A lot of us still aren’t clear on the differences between credit and debit. Here’s a few scenarios of when to use each… from Lifehacker.com.
1. Shopping online . . . use CREDIT. Credit cards have much stronger fraud protections built in.. It’s a lot harder to get your money back if someone uses your debit card.
2. Expensive purchases . . . use CREDIT. Most credit cards offer extra warranty protection that goes beyond manufacturers’ warranties.
3. On vacation . . . use CREDIT. The anti-fraud protection is extra important in unfamiliar places. But you can also get deals on flights, hotels, and rental cars.
4. When the other party needs immediate payment . . . use DEBIT. Debit transactions go through instantly, but credit transactions can take a day or two to clear.
5. If you’re bad with money . . . use DEBIT. It’s the only way to make sure you never spend money that you don’t have.
6. If you need to get foreign currency . . . use DEBIT. When you go to an ATM in a foreign country, a debit card gives you the wholesale exchange rate that banks only offer to each other. You get a worse rate using a credit card to buy from an exchange.
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