In today’s fast-paced world, where there isn’t enough time to go out shopping, shopping online has become a more convenient way to buy the products you need. It’s not only convenient to shop online but the wide availability of discounts and cash back benefits on the various products is a plus. In addition to this, you have the benefit of choosing your mode of payment from cash, debit card or credit card.
You can choose to use a credit card or a debit card for online banking, however, the difference is what happens after you make the transaction. Your debit card is directly linked to your bank account, so when you make a purchase, the amount is directly deducted from your account. Is this a safe option for you? Not necessarily. This does not mean that online transaction is not safe, it is, but anything can go wrong and with a debit card you stand to lose a lot more in the event of fraud.
So if you were wondering if you should use your credit card or debit card for online shopping, we suggest you use your credit card. It’s safer, convenient and reliable and here are a few points to elaborate this fact.
- Credit cards give you the benefit of buying now and paying later. This way when you use your credit card for online banking or to purchase products or services, your bank gives you the leeway to pay it back within a specified date. This is a great option especially when you want to purchase items that are on sale only for a limited period of time but don’t have immediate cash to do so.
- When you apply for a credit card today most banks and businesses have begun transitioning their credit cards and credit card terminals away from magnetic stripes and toward EMV technology for online banking. A Great fraud protection mechanism in most advanced countries around the world. With the EMV technology collecting credit card information becomes difficult for fraudsters. Therefore giving you better protection from fraud than a debit would.
- Credit card limits depend on your relationship with the bank, your creditworthiness and the type of card you have. With a credit card monthly or yearly limit in place, overspending can be avoided to a huge extent. However, with a debit card, there is no limit and the chances of you making impulsive s to spend over a limit become higher.
- Credit cards offer great reward point schemes you can benefit from each time you use your credit card. The best part about these reward point is that when they reach a certain number you can use these points to either purchase products, pay your outstanding credit card bill or even convert it into free flights.
- With a credit card, it becomes easier to dispute charges. Yes, if the product you order for arrives damaged or does not arrive at all you can always withhold payment to the seller and dispute the charges easily.
With these points, it becomes clear that using your credit card for online purchases is a better idea. Not only do they offer additional protections but also offers you the advantages of buying now and paying later. So if you do not have a credit card and are still shopping online with your debit card it’s time you stopped. Apply for credit card online and enjoy the security and financial discounts it has to offer.
