Between Credit Card And Debit What Would You Choose?

Discussion in Credit Cards started by Vinaya • Sep 2, 2016.

  1. Vinaya

    VinayaActive Member

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    I would always choose a Debit Card. In fact I have never owned any credit cards however, I have couple of debit cards. I understand if you us a debit card you can only spend what you have, where as with a credit card you can use until your credit limit. sadly, this option will incurr you debt
     
  2. steph84

    steph84Active Member

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    I have had a debit card for years and I have never had any problems with it. Credit cards on the other hand have given me so many headaches. The fees, the interest rates and they long time it takes to pay them off if you just pay the minimum. So many things that I can complain about when it comes to credit cards!
     
  3. Corzhens

    CorzhensWell-Known Member

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    I have my ATM card for purposes of getting cash. But with my purchases, it is always the credit card for me. I know that there is an added cost when using the credit card instead of the debit card but charge it to my being superstitious that money begets money so when my ATM account has a big balance, it tends to attract money. That's my experience. I am used to the credit card and for so many years, I have never encountered a problem with payments because I always compute my purchases before hand so it's just like using the debit card.
     
  4. xTinx

    xTinxWell-Known Member

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    In the past, I would have chosen debit card hands down since it disciplines you and keeps you from spending money aimlessly. You own the money in your account after all. However, these days I have warmed up to using credit cards. The reason is that I am trying to invest in something and having a credit card is necessary in case I miscalculate.
     
  5. Denis Hard

    Denis HardWell-Known Member

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    I don't like either. When buying something I prefer paying with cash. However when buying something online then I find it's safer to use a credit card to pay for anything that I buy because credit cards offer more consumer protection. You could get a refund if something you bought is defective.
     
  6. Ke Gordon

    Ke GordonWell-Known Member

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    I use my debit card for purchases almost exclusively. You do get protections with a credit card, that you don't find with a debit card though, and that is one of the reasons to consider using it. I think that using a debit card is generally preferable though because you are not going to be over extended.
     
  7. Zyni

    ZyniWell-Known Member

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    With credit cards, not only do you incur debt by pre-spending money you don't actually have, but you also increase the amount of that debt by having to pay hefty interest on your purchases. I think if more people figured out exactly how much they would end up paying for an item by the time the final payment (and all that interest) has been paid, they would definitely think twice before pulling out the plastic.

    If you plan to pay it off right away that's one thing, but people who just shop and shop on credit, are most likely going to be in for a rude awakening.

    Credit cards are handy to have in a pinch, but they require a good deal of self-discipline and caution.

    I choose the debit card, first.
     
  8. luckycharm

    luckycharmActive Member

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    I have a credit card but I never use it nowadays because I know it is out of my control. I end up spending more than what is required when I use credit cards. So I use my debit card which is safe as I can’t use more than what I have in my bank account. Credit card is definitely a blessing if you are not a spendthrift and know how to use it judiciously.

    Banks or other institutions that give credit card would be happy if you use it for more buying and they want you to become a defaulter so that they can impose huge penalty on you. Here credit card interest rates are very high and there are a number of hidden terms in its usage which would fall upon you as soon as you become a defaulter.
     
  9. biege

    biegeActive Member

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    I have my savings linked on my Debit card and have my Credit Card bills auto debited on my Savings account. If you're into business, having a credit card is a good thing because you can use it to pay mostly all of the items you use in your business. If your CC offers cash back rebates that's a plus because you can save more in using this than just a debit card.
     
  10. Binu

    BinuActive Member

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    I don't use credit card, I use debit card instead. Using credit card increases liabilities. Since you can buy thing even if you do not have cash, a credit card will make you spend thrift. However, at the end of the month, you will have to pay your credit card bills. Credit card will always increase your expenses.
     
  11. luckycharm

    luckycharmActive Member

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    You are absolutely right. I don’t use my credit card nowadays simply because of this reason. With a credit card in hand nobody can stop me being a spendthrift. I end up buying many products with free offers. Nowadays I always ask myself a simple question before buying anything – what will happen if I do not purchase this product now? Then I can understand how important that product is to my life.

    But I know many people who use credit card wisely for various purposes like gas refilling, air travel and online shopping when there are huge discounts. But they have good control over their spending and some of them even keep excel sheets to keep track of their spending. It is rightly said that if we want to control something we need to measure it first.
     
  12. Jamille

    JamilleActive Member

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    I prefer a credit card over a debit card and it is only because I am quite disciplined when it comes to credit card usage and payment. I often take advantage of the 50-day float and let my money earn some interest in the meantime. I get 3% discount whenever I use the credit card to gas up. At the same time, purchases using my credit card earns me some perks and points that I can use to offset the annual fees. I am leveraging my credit card this way.
     
  13. Jasmin Cottontail

    Jasmin CottontailActive Member

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    I choose debit card over a credit card in light of the fact that it's hassle free, no charges at stake and definitely won't cost you problems later on while using it. Though credit card has some of it's perks, and you can actually do and purchase stuffs with your credit card and pay for it later.

    I've seen people who has credit cards and most of them are dead broke just with interest fees and charges with their credit cards. Anyhow, I can simply add that credit cards can be useful and helpful in case of emergencies however, it depends on the cardholder if he/she is a responsible one.
     
  14. Ray1

    Ray1Well-Known Member

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    I have both of them but if you ask me I am also the one who prefer to use debit card as that helps me sleep peacefully but there are times when one has to use his credit card and that certainly is not for lack of funds but to utilize the offers provided exclusively on credit card transaction. I always remit the borrowed money within stipulated period.
     
  15. Nakitakona

    NakitakonaActive Member

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    It is my plan to get a credit card for I have a lot of things to purchase on credit by using my credit card. I wasn't able to pursue it for I have read about the disadvantages of holding a credit card. The interest rate if you fail to obligate yourself of your monthly installment payment is high. If it is unchecked or paid on time, it would accumulate and it would be impossible for you to repay your installment plan. So I had taken a debit card instead. It is already one year since I got one. It is safe as far as payment is concerned by using the debit card.
     
  16. Belovedad

    BelovedadActive Member

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    I will always choose a debit card. The reasons are pretty simple. I hate owing people money. With a debit card, I can be more secure about my spending and will be rightfully limited by the amount of money I have. A credit card will make you more likely to overspend and to regret it later when the bill comes in.
     
  17. remnant

    remnantActive Member

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    I would have no qualms choosing a credit card since it has implications financially to have a credit card. Having one at your disposal is one way of incurring expensive credit. In fact most people find themselves doing impulsive shopping have credit cards to blame. It has to be said that without discipline, even debit cards can pose a challenge to your balance in the bank. Therefore discipline is indispensiale whatever the case.
     
  18. James-M

    James-MMember

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    In the simplest terms, a debit card “debits” or withdraws your own funds on deposit to make a purchase or settle a bill. The credit card uses your “credit” which is someone else settling the bill against your obligation to pay at some time in the future, while most probably charging you interest until you do. (The exception is if you pay the balance in full when they bill you - then it is more like a charge card, separate topic.) Others will give more detailed answers but I’ll go for brief.