03-27-2018, 04:29 AM
Credit, all day every day. The only time I use my debit card is to grab cash for a "cash only" retailer. Clearly using a credit card will take more discipline to avoid incurring what could amount to crippling levels of debt. But with a little planning, discipline, and regular reviews you're going to be much better off.
The only individuals who should refrain from credit card use are those with a clear documented history of addiction. Whether it be drugs, gambling, or alcohol. Spending can be an addictive venture, and if one is susceptible to addiction, a credit card might not be the safest tool at one's disposal.
Assuming that isn't you, lets move on with why a credit card is such a better option. Surely one day you plan on purchasing a house, taking out a loan, or even just renting. Without a good credit score that will be either impossible to attain, or you will severely overpay with added insurance or security deposits. Regular and responsible credit card use will generate a good credit score. Using cash or debit does not. Your credit score is a brief analysis of how safe it is for an institution to lend you money. As almost everyone will be required to do so for one reason or another, you're doing yourself a disservice by not building your credit score when doing so is so simple.
Additionally, as long as you pay your bill on time, you won't be paying an extra cent of interest. There's two primary ways to do this. The first is to always ensure you have the funds available for the maximum amount your credit card holds. That way no matter how much you purchase, you will never receive a bill you cannot afford. That may be tough for some to achieve, so what I personally do is just keep all my receipts and pay off all my weekly purchases every Sunday evening. That way all amounts owed are paid before I even receive my bill, and I'm always ahead - not behind trying to come up with money after the fact I owe it.
Probably the best benefit of a credit card is safety. Almost everyone has lost cash at one point or another. That is impossible with a credit card. Fraud that takes place via your debit card is an unbelievably long and difficult process to correct. Banks are in no hurry to fix incorrect transactions, or even theft. However the opposite is true with credit card fraud or theft. Since its the the banks money at stake, they are much more inclined to immediately fix any issues. Unfortunately there are lots of nefarious people looking to steal through other's credit cards. As long as you regularly check that your transactions match up with what has been posted you're 100% safe. Use a credit card. You also get points that result in free travel, tickets, or cash back - whatever you prefer. Credit cards hold every advantage conceivable over using a debit card.
The only individuals who should refrain from credit card use are those with a clear documented history of addiction. Whether it be drugs, gambling, or alcohol. Spending can be an addictive venture, and if one is susceptible to addiction, a credit card might not be the safest tool at one's disposal.
Assuming that isn't you, lets move on with why a credit card is such a better option. Surely one day you plan on purchasing a house, taking out a loan, or even just renting. Without a good credit score that will be either impossible to attain, or you will severely overpay with added insurance or security deposits. Regular and responsible credit card use will generate a good credit score. Using cash or debit does not. Your credit score is a brief analysis of how safe it is for an institution to lend you money. As almost everyone will be required to do so for one reason or another, you're doing yourself a disservice by not building your credit score when doing so is so simple.
Additionally, as long as you pay your bill on time, you won't be paying an extra cent of interest. There's two primary ways to do this. The first is to always ensure you have the funds available for the maximum amount your credit card holds. That way no matter how much you purchase, you will never receive a bill you cannot afford. That may be tough for some to achieve, so what I personally do is just keep all my receipts and pay off all my weekly purchases every Sunday evening. That way all amounts owed are paid before I even receive my bill, and I'm always ahead - not behind trying to come up with money after the fact I owe it.
Probably the best benefit of a credit card is safety. Almost everyone has lost cash at one point or another. That is impossible with a credit card. Fraud that takes place via your debit card is an unbelievably long and difficult process to correct. Banks are in no hurry to fix incorrect transactions, or even theft. However the opposite is true with credit card fraud or theft. Since its the the banks money at stake, they are much more inclined to immediately fix any issues. Unfortunately there are lots of nefarious people looking to steal through other's credit cards. As long as you regularly check that your transactions match up with what has been posted you're 100% safe. Use a credit card. You also get points that result in free travel, tickets, or cash back - whatever you prefer. Credit cards hold every advantage conceivable over using a debit card.
