Author: Tracy Scott
April 11, 2019
Topics:
Credit CardPaying cash for your purchases makes it easier to limit your spending. If you’ve struggled with debt in the past and need to keep a close eye on your finances, paying cash is an effective way to do so because you can only spend the funds you have available. But choosing to pay with cash over a credit card or debit card could cost you. That’s because cash payments don’t offer any of the consumer perks of paying by credit card or debit card, including:
While both debit cards and credit cards offer advantages over cash, there are unique advantages and disadvantages when using one of these cards over the other. A quick look at the pros and cons of each card may make deciding which one to use when you’re ready to buy an easier choice.
Pros of Using a Debit Card:
Cons of Using a Debit Card:
Pros of Using a Credit Card:
Cons of Using a Credit Card:
There may be times when using a debit card is advantageous and other times when using a credit card is a better option. Carrying both types of cards in your wallet, along with cash, keeps your financial options open and allows you to pick and choose the most advantageous times to use each.
If you’re looking to take advantage of some of the benefits credit cards have to offer, see if you Pre-Qualify for a Credit One Bank card in less than a minute—without harming your credit score.
About the author:
Tracy ScottTracy Scott is a freelance writer who specializes in personal finance and higher education. As a contributor for Credit One Bank, she has combined her expertise in these two areas and managing credit to create informative, engaging content for readers. Her reading list always includes a seemingly odd mix of financial literacy articles and sweet romance novels. She holds a BA in Psychology from the University of Texas at Austin and has a background in higher education regulatory compliance.