{"id":805,"date":"2012-07-11T10:49:39","date_gmt":"2012-07-11T02:49:39","guid":{"rendered":"http:\/\/www.imoney.my\/?p=805"},"modified":"2016-05-06T11:23:05","modified_gmt":"2016-05-06T03:23:05","slug":"debit-card-vs-credit-card-2","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/debit-card-vs-credit-card-2","title":{"rendered":"Debit Card vs Credit Card – Part 2"},"content":{"rendered":"

In Part 1<\/a>, we explained how debit cards and credit cards work, as well as some of the differences between the two.
\nNow let\u2019s delve in and look at some of the advantages and disadvantages of debit card vs credit card.<\/p>\n

<\/span>Advantages of debit card<\/span><\/h2>\n

\u2022 Since money is directly deducted from your savings account, there will never be any trouble with debt! Debit cards are perfect for those who always find themselves constantly in debt as you can only spend money that you have.
\n\u2022 It is easy to apply for a debit card. It usually only requires that you have a savings or current account with the bank. No credit checks!<\/p>\n

<\/span>Disadvantages of debit card<\/span><\/h2>\n

\u2022 While it is hard to overspend since actual money from your bank account is being used each time you swipe your card, there can be times when you might overdraw your account. This might lead to the bank charging an overdraft fee.
\n\u2022 Unlike credit cards, debit cards seldom have rewards programs and services.
\nAnd now we move on to credit cards.<\/p>\n

<\/span>Advantages of credit card<\/span><\/h2>\n

\u2022 Credit cards allow you to use money that you don\u2019t have\u2026YET. In other words, you can make purchases anytime, anywhere, as long as it is within your credit limit.
\n\u2022 Credit cards can improve your credit score. Punctual payment of your credit card bills can improve your credit score, which in turn allows you to obtain better rates for other loans.<\/p>\n

<\/span>Disadvantages of credit card<\/span><\/h2>\n

\u2022 Interest charges. Using a credit card is like using borrowed money and when you use borrowed money, interest charges will apply. If you don\u2019t pay your bills on time, you might end up paying more than you think for your purchases.
\n\u2022 You are using money that isn\u2019t yours. If you don\u2019t have enough money to pay off your credit card debt at the end of the month, there is a risk that you will start building a huge pile of debt, and end up in a bad financial situation.<\/p>\n","protected":false},"excerpt":{"rendered":"

In Part 1, we explained how debit cards and credit cards work, as well as some of the differences between the two. Now let\u2019s delve in and look at some of the advantages and disadvantages of debit card vs credit card. Advantages of debit card \u2022 Since money is directly deducted from your savings account,… View Article<\/a><\/p>\n","protected":false},"author":1,"featured_media":2531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[305],"class_list":["post-805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cards","tag-fb"],"acf":[],"yoast_head":"\nDebit Card vs Credit Card - Part 2<\/title>\n<meta name=\"description\" content=\"iMoney details some of the advantages and disadvantages of using debit cards and credit cards.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/debit-card-vs-credit-card-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debit Card vs Credit Card - 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