Which is better to acquire, a Credit Card or Debit Card? Why?
I'm looking forward to have either credit or debit card, but as of now I'm curious which will give better offer. Thanks for your help.
Better for you personally - a debit card because it does not acquire debt and has no risk of over extending funds. You only have access to what you have...
Unfortunately, in the states you are nothing with out a credit history. You are looked at as badly as someone who has terrible credit in some cases. If your future plans involve home ownership and other high ticket items you will have to start off with a credit card and use it carefully.
You get a debit card simply for opening a checking account. All it does is give you access to your money you have put away. A credit card is a way of borrowing money you don't have so that you can pay it back with interest. I would avoid the credit card and live within your means.
If you have a regular income a debit card is great. Because each time you choose to pay with a debit card the money comes straight out of your account. No charges usually and no bills or payments to wait for. With debit cards as long as you have the money to pay for what you buy in your account. Banks will generally allow you to have a debit card as long as you have a bank account that the debit card can be linked to.
A credit card is a little more complicated because with a credit card you must be able to pass a credit check. Also with credit cards you pay with your card and then must wait for a bill before you clear some or all of your balance. As long as you pay the balance in full by the payment due date you will not incur charges. But credit card charges may be high if you do not clear all your bill each month. Interest rates with credit cards can be high too.
Of the two in my opinion a debit card is much faster and easier to use and you do not have the administrative duties that come with a credit card.
Credit cards result in debt you must pay with interest. Debit cards are a simpler way to pay with money you already have. Use a debit card to avoid carrying cash. However, you have to be careful not to spend more than you have in the account.
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by Destiny Rose 12 years ago
which one do you prefer?
by MountainManJake 8 years ago
Can you use a debit/credit card that has USD overseas where they do not?My bank is USAA. How does all of that work.
by j.amie 11 years ago
Do you carry cash? I have become so accustomed to using a debit card for everything that I never have cash with me when I need it!
by Elisabeth Sowerbutts 13 years ago
HI - this is for hub researh. I am looking for a free/cheap credit /debit card available to US and UK residents - or elsewhere in the world for that matter - I have covered Australia and NZ already. What I want is something with no annual fee no cash withdrawal fees, ability to use your own...
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