Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Smartphones
Sensex
Rakesh Jhunjhunwala
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / #FinancialBytes: Credit or debit card- what is better for you?
Business

#FinancialBytes: Credit or debit card- what is better for you?

#FinancialBytes: Credit or debit card- what is better for you?
Written by Ramya Patelkhana
Jan 29, 2019, 09:45 pm 3 min read
#FinancialBytes: Credit or debit card- what is better for you?

Credit and debit cards are two of the most popular cashless payment methods. However, many people often have a hard time deciding which one is better - credit card or debit card. They might seem similar, but they are not and have some important differences that affect one's finances differently. Here are some factors to consider for choosing between credit cards and debit cards.

#1
If you're concerned about security, go for credit card

Nowadays, credit and debit card frauds are on the rise. While details of both these cards can be stolen, in the event of fraud or theft, debit cardholders lose money from their linked bank account. Unlike them, credit cardholders don't lose anything from their pocket. While both these cards offer zero liability in such cases, credit cards offer greater protection compared to debit cards.

#2
If you already have debt, debit card is better

With high interest rates, maintenance charges, minimum fee, etc., credit cards might push cardholders into debt if they are not careful. So, it's better for people who already have a debt to avoid credit cards as they will increase the burden. Those with many financial obligations or people who don't have enough/regular income should not take credit cards to stay away from trouble.

Information
#3: People with bad spending habits must choose debit card

With credit cards, some people, especially those with bad spending habits, might get into financial trouble. They might spend more using credit cards than they usually would; this increases their expenditure. To control spending, debit cards are the best to overcome the temptation of credit.

#4
Want to enjoy rewards? Then, credit cards are better choice

Those who can control their spending can, however, go for credit cards to enjoy various benefits and rewards. There are different credit cards to cater to different needs, including frequent travel, fuel purchases, and shopping. Customers can save a lot if they use credit cards wisely. They can enjoy discounts on transactions, cashbacks, fuel-surcharge waivers, reward points for spends, travel points, gift vouchers, etc.

#5
If you have good income, you can take credit card

Credit card providers charge high interest rates on the outstanding balance. Apart from the monthly interest, customers have to pay joining fees, annual/renewal charges, late-payment fee, and other fees which increase expenditure. But people having good income can take credit cards and enjoy exclusive rewards/benefits. Those who can't afford credit cards must, however, stick to debit cards as they come with comparatively fewer fees/charges.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Ramya Patelkhana
Ramya Patelkhana
Mail
Ramya Patelkhana is a senior editor at NewsBytes. She has nearly seven years of experience in digital journalism and has previously worked with India News and Authint Media. She has a Bachelor's degree in Journalism and Mass Communication from the IK Gujral Punjab Technical University, Kapurthala, and an advanced diploma in Media Studies from IPW, New Delhi.
Latest
India
Latest
SA thrash England in first Test at Lord's: Key stats
SA thrash England in first Test at Lord's: Key stats Sports
#NewsBytesExplainer: How the Noida Supertech twin towers will be demolished
#NewsBytesExplainer: How the Noida Supertech twin towers will be demolished India
Ethiopia: Pilots flying at 37,000 feet fall asleep, miss landing
Ethiopia: Pilots flying at 37,000 feet fall asleep, miss landing World
Goa becomes first state with piped water in all homes
Goa becomes first state with piped water in all homes Politics
2 dead as aircrafts collide mid-air while landing in California
2 dead as aircrafts collide mid-air while landing in California World
India
DGPs should monitor demographic changes in border states: Amit Shah
DGPs should monitor demographic changes in border states: Amit Shah India
National Men's Grooming Day: Time for some self-care, blokes!
National Men's Grooming Day: Time for some self-care, blokes! Lifestyle
Here's everything you should know about the festival of Janmashtami
Here's everything you should know about the festival of Janmashtami Lifestyle
Decoding the exam preparation strategies of CAT top rankers
Decoding the exam preparation strategies of CAT top rankers Career
Janmashtami special: 5 prasad recipes you must try
Janmashtami special: 5 prasad recipes you must try Lifestyle
More News
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022