Comments on: Should I Use a 401k Debit Card? http://www.mmhabits.com/should-i-use-a-401k-debit-card/ To Achieve... To Succeeed... Wed, 17 Mar 2010 17:48:25 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: 148th Edition of the Carnival of Personal Finance! http://www.mmhabits.com/should-i-use-a-401k-debit-card/comment-page-1/#comment-1017 148th Edition of the Carnival of Personal Finance! Mon, 14 Apr 2008 17:13:10 +0000 http://www.mmhabits.com/?p=158#comment-1017 [...] Money Habits presents Should I Use a 401k Debit Card? - Ryan tells us why 401k debit cards are such a bad idea, and I couldn’t agree [...]

[...] Money Habits presents Should I Use a 401k Debit Card? – Ryan tells us why 401k debit cards are such a bad idea, and I couldn’t agree [...]

]]> By: Lisa http://www.mmhabits.com/should-i-use-a-401k-debit-card/comment-page-1/#comment-981 Lisa Thu, 10 Apr 2008 21:36:38 +0000 http://www.mmhabits.com/?p=158#comment-981 I agree, Debit is for money you have. Just the very name makes it sound like it's not a "real" credit card. I hope enough negative publicity gets generated about this to really turn potential users off from it. Lisa I agree, Debit is for money you have. Just the very name makes it sound like it’s not a "real" credit card. I hope enough negative publicity gets generated about this to really turn potential users off from it.

Lisa

]]> By: Mrs. Micah http://www.mmhabits.com/should-i-use-a-401k-debit-card/comment-page-1/#comment-964 Mrs. Micah Wed, 09 Apr 2008 21:17:12 +0000 http://www.mmhabits.com/?p=158#comment-964 What doesn't make sense to me is that a) This isn't money you can just access...you have to pay it back and it's more awkward than credit (unlike a Roth IRA debit card which would allow you to withdraw your contributions but not interest) and b) if you really need to draw on your 401(k), it should probably be in the form of a formal loan. Debit cards are for paying for things like groceries, Starbucks, and books on Amazon. 401(k) loans (which is what these are of course) are for emergency expenses or one purpose...not frittering. What doesn’t make sense to me is that a) This isn’t money you can just access…you have to pay it back and it’s more awkward than credit (unlike a Roth IRA debit card which would allow you to withdraw your contributions but not interest) and b) if you really need to draw on your 401(k), it should probably be in the form of a formal loan.

Debit cards are for paying for things like groceries, Starbucks, and books on Amazon. 401(k) loans (which is what these are of course) are for emergency expenses or one purpose…not frittering.

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