a payment to my cc each pay period for the same reason that I don't want it to overwhelm me PLUS then I know I have enough $$ to pay it off.

 

[TheDisneyDoll]

I didn't realize so many people didn't use financial organizers.
"It" isn't right for everyone, but it does work and could be beneficial to some people.
Not everything works for everyone

 

[Marionnette]

I didn't realize so many people didn't use financial organizers.
"It" isn't right for everyone, but it does work and could be beneficial to some people.
Not everything works for everyone

I'd be willing to wager that more people do not use financial organizers than people who do.

I agree with the PPs - why would I grant access to my CCs and bank account to a 3rd party? I can do bill paying thru my bank's website. I can go onto my CC's website and make a payment whenever I wish. I can even set up an auto payment of the minimum payment if life happens to get in the way and I miss the due date for a bill. I'm sure that this company doesn't do this service out of the goodness of their hearts. This company is taking money from your bank account when you make a purchase with your CC but they aren't paying the CC account until the balance is due. That can be as much as 2 months from the date that a purchase is made until its payment is actually made and they're holding your money all of that time.

From their FAQ:

• How does it work?
  Step 1: Connect your bank account and credit cards to Debitize.
  Step 2: Use your credit cards as normal.
  
  It's that easy! Debitize monitors your credit cards for new activity, and then automatically initiates a transfer out of your checking account into your Debitize account whenever you make a charge.
  
  When your credit card bill comes due, Debitize pays it for you - automatically and on time - with the funds from your Debitize account. No more worrying about bills or late fees!

That's a big NO THANKS! from me!

 

[afan]

Like others I wouldn't do this, too many hands in the cookie jar. Plus what happens if that company has taken money from your account to pay the bill by the due date and then the company disappears with the money.

Also, I make a small bit of interest on my checking account, it's through a credit union, and I would rather make the interest and pay my cards myself whenever I want during the month than let some company make interest off my money.

 

[TheDisneyDoll]

I'd be willing to wager that more people do not use financial organizers than people who do.

I agree with the PPs - why would I grant access to my CCs and bank account to a 3rd party? I can do bill paying thru my bank's website. I can go onto my CC's website and make a payment whenever I wish. I can even set up an auto payment of the minimum payment if life happens to get in the way and I miss the due date for a bill. I'm sure that this company doesn't do this service out of the goodness of their hearts. This company is taking money from your bank account when you make a purchase with your CC but they aren't paying the CC account until the balance is due. That can be as much as 2 months from the date that a purchase is made until its payment is actually made and they're holding your money all of that time.

From their FAQ:

• How does it work?
  Step 1: Connect your bank account and credit cards to Debitize.
  Step 2: Use your credit cards as normal.
  
  It's that easy! Debitize monitors your credit cards for new activity, and then automatically initiates a transfer out of your checking account into your Debitize account whenever you make a charge.
  
  When your credit card bill comes due, Debitize pays it for you - automatically and on time - with the funds from your Debitize account. No more worrying about bills or late fees!

That's a big NO THANKS! from me!

Like I said, not for everyone.
I've been using it a while and my payments are always made on Thursdays.

 

[Shughart]

Yeah...no.......

 

[teller80]

I don't understand how Debitize makes money? And like the other posters, I don't want another hand in my accounts.

 

[Southernmiss]

It's not that hard to log in to your credit card account and make a payment daily, weekly or monthly. It's part of personal financial responsibility.

Debitize is not something I am interested in. I don't want a third party in the mix too much opportunity for something to go wrong.

 

[Marionnette]

I don't understand how Debitize makes money? And like the other posters, I don't want another hand in my accounts.

They make money by removing money from your checking account and then holding on to it for up to 2 months. During that time, they can earn interest on it, just like your bank makes money off of the cash you have in your checking and savings accounts. According to their FAQ, your funds are deposited in an account with a regular bank. That account is owned by and under the control of Debitize and is most likely an interest-bearing account of some sort. If enough people do this, there's a nice chunk of money that can be made.

The company is still in beta testing. Who would want to be their guinea pig when it could affect personal finances?

 

[TheDisneyDoll]

They make money by removing money from your checking account and then holding on to it for up to 2 months. During that time, they can earn interest on it, just like your bank makes money off of the cash you have in your checking and savings accounts. According to their FAQ, your funds are deposited in an account with a regular bank. That account is owned by and under the control of Debitize and is most likely an interest-bearing account of some sort. If enough people do this, there's a nice chunk of money that can be made.

The company is still in beta testing. Who would want to be their guinea pig when it could affect personal finances?

It must be a millennial thing

 

[Marionnette]

It must be a millennial thing

I hope not, because that means my kids would be okay with it and I taught them better. My older son is an IT security engineer for a financial company. He rolled his eyes and shook his head when I mentioned this concept to him.

 

[havaneselover]

I wouldn't use this and my first reaction was this is crazy. But I can see how it can appeal to some and it's FDIC insured to $250 K. Some people do well with this sort of automation. I like a little more control

 

[FairestOfThemAll37]

I guess I don't see what the big deal is. Tons of people use Mint. It also accesses financial data.

Are people having trouble with the two way access? If you do any banking or shopping online then it's likely you've given read access to your accounts.

Lots of people also pay their rent or utilities online which are usually a third party system.

 

[Jen and Ashwin]

I guess I don't see what the big deal is. Tons of people use Mint. It also accesses financial data.

Are people having trouble with the two way access? If you do any banking or shopping online then it's likely you've given read access to your accounts.

Lots of people also pay their rent or utilities online which are usually a third party system.

I think people are objecting to these points, but also the idea that it actually takes your money from your account and just holds it. Concerns about the company folding, with your money in their account, is not an unfounded concern.

I don't think I would use this, but that is really because I prefer to just pay my bill once per month. I pay the full statement balance, nothing more, nothing less. I figure, why give them my money any sooner? I want to earn the interest on that money, not let someone else earn it.

 

[havaneselover]

I think people are objecting to these points, but also the idea that it actually takes your money from your account and just holds it. Concerns about the company folding, with your money in their account, is not an unfounded concern.

I don't think I would use this, but that is really because I prefer to just pay my bill once per month. I pay the full statement balance, nothing more, nothing less. I figure, why give them my money any sooner? I want to earn the interest on that money, not let someone else earn it.

It's FDIC insured up to $250K.

 

[momof2gr8kids]

I tally up my cc receipts every couple of days and pay it off. I learned years ago I can't wait for that bill each month as it was too easy to spend more than you had in your bank account!