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J L | Debit vs. Credit: which is better? and why? |
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teddybearisu
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If you can control your spending and pay your bill IN FULL every single time, a credit card with rewards (cash back, air miles, etc.) can be a good thing.
If you have the habit of spending more than you make, use cold hard cash. The act of counting out cash will make you think more about your purchase and if you really need it.
A debit card can be used if you don't like to carry cash AND don't spend more than you make. Its convenient and can be a quick choice when you aren't near a bank or no-fee ATM.
~Elle |
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Jeannie
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debit is your own money that you pay for something with
Credit is someone else's money (a bank's) that you basically borrow and pay interest on to buy something.
I don't like credit, it's a scam! Interest rates are out of control and it causes people to get themselves in a bad financial situation. but be careful some stores charge a fee to use a debit card. |
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Stuck in the middle of nowhere
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I think debit. Unless you can pay your credit card balance off at the end of each month, don't go there. |
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perfectlybaked
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Debit. You are paying your debt at the point of sale, rather than thinking that putting it into the future is going to make it any easier to pay for, which is not the case. |
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bdancer222
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If you are unable to handle credit cards properly, then a debit card is probably best. You can only spend what you have in the bank.
However, personally, I never use a debit card. If there is an error or fraud, real money is taken out of your account. You may be able to get it back, sometimes quickly. But there's still the domino affect of legitimate transactions bouncing and creating overdraft fees.
There's also the problem of hotels, rental cars, and even gas stations and restaurants putting large 'holds' on funds in your account. This may or may not clear up in a few days, but the funds are not available and could cause more bounced check fees.
I use a credit card for everything and just pay it in full every month. It has cash rewards. So, they are paying me to use their money. |
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hey2a
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If you are talking about a Debit/Credit card:
Some banks (mine for example M&T) charge a fee for using debit (50 cents). They do not charge for credit because the store you are using the card at gets charged a fee for you using the card as a credit card. Both debit and credit come out of the account at the same time, immediately. I have not found an advantage of one to the other, besides that 50 cents I would have to pay by typing in my pin number. Whatever you do, on the back of the card write: "SEE ID" as a safety measure so noone can find your card and sign it as they please, or try and replicate your signature when signing for a purchase. |
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Stilwater
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Credit in my view is only ever good for things like airplane, car, hotel reservations and of course all emergencies (keep lots of credit on hand for this). All other stuff that you should be able to pay cash for anyway should be on debit. There is the problem with people stealing your debit card information to drain your bank account. If this happens you must close the account immediately and take steps to protect your identity such as informing the credit bureaus about the risk of fraud. |
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amazing_creation
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If you're using a 'bank card' you are often given the option of Debit or Credit. Ultimately, the money is coming from the same account regardless of the option you select. If you choose Debit, you will need to enter your PIN (Personal identification number). If you choose Credit, you will most likely* have to sign a signature slip. [*Many retailers now have a policy where they do not require a signature on purchases < $20.]
As for which one is 'better': if your bank charges you a fee to use one vs. the other, then obviously the 'better' one is the one that does NOT incur a fee. If your bank charges/doesn't charge either way, then it's really a matter of personal preference. Sometimes you will have a higher daily spending limit if you use the Credit option.
>>> Now, if your question is in regard to using a Bank Card or a Credit Card, then the answer is: Debit is 'better' for day-to-day use since it is best to not spend beyond your financial means. With Debit, if you don't have the money then you can't buy the item. There are only a few things in life that truly warrant being purchase on Credit.
Spend wisely! :-) |
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charlene
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Debit is better it is just like cash you pay then not for months at a time and not all that intrest. |
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mel
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Debit. unless you overdraw, then you get a huge fee.
My bank allows me to have both, so if i do overdraw from my debit card it takes from my credit card. But its not more than $10 from my credit card, so the fees are very small. And as you can imagine, $10 is really easy to pay off. |
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lil miss cupcake
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debit..either u have the money or u dont. credit plus sometimes it plays with ur account depending on ur bank.. |
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