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Debit Card vs. Credit Card which is better

Created by : sameer kamble, IT Manager, indsoft systems  | 10 13 2010 17:02:29 +0000
Keywords : debit card vs. credit card which is better
Activity:  386 views;  last activity : 12 21 2010 16:09:32 +0000

The advantages of a credit card are that you don't have to have the money available at that time to pay for your purchase. You will usually have at least 30 days to pay for the item and even then, based on the terms of your card, may not even have to pay the whole balance.

The disadvantages of a credit card is that it becomes way too easy to use them and run up large balances. Then when it comes time to even pay partial payments it can be very difficult to make those payments. Add to that the finance charges and people with credit cards can run up large debts that they sometimes never recover from.

The advantages of a debit card is that you know you have the money in your account to pay for the item and you don't have to worry about future bills or finance charges. It's as good as cash without having to carry cash around with you.

The disadvantages of a debit card is that if you don't have the money in your debit card account then you can't use it. In a sense it's pretty much the same as if you don't have cash on you.

Many people feel that a debit card is just a compact cash equivalent and doesn't really offer much more convenience than cash. Others feel it is the only sure way to prevent yourself from falling into a financial hole that you may never recover from.

The debates between credit and debit cards will probably go on forever.

Michael Russell

  
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Debit Card Vs Credit Card
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I prefer to use debit card rather than credit card. It helps me to know my limits and I have a control over spending. And the interest rates are less in debit card compared to credit card.     
By Deepa Salunke, Associate, SBI  10 14 2010 07:59:11 +0000
 
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some banks are issuing debit cards without name and or photo of the account holder and also it does not require authorisation by entering of your pin number, so if one loses the debit card transactions could be carried out on such debit cards before they are reported lost and blocked, I have come across such instances.  Credit cards are  more protective as the seller insists on some other form of identification before passing through the transaction and also he obtains a signature on the sale slip and an authorisation from the card issuer is also required for certain items and certain above floor limits of the business, so i feel credit card is safer if one uses it with right amount of calculation like knowing is his billing cycle in which case one will get a period of 30 to 50 days for payment of his bills.  the other arguments this is dependent on your understanding/agreement with the card issuer.  Debit card limits if your purchase power to what you actually have in your account.
By kanukurthy sudershanrao, Operations Manager, Andhra Bank  10 14 2010 14:31:15 +0000
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sometimes unnecessary items may be bought by credit card.so it is better to keep debit card
By rajesh kumar behera, Associate/Sr. Associate -(Technical), Vedanta Resources  | 12 21 2010 16:09:31 +0000
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I strongly support for debit card as it keeps me attached with the reality that I`m not Mukesh Ambani.
By Biplov Kumar Ghosh, Senior Manager-Region, State Bank Of India  | 12 20 2010 15:43:37 +0000
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i agree with sarika.debit card is better than credit card
By satheesh , M.B.A student, VYSYA College,Salem  | 11 04 2010 15:48:03 +0000
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debit cards atleast makes u realize how much u spend for a living.
By Nirmal Mohamed Nazir, MBA/PGDM student, CIAL ACADEMY- Cochin  | 10 18 2010 08:25:44 +0000
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Definately I go with Debit Card because it gives a good barrier for spendthrifts
By Nagaraj , student, sdm  | 10 16 2010 05:56:40 +0000
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because, we dont have tensions of paying credit card bills, as we feel after taking credit card.
By Chandra shekhar, Technical Writer/Quality Assurance, CMMI 3 Software Company, Hyderabad  | 10 15 2010 14:09:17 +0000
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I support your idea.

Debit card is better than credit card, due to interest difference between them.
By SHRIKANT MANOHAR DANKE, Project Manager, Phadnis Infrastructur Ltd  | 10 15 2010 09:10:32 +0000
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Debit card is more convenient .
By Omkar Kulkarni, Accounts Officer, Minilec(India) Pvt Ltd  | 10 14 2010 15:11:48 +0000
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Debit card more safe and reliable comparison to Credit card


By Pawan Paharia, Lecturer and project finance officer, Xavier Institute  | 10 14 2010 10:35:59 +0000
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Thanks for the reference Deepa. I totally agree with you, since I practice the same method
By Suryanarayan Murthy, Asst Vice President (Corporate Finance), A Hydro Power Project  | 10 14 2010 08:15:12 +0000
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Obtaining a debit card is often easier than getting a credit card. If you qualify to open a bank account, you can usually get a debit card.

Unlike when you write a check, using a debit card saves you from having to show identification or give out personal information at the time of the transaction.

It frees you from carrying cash or a checkbook.

It can save you from having to stock up on traveler's checks or cash when you travel.

Debit cards may be more readily accepted than checks, especially in other states or countries.

If you return merchandise or cancel services paid for with a debit card, the transaction will be treated as if it were made with cash or a check. Customers usually get cash back for on-line purchases; for off-line transactions, the amount is credited to your account.
By sameer kamble, IT Manager, indsoft systems  | 10 13 2010 17:02:29 +0000
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Yes i am agree with your view point as we can spend in our limits even with the credit card, as in the end its totally depend on our mental thoughts.
By Rupesh Agarwal, Senior Manager Taxation  | 12 20 2010 10:35:01 +0000
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Yes you are correct and I accept your views pasted.

Thanks for the referral Mr. Kanukurthy Sudershanrao.

 
By NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd  | 10 24 2010 17:25:57 +0000
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It is ideal to use a debit card when you have enough cash in your account. But this does not always happen to be so.Towards teh month end you are strapped for cash or at times you may have to buy an expesnive item for which cash may not be readily available. Credit card is very useful in such situations. but a word of caution. Credit card is reported to be increasing the spending habits of people. But if used judiciously, credit cards are a boon to all! My vote is always for Credit card only
By Venkatraman Viswanathan, Head/VP/GM-General Insurance, Export Credit Guarantee Corporation ECGC  | 10 17 2010 14:09:57 +0000
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I m using cradit card FROM last three years.so if u used properly thn cradit card is more beneficial thn debit card.................
By MD ASIF ALAM, Sap PP Functional Consultant, IT  | 10 14 2010 13:23:04 +0000
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credit card is beneficial if used properly, afterall using someone else money without any interest would be considerably preferred to be the best option.
By neeraj , MBA/PGDM student, ips  | 10 14 2010 10:32:16 +0000
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Thanks,Deepa,though i agree with you partially,the balance against Debit card is cash support where as  the balance against credit card is credit support for a specified period.If you are thrifty and use home planner,the credit card is best option.
By Mohammad Bakhsh, Project Leader/Managing Consultant, Freelancer  | 10 14 2010 09:32:01 +0000
Argue for "Debit Card"
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