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JCB010203

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Is it better to have overdraft protection or apply for a credit card?

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At most banking sites I've visited, they allow you to link an additional account to pull funds from in case of an overdraft. Keep in mind many banks charge a fee for this. Bank of America charges $10 for transferring your own money. Your best bet is to keep on top of your finances, and transfer funds yourself if need be.

Many institutions are also allowing you to link a credit card from the same institution as overdraft protection. Funds pulled for this reason are designated as cash advances with a credit card fee up to about 29% interest.  I strongly discourage linking a credit card.

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Better for what?

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If you are thinking of between the two then you need to think hard on what you should be doing  because you don't need a Credit Card as I don't think you will be paying it off in full every month.

Just saying.

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Overdraft Protection is for people that can't balance a checkbook.

Overdraft Protection is for people without a budget.

Overdraft Protection is for people that speed too much.

Need I say More?

I do not pay for it and never will.

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