I was thinking about his topic today when it comes to making payments online for goods and services. While most places offer the ability for you to use a credit card, some merchants offer the ability to do debit transactions. I know from a business point of view it is way cheaper to use that type of transaction, but is there any time you would do that as a regular consumer?
The credit card just offers you so much more protection for your purchases I feel. As well, you can often get free extended warranties on various items as a result of using a credit card. At most, the only time I have ever used things like a debit payment online is in the form of an e-transfer for receiving payments from sources I actually know. Example, someone owing me money and we would rather do it this way instead of them taking money out of the bank. Like there it’s more because everyday people don’t exactly have merchant accounts.
When it comes to online shopping though the credit card just seems like a better idea in every way. You would have a hard time getting your funds back as well with debit purchase if the online merchant ended up being unethical. I know a lot of financial advisors still tell people to tear up their credit cards, but at this day in age it’s an essential financial tool I feel. You just need to learn to use it responsibly.