According to TSYS and Mercator Advisory Group Survey 2011 debit, debit is now the preferred type of payment in most place points of sale, cash, credit cards and checks.
But that does not mean you should use a debit card all the time. In fact, there are some places and times that the use of credit cards is actually a lousy problem.
For example, using credit cards online work against you. If you have problems with the purchase or debit card is stolen, it’s a huge hassle to get money restored to your account and make your card number safe again. In the online world, credit cards are usually a better choice.
Rental or security deposits. If you give money to the rental car or demanding DIY equipment, try to use a debit card. Why? Since the business really take money from an account in the form of deposit. Get cash back when you return the car or equipment. But with credit cards, money is only “frozen”, but in fact charged and you will not Have you noticed that is gone.
Restaurants and bars. There are too many prying eyes around the dining establishments believe your debit card. In addition to the risk that your card is stolen, the restaurant is one of the few places where someone really goes with your card, and do not see them for several minutes. Much better to use cash when dining out.
Regular payments. Firms like to get their sticky little fingers on the debit card in order to receive contributions directly from your bank account on a regular basis. Whether it’s insurance or gym, you better use a credit card. This is because in the event that the dispute will be the company does not take cash directly from your current account unless they have your debit card.
Wi-Fi hot spots. Never use a debit card for online purchases, while in a coffee shop or other store that offers free Wi-Fi access. Many of those companies have an unsecured wireless connection, making it much easier for hackers and fraudsters log in and steal your data.
Any shop where you choose “credit” option. Debit cards allow you to choose between a debit (having money was taken directly from your bank account) and credit transactions (where the money will be taken out, but it could be a few days later). Firstly, the cost of buying credit merchant more money to swipe fees, so it could hurt small business owner. But the real problem is the delay in selecting a loan – you can forget about buying and not account for the money. This can lead to a situation, overdraft and onerous fees that go with them.
Debit cards are great financial tools, and it is easier to design a card that wad of cash. But debit cards should not be used all the time – and the above situations should be at the top of the list “notch” area in the future.
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