Credit or debit?

Discussion in Credit Cards started by JulianWilliams • Jan 13, 2015.

  1. JulianWilliams

    JulianWilliamsMember

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    Which type of card do you prefer? Credit or Debit?
    Personally, I prefer debit cards. I like to spend what I have rather than go into debt, and acquiring credit card debt in particular is a really bad idea as the interest rates are very high. They also have a bunch of fees if you make your payments late.
    On the other hand, you do need a credit card for some things like renting a car, where they will often not accept debit cards as "collateral".
     
  2. Andrea Phillips

    Andrea PhillipsActive Member

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    I use a debit card and it is less stressful. I know I am finished paying, no bill coming. Still, I do want t get a credit card too, for those big ticket items I want that I can only afford with payments. So, having both is the best of both worlds; but this does require discipline. Also, I will have to investigate which credit card company is best, because I hear of so many people having problems with credit card companies and the fine print.
     
  3. Sunshine

    SunshineActive Member

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    I use my credit card for everything. My credit card gives 1% cash back on all purchases, and 5% cash back on certain categories, such as gas, restaurants, etc. I go online and pay the balance off weekly so I never pay any interest. I just use it to get the cash back.
    I used to use debit for everything too. But then I realized how great my credit card reward system was, and I realized I was silly for not taking full advantage of it.
     
  4. lindbergh

    lindberghWell-Known Member

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    At first, I preferred a debit card over a credit card because I could be able to control my purchases. I could only purchase up to the amount that is in my card. Now, I long for a credit card because I want to make some purchases even though I don't have cash in me just yet. So, it depends on your needs. If you want immediate purchases without any hassle or worrying about whether you have enough balance, get a credit card. For more controlled purchases, a debit card is for you.
     
  5. lopezmramon

    lopezmramonNew Member

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    I love my debit cards, because of not liking to owe anyone. But sometimes it does depend on what you want. Maybe if you have enough money, even though this sounds weird, you want a credit card. Because you can pay anything, get it right away with the credit card , then go home and electronically pay off any debt you have.
     
  6. May102014

    May102014Active Member

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    I prefer debit cards. I've been through hell with credit cards and I vowed not to own one anymore. With debit cards, I can control my spending and I'll be at peace knowing that there will be no bill that will be waiting for me at the end of every month. Of course, it is nice to have a credit card, but then the temptation to spend more is always there.
     
  7. pafjlh

    pafjlhActive Member

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    I prefer a debit card, since this is based on the money I have not credit that can get me into trouble. There was a time when people felt they had to have a credit card because this was what hotels and airlines wanted to book reservations. But thanks to a debit card which is treated like any other credit card this is no longer the case. So, I see no reason to have a credit card any longer, especially knowing the trouble I can get into with one.
     
  8. ExpertAdvice

    ExpertAdviceActive Member

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    Lol, I really like this. In this sense, a credit card outweighs the benefits of a debit card, I think that a bank called Sagicor in my country does this too, after reading this, I need to go link with them because getting money back on money spent is very clever.
     
  9. kjonesm1

    kjonesm1Active Member

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    I use debit and cash only. I prefer not to use what I don't actually have now a days. When I was younger I used to max out cards like it was free money, and in the process I ruined my credit. I make enough money to take care of what I need so I stay away from credit cards.
     
  10. Rosyrain

    RosyrainActive Member

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    I too prefer to use my debit card so I am not making anymore bills for myself. I more so prefer to use cash these days because I am less likely to spend if I have to use the cash in my wallet. I am trying to cut down my spending all together as I am saving for a few things that I want and need in this world. I feel much more comfortable having some money in the bank for when I need it or an emergency comes up.
     
  11. wameyo

    wameyoNew Member

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    I have both a credit card and a debit card and I often find them very helpful though in different situations. For instance I prefer shopping with my credit card in places where I'll get rewards or cash backs. But mostly I use my debit card as it's my money and therefore it limits my spending.

    But I would urge people to use credit cards for shopping and pay promptly. This helps in building your credit score rating which is helpful when it comes to acquiring credit facilities like mortgages
     
  12. philipgust

    philipgustMember

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    None, save money and then buy stuff!
     
  13. gracer

    gracerActive Member

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    I am also more of a cash kind of person. This gives me the discipline to budget what I have and buy what I really need the most. If I would have to choose between using a credit or a debit card, I would also prefer using a debit card. I've never been really fond of credit cards. My husband has one and he has actually made me a card extension of his credit card account but I never tried using it at all.
     
  14. Jasmine2015

    Jasmine2015Active Member

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    For now I like my debit card. I'm not making enough money to pay off credit card purchases. I really don't want to deal with high interest rates. So I am happy buying only what is in my account. If there is a time I have to have a credit card then I'll get one. Of course I would have to do my research to see which is best for me.
     
  15. gata montes

    gata montesActive Member

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    As I learnt at a very early age that in order to avoid debt - its best to never ever borrow money and to always live within your means - by only ever buying things that are actually needed and can be afforded - my preference is always - to purchase everything I need with either debit card or cash.

    In fact as debit cards are now widely accepted virtually everywhere in just the same way as credit cards are - there really isn't any need for credit cards and to be perfectly honest think they're best avoided.

    Particularly as - credit cards are generally a bigger liability than they are an asset - as not only do they encourage people to buy things that they really can't afford - with money they don't actually have - but more importantly - their use can very quickly lead to the most horrendous financial nightmares. On top of which - they're not a very cost effective means of payment either - simply because - unless the debt is paid off immediately - you land up paying way, way more for goods - than you would have done had you paid cash - due to the extortionate interest rates.
     
  16. Zyni

    ZyniWell-Known Member

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    Debit card, for sure (and mine has no fee). I hate using credit cards and only do so if it's for something rather urgent.

    My last credit card purchase was for (much needed) tires on my car. I had put it off as long as I could, but it was necessary.

    I'll just pay them off as quickly as possible and avoid interest. I hate overpaying for anything.
     
  17. Ke Gordon

    Ke GordonWell-Known Member

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    Yes, a debit card is all I use now...although I have to admit there are times when a credit card is very handy. I am anticipating I will get one as soon as I find a card that has a reasonable interest rate. My credit isn't the greatest so I need to take the time to get one that has low rates...So far, I haven't seen anything great that I would qualify for,
     
  18. Denis Hard

    Denis HardWell-Known Member

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    When buying anything online I suppose it's always more advisable to use a credit card because it's either to dispute any billing errors or purchases you didn't make if someone uses your credit card info to buy something. When using a debit card once your money has been withdrawn from your account it can be really hard or even impossible to get it back.
     
  19. xTinx

    xTinxWell-Known Member

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    Ideally, debit cards are better in the sense that you become more responsible and careful with your finances because you are dishing out money straight from your savings account. On one hand, aside from the fact that certain companies do not transact large-scale business through debit cards, credit cards gauge a person's financial discipline and they are quite handy when you need to buy costly yet necessary items or services but do not have enough cash at the moment.

    To be honest, I used to shudder at the thought of getting a credit card. I have seen a number of people succumb to the temptation of reckless credit card swiping until they piled up enough debts to last a lifetime. I also had a traumatic experience with my previous credit card but thankfully, I learned from my mistakes. That's why reading the policy helps a lot. You also need to do your research and find ways to circumvent the interest rate. A person has to reach a level of financial maturity, meaning he or she is fully aware of his or her priorities, before getting a credit card.
     
  20. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    I use both debit and credit cards for purchases. I like credit cards for it builds up your ratings when you want to buy something big and on time you'll have a good credit rating which will allow you to purchase big. Many things I feel safer using a credit card like for plane tickets for you get discounts on borrowing a car too. Debit cards are good for when a credit cards are not necessary like for small purchases for it acts like cash. Now days you can use both at McDonald's so it's great for you'll always get a hot meal any time anywhere there is a McDonald's! If you have the cash and can put it in your debit card by all means it'll save money though.
     
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