Credit Or Debit Card Which Is The Better Choice

Discussion in Credit Cards started by tonyb • Dec 25, 2016.

  1. tonyb

    tonybActive Member

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    I tried credit card for a few months and stopped, I fear I could get indebted. I have been used to debit cards all the years, a situation where I can only use the money I own via the card. I am advised to go for a credit card again, that it's more smooth for shopping. I learned using credit card I'd have access to more money, it's more universally accepted and with better incentives. I am still weighing the option.
     
  2. ptahm22

    ptahm22Active Member

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    Credit cards are the best in shopping and it's true you have access to more money compared to a debit card. But you should remember you have to pay the extra money you spend. I'd prefer the debit card for you can manage the money you have and still live a classic life. In some cases you can use both but I use the debit card most of the time.
     
  3. luckycharm

    luckycharmActive Member

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    I also stopped using credit card these days as it temps me to spend more which sometimes is out of my budget. Nowadays I use a debit card and there is a limit on spending as it is depended on my bank balance.

    I think credit and debit cards have their own role to play. Debit card is like carrying our bank account with us and we use money which is there in our account. Credit card spending is like taking a short term loan from bank without any interest. But if we fail to pay the bill on time we may end up paying huge penalty on this. Credit card also inspires some people to spend beyond their resources. In my life there were many emergency situations where credit card came to my rescue. That is why I still keep my credit card with me.
     
  4. Alexandoy

    AlexandoyWell-Known Member

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    I do not want to use credit card but my wife is insistent. She said that the credit card is good in purchases, no hassle unlike the debit card. Before Christmas, she made a purchase using her debit card. The transaction did not push through because the debit card withheld the payment. I am wondering because the amount of purchase is only a thousand and the balance of the debit card is more than 200,000. My wife made a point in the convenience of using the credit card.
     
  5. moondebi

    moondebiActive Member

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    Rarely I use any of them. I guess, I'm more of a cash customer who's is still comfortable in cash transaction. If I really need to use e-money, I use credit cards but that would be in an atypical situation. The problem is..when the bill comes, I forget to pay on time and there're occasions when I had to pay fines for delayed payments.
     
  6. Winnie

    WinnieActive Member

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    Both types of cards have their place. Debit cards are good because you are only spending the money that you have available in your account. Sometimes this helps me when I feel tempted to overspend.
    I use credit (but I try to remember to exercise moderation) because using a credit card wisely will help you build up good credit.

    With a credit card, it gets very tempting to overspend, but... when the credit card statement is generated, you owe that money back in a timely manner, or else it will affect your credit score in a negative way.
     
  7. Nakitakona

    NakitakonaActive Member

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    I am afraid to use credit card because of the disadvantages I have read about it especially its exorbitant interest rate charged to a delinquent account or for a delay of installment payment agreed upon. Therefore I would prefer to use a debit card. Recently I opened up an account for my debit card from our local banking institution. I have not used it for shopping but I have already been using it in paying my bills in my mobile phone, web hosting account for my several blog.
     
  8. tonyb

    tonybActive Member

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    I think you are right, I always feel I should live within what I already have especially when I do not really have need to access extra money, this may look somehow anyway. I am more relaxed using debit card as I am hardly going to owe or be indebted.
     
  9. Binu

    BinuActive Member

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    Debit card is a better choice. If you are using debit card, you spend from your balance, you will never more that you have. However, when you are using credit cards you spend up to the maximum spending limit on your card. You spend more when you have a credit card.