It’s not often an easy decision to decide between whether a debit card or a credit card is the right choice. So I’ve taken the time to look at the pros and cons for both so I can make a good decision on what I should get. Hopefully this will be useful for you too.
Debit Card Pros
- You only spend money that you have and therefore don’t pay interest rates
- If it gets stolen people can only access money that you have on it, not thousands of dollars in credit.
Credit Card Pros
- You have access to more funds, this can be handy if you’re in a squeeze and really need to buy something but don’t have the money.
- Rewards, many credit cards offer rewards programs where you can get points.
- Additional benefits, many credit cards also provide other benefits such as free travel insurance.
A debit card will suit some people, while credit-cards will suit others. It’s a personal decision that comes down to lifestyle and needs. I would recommend that if you get a credit card you do not abuse it and be careful with using it within your own means.