Quote Originally Posted by HoreTore View Post
They have their use, especially with regards to travel. Paying with mastercard comes with free travel insurance and provides an additional layer of security. If someone scams my debit card, I have to wait quite a while to get it back. If someone scams my mastercard, it becomes mastercards problem. I will still have access to my own money while they sort out the situation.
This is the main benefit to credit cards over debit cards. A debit card is the key to your bank account, if hacked your money is gone, your bank will not help you get it back. I have been seriously considering replacing my debit card with a straight ATM card until the US at least gets chip-and-pin implemented.

That said, carrying a balance on a Visa/MC card is insanity. I pay off my cards each month, they are used for convenience only. This makes my bank no money though, so I understand why the banks target young adults and others in high-risk situations. The usury on the balance combined with the high merchant fees is quite profitable.