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Debit Cards And Credit Cards Comparisons Pointless?
Author : Devora Witts
It surprises me to see two or three more articles every month about debit and credit card comparisons. One wonders what drives financial advisors to compare two completely different products that have a single thing in common: the material or substance of which they are made. Other than that, I did not see a good reason for comparing a debit card to a credit card. And though I still resist to compare them as if they where similar financial products, a colleague pointed out to me the benefits of measuring up how each product fulfils its purpose.
What These Products Share
Both debit and credit cards are payment instruments. They are used for replacing cash on commercial and financial transactions. They are used for purchasing goods and paying for services and with the exemption of certain places distant from towns or cities, both products are accepted everywhere. Therefore there are no significant differences when it comes to the purpose of them. However, it is important to note that credit cards do provide an additional feature that turns purchases and the hiring of services more simple. The fact that an open line of credit is offered guarantees the provision of funds regardless of the time of the month and other variables.
Accessibility And Qualification
One may think that due to the nature of credit cards, obtaining one should be more complicated than getting a debit card. However, even though that this is true most of the time, from time to time, obtaining an unsecured credit card is easier than opening a bank account needed for depositing the money that will then would be withdrawn from an ATM or used for purchasing goods at shops with a debit card.
Online Purchases And Transactions
It is definitely a lot easier to buy products on the internet by means of a credit card. Payment intermediation services that allow you to use a debit card require verification processes that are otherwise not necessarily. Therefore, when it comes to online shopping we need to point out that there are significantly differences between these two financial products.
The Interest Issue
Withdrawing money from an ATM or using the funds on your account to purchase goods does not imply additional costs because the money is already yours. But if you need to resort to credit, you have also to pay for interests which are another important difference to consider. Interests imply that you are actually paying a higher price for the same product and you do not have the money saved or you need those savings for other purposes, you should try to avoid overpaying by financing purchases.
Identity Theft And Frauds
These issues are also of great consequence as your personal information may not be safe unless you use these products properly and at this point, credit based cards are more dangerous due to the acceptance of their use. Nevertheless, both products need to be used consciously and any documentation you receive should be disposed properly to avoid strangers from getting hold of your personal data and use it for illegal or fraudulent purposes.
Author's Resource Box
Devora Witts is a certified loan consultant with several years of experience in the credit area who instructs people regarding credit recovery and approval for personal loans, home loans, consolidation loans, car loans, student loans, unsecured loans and many other types of loans. If you want to understand Guaranteed Approval Personal Loans and No Credit Check Loans thoroughly you can visit her site http://www.badcreditloanservices.com. If the link doesnt work, just copy and paste www.badcreditloanservices.com in your browser’s address bar.
Article Source:
Articlebliss
Tags: debit, credit card comparisons, financial advisors, debit card, credit card, financial products, payment instruments, cash, commercial and financial transactions
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Submitted : 2009-12-30 Word Count : 602 Popularity: 9