7 reasons to choose credit, not debit
Debit card use has increased significantly during the recent economic downturn, particularly for smaller purchases, according to Pulse. But it's too soon to predict the demise of the credit card. For those who use credit responsibly, credit cards are still king.
The prudent use of credit cards can help you tremendously when it comes to buying a home, buying a car or securing a bank loan. Debit cards, since they draw from existing funds in your bank account, are more for convenience than for establishing financial trust, and as such they aren't nearly as powerful a financial tool as a credit card.
Here are 7 things credit cards do that debit cards can't.
Improve your credit score: Making regular payments on a credit card is one of the best ways to improve your credit score . Using your debit card is no different than writing a check, which does nothing for your credit since the money is already in your account.Pay generous rewards: Credit card companies continue to entice consumers with rewards on their purchases. The best credit card rewards include frequent flier miles, hotel credits, cash back programs, discounted services or merchandise, and even up to a 5 percent rebate on gas. Other cards offer rewards points that can be accumulated and used toward future purchases.
"Rewards are a driving force behind credit cards for transactors," says Michael Beird, director of banking services at J.D. Power & Associates. Beird notes that some debit cards have rewards, but they are not nearly as common as those offered by credit cards.
Give you purchasing power: Credit cards allow you to make a large purchase, whether a major kitchen appliance or a down payment on a new car, even if the funds designated for such purchases will be forthcoming in your next paycheck. Big purchases can result in big rewards (if you use a rewards card and you pay it off before interest accrues). And responsible use of your credit line generally gets you a bigger credit limit and a better credit score, as long as you pay the debt on time.
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Many credit cards offer additional warranties or protection on consumer purchases. This can in some cases double the manufacturer's warranty on a product or provide additional insurance on a car rental. Both Visa and MasterCard offer purchase security
With many electronics, parts are covered for one year, but labor is only good for 90 days.” — With the recent trend of shrinking manufacturers' warranties, many consumers are left paying out of pocket for labor costs. While many credit cards will
"State and local agencies are the bedrock of the consumer protection system in the United States, but many are dealing with severely strained resources," said Susan Grant, director of consumer protection for the Consumer Federation of America,
While the types of credit that a consumer has and repays will also factor into their credit history and score, there are instances where consumers may be attempting to get a credit card to repair their bad credit score but have found that they may be
Understandably, individuals who are unemployed may not be in the best position to begin repairing and credit score as many individuals will accomplish the bad credit repair task by spending on credit and promptly repaying what they owe,
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