Credit Card Uses Facts
There are a number of practical ways of using a credit card apart from turning it into golf putter or light switch cover. When buying big-ticket items, paying for hotel accommodation or fuel, or shopping online, it is better to use a credit card rather than a debit one.
It is safer to charge items to a credit card when shopping online. Your debit card information may get stolen as it linked to a checking account. Most credit card issuers offer cardholders voluntary policies that help reduce the liability to zero.
Using a credit card is safer when you buy big-ticket items such as furniture and household appliances. Canadian credit cards are featured with dispute rights as a way of dealing with defective items charged to the card. Another beneficial feature is the extended warranty which extends the merchant\’s warranty. If you are buying electronics or renting a car, you may take advantage of the property insurance available for those types of purchases. It is important to avoid carrying a balance if you buy big-ticket items. On the positive side, some credit cards come with additional benefits such as lost luggage assistance, common carrier travel accident insurance, legal assistance, auto rental collision damage waver, and much more. With credit cards, cardholders can make emergency cash transfers and request emergency card replacement. In addition, credit cards also go with identity protection and balance protection as well as purchase assurance, typically over a period of 90 days from the purchase date.
If you are a new customer, it is better to use a credit card and not a debit one. If you will be buying an item which takes a couple of weeks to arrive, your credit card will offer better protection. If the item is defective or does not arrive, you can use your dispute rights. Keep in mind that protection will be available over a specified period of time. Problems should be solved as soon as possible.
When it comes to travel, it is more practical to use a credit card, especially if you plan to go on a holiday a couple of months from now. With a debit card, the travel agency or hotel chain will debit your check card immediately.
Using your debit card to make recurring payments is not recommended because it is difficult to keep track of the payments. If you don\’t have cash in your checking account, you may incur considerable late payment fees. A low-interest credit card for recurring payments, especially by borrowers who carry a balance.
Learn more about instant approval credit programs at credit cards guide.
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