Why You Should Choose Credit Cards Over Debit Cards

0

Last Updated on July 28, 2021

You may have heard almost every money management guru talking about how the best way to cut on spending is to use your debit card and not your credit card. And in some instances, they may be right. But not always.

Here’s why you should choose credit cards over debit cards when you make payments:

 

1. Rewards Galore

Probably the most obvious reason to use your credit card instead of your debit card is, of course, the rewards you earn each time you swipe your card! From cashback and cash rebate to reward points and air miles, credit cards actually help you save while you spend.

If you pay your bills in full and on time, you can rack up enough air miles for a round trip to Bali or get cashback each time you make a purchase at the grocery store. Moreover, credit cards are made to reward you for spending. So, if a major portion of your monthly income goes towards grocery shopping, using a grocery credit card like the Citibank SMRT Card can get you up to 5% savings on your grocery spends. For example, if you spend $300 per month at the grocery store, you earn $15 as cashback! Not bad, huh?

 

2. Build Your Credit Score

 

Have you ever encountered a situation where someone applies for a loan for the first time in their life, and when the bank goes to check their credit history and credit score, there is nothing available? Yeah, you may think that’s a good thing, but it really isn’t.

You see your credit score is extremely important since it tells banks and financial institutions if you are indeed creditworthy. A good credit score increases your chances of being approved for a loan later in life. And credit cards are a great way to build your credit score.

Every time you swipe your card and make your payments, it forms a part of your credit history. Keep in mind though, that your credit card will help build your credit score only if you make timely payments. The minute you default on them, your credit score can fall. And sometimes drastically.

That being said, using a credit card responsibly is a great way for you to start building your credit history.

 

3. Fraud Protection

The biggest beef most people have with debit cards is that if an unauthorised transaction is made using your debit card, it is almost next to impossible to get the money back. With credit cards, the story is different.

If any fraudulent transaction is made using your credit card, then rest assured that you will not be held liable for those transactions. In fact, once your bank is convinced that the transaction that was made wasn’t due to negligence on your part, your liability will not exceed $100. Even this liability will only be imposed on unauthorized transactions made before you informed the bank regarding your card being lost, stolen or if the PIN was disclosed to an unknown party.

This isn’t the only way credit cards trump debit cards when it comes to fraud protection. Some credit cards offer, as an added benefit, purchase warranties and e-commerce protection. So, if you end up buying something online that is defunct or you receive something that isn’t quite what was advertised, your e-commerce protection will kick in and you can be reimbursed for the amount you swiped on your card or pay for accidental damages occurred within the warranty period.

 

4. Purchasing Power

Loyalty Quotes

 

Want to buy new kitchen equipment or buy the latest laptop but don’t have enough money in your account? Even if you do have enough money, using your debit card may just lead to you emptying your account for that month. This is where your credit card comes into play.

Your purchasing power increases exponentially when you use your credit card. You can buy big-ticket items and convert the purchase to monthly installments. This way, you aren’t emptying your bank account. Such plans also come with 0% interest (there may be a one-time processing fee, which in some cases can even be waived).

 

5. Promotional Offers

Another reason you should pay with your credit card? Well, because they have great promotional offers and discounts! Your card comes with great shopping, travel, and dining deals. They are all valid only when you make payments using your card.

Whether your card is a student card or an exclusive card, they will all offer you more benefits than just the convenience of not having to carry cash or being able to afford an expensive item. For instance, your credit cards could get you a great 1-for-1 lunch deal at some of the best restaurants in Singapore or even access to member-only clubs!

Simply put, credit cards offer convenience, which to be fair debit cards do as well, but credit cards also give you greater financial flexibility. It can be used during times of emergency and the benefits you get in terms of rewards are unparalleled.

To everyone who tells you that it is safer to use your debit card, show them this list. If you use your credit card wisely, it can help you save money as well as fund your round-trip ticket to Thailand (or a dream destination) for free! You definitely can’t say the same for debit cards!

Tags: 1 time use debit card 360 debit card 5 debit card 5 facts about credit cards a debit card a debit card differs from a credit card in that a debit card is a debit card is also known as a activity 8 comparing credit card payments advantages of credit and debit cards advantages of credit card advantages of credit card and debit card advantages of debit card advantages of debit card and credit card advantages of debit card over credit card advantages of using a debit card all types of credit and debit cards all types of debit cards apply for debit credit card are credit and debit cards the same are credit cards and debit cards money are credit cards and debit cards the same are credit cards money are credit cards more secure than debit cards are debit cards and credit cards the same are debit cards free are debit cards the same as credit cards atm and credit card difference atm and debit card difference atm card difference debit card atm card or credit card atm card or debit card difference atm card versus debit card atm card vs debit card atm card vs debit card vs credit card atm card wikipedia atm vs debit card balance transfer from credit card to debit card balance transfer to debit card balance transfer twice bank account vs credit card bank account vs debit card bank card comparison bank card credit vs debit bank credit cards vs regular credit cards benefits of credit card over debit card benefits of credit card vs debit card best atm card best atm card for travel best buy debit card best credit card protection service best debit best debit card best debit card bank best debit card benefits best debit card for foreign travel best debit card for international transactions best debit card for travel best debit card offers best debit card without bank account best debit cards to have best no foreign transaction fee debit cards best type of debit card best visa debit card between debit card and credit card big pay vs debit card business credit card comparison chart buy debit card buy debit card with credit card buy now pay later virtual card buy now pay later with checking account can a debit card be used as a credit card can i pay my credit card with a debit card can we use debit card as credit card can you balance transfer twice can you go into debt with a debit card can you pay a credit card with a debit card can you run a debit card as credit can you see what was purchased on a debit card can you see what you bought on a debit card can you transfer money from credit card to debit card can you use a debit card as a credit card Card card de credit sau debit card debit vs credit cards vs cash and credit card similarities cash card and debit card difference cash pass debit card cash versus credit card spending cash vs credit card compare and contrast cash vs credit card compare and contrast essay cash vs debit card cashback definition wikipedia characteristics of a credit card charge card comparison charge card vs credit card charge card vs credit card difference charge card vs credit card vs debit card chase credit card cash withdrawal chase credit card flowchart check card debit card difference check card vs debit card checks vs debit cards citibank student debit card compare and contrast cash and credit cards compare debit cards abroad credit and debit card information credit answers credit card and charge card difference credit card and debit card credit card and debit card difference credit card and debit card difference in english credit card charges comparison credit card company comparison credit card compared to debit card credit card comparison chart credit card debit credit card debit card credit card definition credit card diagram credit card facts credit card features comparison credit card in credit credit card information in english credit card interest credit card is also known as credit card of different banks credit card or debit card credit card processing comparison chart credit card questions and answers credit card that works like a debit card credit card to debit card transfer credit card uses credit card versus debit card protection credit card vs debit card credit card vs debit card abroad credit card vs debit card advantages and disadvantages credit card vs debit card online shopping credit card vs debit card venn diagram credit card with money on it already credit cards and charge cards differ in two important ways credit cards and money credit cards vs debit cards pros cons credit cards with money on them credit or debit card credit scor credit score credit vs debit in banking creditcard wiki current account vs debit card debit debit account vs credit account debit and credit card debit and credit card definition debit and credit card difference debit and credit card in one debit and credit difference debit card debit card and credit card difference in english debit card and credit card meaning in marathi debit card and credit card ppt debit card and credit card similarities debit card benefits debit card cash back limit debit card cost debit card def debit card definition debit card essay debit card example debit card fees vs credit card fees debit card foreign transaction fee debit card how does it work debit card information in marathi debit card line of credit debit card monthly fee debit card no debit card processing diagram debit card pros and cons list debit card purchase debit card purchase protection debit card requirements debit card that builds credit debit card that can be used as credit card debit card that pays cash back debit card time of purchase debit card to debit card debit card vs credit card fees debit card vs credit card security debit card vs savings card debit card what is it debit card wikipedia debit card with money debit card with no transaction fee debit cards are better than credit cards debit cards for bad credit debit cards that don t charge monthly fees debit cards with money on them debit cards without fees debit cards without foreign transaction fees debit credit card debit credit card definition debit credit card in one debit credit card meaning debit credit card vs credit card debit credit chart debit in credit card debit mastercard credit limit debit on a credit card debit or credit debit or credit difference debit versus credit debit versus credit card debit vs credit debit vs credit card debit vs credit card difference debit vs credit card security debit vs credit definition debit vs credit meaning debit vs credit transaction debit vs debt debt and credit difference debt vs credit card describe how debit and credit cards are similar difference between atm and debit card difference between atm card and debit card difference between bank account and credit card difference between charge card and credit card difference between credit account and debit account difference between credit and debit transactions difference between credit card & debit card difference between credit card and bank account difference between credit card and debit card difference between credit card and debit card in hindi difference between credit card and debit card wikipedia difference between credit card n debit card difference between debit and cash card difference between debit and check card difference between debit and credit difference between debit and credit balance difference between debit and credit card difference between debit and credit card wikipedia difference between debit and credit in accounting difference between debit and credit in accounting system difference between debit and credit in accounting terms difference between debit and debt difference between debit card and credit card and smart card difference between debit card and credit card in tamil difference between debt and debit difference between mastercard and visa card and maestro card difference between using credit or debit difference between visa and debit card difference between visa debit and visa credit difference in charge card and credit card difference in credit card and debit card different credit card and debit card different debit card companies different types of debit cards disadvantages of debit card disadvantages of rupay card do debit cards cost money do debit cards have fees do debit cards have foreign transaction fees do debit cards have interest do you need a bank account for a debit card dr card dual credit and debit card features of debit card features of debit card and credit card fee debit card fee for using debit card fraud fraud protecttion from credit card to debit card good debit cards for students history of debit and credit how are credit and debit cards different how are credit cards and debit cards similar how are credit cards made how are debit and credit cards similar how are debit and credit cards the same how big is a debit card how big is a standard credit card how can credit cards be helpful how credit cards work how debit card works how do credit cards differ from debit cards how do credit cards work how do i get a credit card how do you get a debit card how do you get debit card how do you pay with a debit card how does a debit card differ from a credit card how does a debit card work how is a charge card different from a credit card how is a credit card different from a debit card how many types of cards in banking how many types of debit card how much can you charge on a debit card how much does a debit card cost how much does it cost for a debit card how to buy a debit card how to compare credit card terms how to debit card how to differentiate debit and credit card how to differentiate debit card and credit card how to have a debit card how to identify credit and debit card how to identify credit card and debit card how to know if a card is debit or credit how to purchase a debit card how to read a debit card how to tell difference between debit and credit card how to transfer cash from credit card to debit card how to transfer money from debit card to credit card how to use credit card i need a credit card i need a credit card with money on it i want a debit card interesting facts about credit cards is a bank card the same as a credit card is a charge card a debit card is a charge card the same as a debit card is a debit card the same as a credit card is card com a credit card is debit and credit card the same is debit card linked to checking account is debit card same as atm card is visa a debit or credit card key bank gift card pin number maestro card company major debit cards make a debit card money card comparison money from credit card to debit card most popular debit cards multi purpose credit card definition nationwide credit card nd declined credit card no international fee debit card no international transaction fee debit card off white debit card offers opt plus debit card pay best buy credit card with debit card pay card vs debit card pay checking account with credit card pay credit card with debit card payment card vs credit card personal finance activity 4 comparing credit card offers plastic debit card poor credit bank accounts with debit card prepaid credit card vs debit card prepaid credit card wiki promotional pros and cons of debit cards pros of a debit card protection purchase interest charge chase purchasing quick debit card quicksilver card payment savings card vs debit card secured credit card wikipedia store card vs credit card the best debit cards the difference between a charge card and a credit card the difference between debit and credit card top debit card banks types of debit cards unlike a debit card a credit card use debit card as credit card use your credit card like a debit card v pay credit card visa credit visa debit difference visa debit vs visa credit card visa vs debit visa vs debit card visa vs mastercard wiki vs card vs credit vs credit card vs credit card number vs credit card payment vs credit card payment online what account is a debit card connected to what are credit cards made of what are credit cards why do people use them what are the advantages and disadvantages of a debit card what bank has the best debit card what debit card is the best what debit card should i get what does a debit card do what is a charge account vs credit card what is a debit card definition what is a debit card for what is a debit card purchase what is better credit card or debit card what is better debit or credit card what is credit card what is debit what is debit and credit card difference what is debit card what is debit card number what is debit payment what is difference between atm card and credit card what is different credit card and debit card what is the best debit card what is the best debit card to get what is the best debit card to have what is the difference between credit card and debit card what is the difference between debit and credit what is the difference between debit and credit card what is the difference between debit or credit what is the difference of debit and credit what is the difference of debit card and credit card what to do when your debit card is charged twice what’s the difference between a debit and a credit card what’s the difference between a debit and credit what’s the difference between credit card and debit card what’s the difference between debit and credit what’s the difference between debit and credit card what’s the difference between debit or credit what’s the difference between using debit or credit what’s the point of a credit card whats a credit card number whats a debit card whats a debit card number whats a good debit card whats a major credit card whats a virtual card whats the difference between a charge card and credit card whats the difference between a debit card and credit card whats the difference between debit card and credit card when paying for purchases debit cards when to use a debit card vs credit card when to use credit vs debit card when to use debit or credit card where are credit cards made where can i get a debit card where can i use my debit card as credit where can you get a debit card where to buy debit cards which bank debit card is best which debit card is best which debit cards have no foreign transaction fees which is better credit or debit which is better debit or credit card which is more secure debit or credit card why am i getting denied for student credit cards why am i not getting credit card offers why american express is best credit card why are credit cards not considered money why are credit cards useful why can t i get a credit card why credit card debt is getting riskier why credit cards are bad why credit cards are good why do credit cards have chips why do i need a credit card for free apps why do people use credit cards why do we need a credit card why do we use credit cards why do you need a credit card for fire stick why does a credit card get declined why get a credit card why have a credit card why is it good to have a credit card why is it so hard to get a credit card why is my credit card declined why not to use credit cards why people use credit cards why use a credit card why use credit card instead of debit why use credit cards why use credit cards instead of cash why use paypal instead of credit card why we use credit card working debit cards 2021 worldwide debit card

Click here for Source

Yorum Yaz

Your email address will not be published.