My preference will always be for a debit card since it offers the convenience of a credit card but works in a different way. It is an electronic form of cash and you only spend what is in your account. Credit cards put you in debt - owing some financial institution. If you lose your job or business they will hound you day and night! Spend what you earn and save if necessary, this allows you to sleep better at night.
Account Manager, DABO & CO
I prefer credit card, merely for convenience. It’s secure and efficient when it comes to handling transactions involving modern day requirements and meeting unforeseeable financial requirements like hospital visits towards end of the month, etc. However, it’s key to learn how to balance and use your credit card judiciously. I always ensure that whatever purchases are made are paid within the due date and using the cash back/loyalty points is a bonus reward.
Managing Director, Maximum Net Gain
I use the credit cards to pay for big things, or online purchases, to take advantage of skywards miles and other loyalty points. I like to think I am disciplined to pay the whole amount off at the end of each month but unfortunately I don’t always manage that. Ideally I stick to debit card as much as possible as credit card debt gets you stuck in the cycle of paying off interest and not the actual amount and that can be a soul destroying situation.
Designer-Maker at Sue Tyson Designs since 2003
I definitely prefer using debit cards rather than credit since it helps enormously to keep ones’ feet on the ground and plan a little better. Also takes stress away of when/how one has to pay off credit card bills and not let them build up. Also lack of transparency or change in banking regulations, the small print etc. is a worry for credit cards – that I have already experienced with normal direct debit cards via a well known global bank so for me, the fewer cards the better, simpler and less complicated. The only time I use credit card is for booking flights, travel etc. as insurance is usually included and involves larger sums.
Account Manager, Landmark PR & Events
I believe a debit card is a better option to keep control on expenses, manage finances and most importantly not having to suffer from interest rate. And this way we know where to stop upon spending whereas the use of credit cards seems fun and cool but when the statement comes to the mailbox or email by the end of the month then that is the time I wake up. In the end both cards are good saviour but the fact that credit cards are accompanied with interest rates makes holding a debit card the best option out of the two.
Marketing and Communications executive
I’ll choose credit card because once the bank approves your application meaning they deemed you as a ‘capable’ citizen. Having a credit card says something about your status quo. Entrusting you this much is such a privilege and so it’s up to you to be responsible enough on your expenses. Plus, I like added perks we get such as discounts, sky miles points, and other freebies when we use it.
I love both, as either of them is better than holding real cash in your hands. When my bank handed me my first ATM card, I loved it for convenience it offered. Then my first credit card turned out to be a way to organise my spending. I don’t use credit card as a loan; since my bank pays for the card on the due date (via a standing order). However, it’s easy to organise expenses and know what I spent the money on and reflect on purchases. However, comes the next month, and I still see more coffees, cakes, cinemas etc, do we ever learn? I wonder...