#5 You can lose money paying with a debit card
This isn’t because you’re getting some sort of deal if you’re paying with a credit card, but rather that you are likely to lose some money if you choose to pay with a debit card. This is because once you have paid for something with a debit card, the money leaves your account or gets frozen for that purchase immediately.
If you use your debit card to shop online a lot, in the case that your data gets stolen, then you can expect your account to get drained slowly without you even realizing it’s happening! If it were a credit card, then that wouldn’t happen, and you could signal to the bank that your account was used fraudulently. As a result, you wouldn’t lose any money.
Even in the eventuality of a scam that you catch on to, with a credit card, you can cancel a payment, while with a debit card, it would be more complicated to reverse a payment!
Moreover, the Federal Trade Commission states that transactions made with a credit card have way more protection than debit cards do. This also includes limiting your losses to a max of $50 if your card gets stolen and you report it immediately!
And if you’re looking for ways in which you can stop losing money in the long run, these items that may seem pricey at first will help you save more than you can think of!
