Is better to pay your bills on a credit card or debit card? In this video, I will show you the advantages on using a credit card on paying your bill's, buying something online or in a physical store, etc. If you want to learn more why it is better to use your credit card, keep watching.

Here are some advantages when using credit card:
-Borrow money for free (0% APY intros!)
-Easy access to credit
-Build up your credit score
-Earn rewards
-Emergency fund backup plan
-Manage cash Flow


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Description:

A lot of people are still undecided on which one to use: a debit card or a credit card. In this video, we will be discussing the advantages and disadvantages of using each type of card.

Debit cards are linked directly to your checking account. This means that once you have been approved for the card and added it to your approved financial institutions, the card is ready to use. You can use your debit card for purchases anywhere that accepts credit cards, and you can also use it to withdraw cash from an ATM. The main advantage of using a debit card is that you can avoid accruing debt; since the money is coming directly out of your checking account, you can only spend what you have. Debit cards are also generally less expensive than credit cards; most banks will not charge a fee for using a debit card, while many credit card companies will charge an annual fee.

The main disadvantage of using a debit card is that you are limited to the funds in your checking account. If you do not have enough money in your account to cover a purchase, your card will be declined. Additionally, if you use your debit card for an ATM withdrawal, you may be charged a fee by the bank that owns the ATM. Another disadvantage of using a debit card is that it does not build your credit history; because the card is not reported to the credit bureaus, using a debit card will not help you establish or improve your credit score.

Credit cards also have better fraud prevention measures than debit cards. If your credit card number is stolen, you can report the theft to the credit card company and they will cancel the card and issue you a new one. Additionally, if you use a credit card to make a purchase and the merchant does not deliver the goods or services as promised, you can dispute the charge with the credit card company and they may reverse the charges. Finally, if you are ever in a situation where you need to rent a car or book a hotel room but do not have enough cash on hand, you can use a credit card to cover the costs; just be sure to pay off your balance in full each month to avoid accruing interest charges.

Credit cards can be used anywhere that accepts major credit cards. When you make a purchase with a credit card, you are borrowing money from the credit card issuer; you will then need to repay this debt, plus interest and any fees, by making monthly payments. The main advantage of using a credit card is that it can help you build your credit history; as long as you make your payments on time and in full each month, your credit score will improve. Additionally, credit cards offer a variety of perks and rewards, such as cash back or points that can be redeemed for travel or merchandise.

The main disadvantage of using a credit card is that if you do not repay your debt in full each month, you will accrue interest charges. Additionally, if you are ever late on a payment or miss a payment entirely, your credit score will suffer. Finally, if you use your credit card to make a purchase and the merchant does not deliver the goods or services as promised, you may be liable for the charges; this is known as “chargeback fraud.”

The bottom line is that there are both advantages and disadvantages to using debit cards and credit cards, but more often than not, I'm a fan of using a credit card (if used responsibly!) for all the perks that come along with credit cards.

Disclosures:
*For Educational Purposes Only.
*Vincere Tax, LLC is an affiliated but separate company
*Vincere Wealth Management, LLC is an affiliated but separate company

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