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Why a Credit Card is Better than a Debit Card – Financial Gurus are WRONG!

There’s a lot of uh teachings and trainings in the financial education space when it comes to using your debit card or using cash and although I can advocate that there’s a lot of success stories when you do go out and use your debit card or you use your cash.

It’s a lot better for most people but the reality is most of the time not necessarily better if you look at it from a robot perspective or from a logical perspective.

Most of the time it’s just not better and here’s why.

A lot of times when you look into the real deal behind debit cards versus credit cards is you’re looking at rewards, you’re looking at fraud and what’s the big point behind  debit card.

From my perspective is you can get rewards from credit cards.

You do some from debit cards but it’s usually not as good as the credit cards.

Fraud wise with a credit card what happens is with your credit card you take a transaction, when you take that transaction what it does is you have this barrier, it goes to the credit card and then it goes to the merchant.

So if I have an issue there’s a little gap or wall but with a debit card what happens is that wall is not there.

Now some people advocate to run it as credit, so you can run your debit card as credit but that is not always 100 foolproof. 

Even visa or mastercard say 100% guarantee there is no different with a debit card as a credit card but..

For example, home insurance you have a house fire and you try to get your money back, you need 30 phone calls just to take care of things.

If you take a look at comparing debit cards and credit cards from Frank 

Abagnale, this is the guy by the way who stole from the government.

He was able to defraud, do check fraud and things multiple years ago and now he actually works for the government against the fraud.

The point is he even talks about don’t use a debit card use a credit card and even then you have to have some identity protection as well.

Now why do people always talk about like a lot of the financial gurus why do they talk about actually using more of the debit card?

Credit cards are a good way to get into debt.

This is the big reason and the big problem with credit cards. 

It’s because most people just don’t know how to control their money.

If you can’t handle or if you’re not disciplined or if you’re not motivated to pay things off then don’t use credit card.

But that’s what people do is they get into debt and that’s where you get kind of messages like this credit cards are a good way to get into debt you only have so much money on a debit card. 

Yes, debit card is there to control you.

We do the same thing when we talk about stock market investing, you buy a stock and you sit tight you glue your hands and you let that stock ride up.
So my point is debit cards are not as good if you look at it from a paper to paper comparison.

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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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