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Not Responsible? Use a Debit Card… Otherwise Use a Credit Card

Why is a credit card way better than the debit card?

A lot of people do preach the debit card and why do they preach the debit card?

It’s probably because most people are irresponsible.

Most people can’t pay their bills on time.

Most people don’t know their limits in terms of their responsibility levels, they overspend, they don’t budget for things or they just have no clue of what’s going on with their personal financial situation.

With debit cards, if you don’t have money you can’t spend it and the same thing with a credit card you probably shouldn’t be because then you’ll get into debt because with a credit card it allows you to go over.

Credit cards are still a better bang for your buck.

If you look at line by line; credit cards are much better than a debit card if you look at the stats behind them.

It’s only that debit cards are better because people are irresponsible and that’s looking in the mirror and just saying I’m an irresponsible adult and if that’s the case, if you’re in debt you’re overspending.

So in either case let’s look at understanding how do debit cards and credit cards work.

I’ll break it down for you in simple way.

So if you want to buy a TV  that money comes from your bank and it goes to the store.

Money is funneling from your account to their account.

When you deal with a credit card it’s a little bit different.

Credit card goes to the store, the store gives you the TV and then you give the money back to the credit card.

So there’s a little bit of a barrier, it’s the circular motion that goes on so there’s a lot of benefits to that.

What are the benefits?

  1. You get rewards on credit cards.

Let’s say you get one percent cash back or five percent cash back or whatever your rate is. 

  1. Fraud

You have up to 6 months on credit card to dispute  some of those charges.

Whereas with a debit card it’s directly from your bank and if you know and understand house insurance or car insurance a lot of times it’s a pain.

  1. Requirement

Sometimes if you do air travel, car rental or hotels they need a credit card.

They don’t want a debit card or they put like a 800 hold on your debit card.

They need a credit card because they don’t know if you’re gonna rack up twenty thousand dollars in damage in a hotel room party.

  1. Build a credit score

With a debit card it just doesn’t work.

Just watch your budget.

The reason why some people don’t want credit card is because of the adult part.

Not everybody can be an adult and be responsible.

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DISCLAIMER:

On MyLittleNestEgg.com we try to provide accurate information on personal finance and investing, but it may not apply directly to your individual situation. We are not financial advisors and we recommend you consult with a financial professional before making any serious financial decisions.

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