For many years, a large percentage of people have used credit and debit cards instead of cash. This is because many find it easier to make purchases with a card than to carry money all the time. In the case of a credit card, even users they can buy something without having the amount they need right now.
However, there is an issue that must concern the users. How safe is the use of cards? In recent years, in India, more and more bank card scams and identity theft have become.
Η safety is one of the most significant differences between credit and debit cards.
Credit cards are considered safer than debit cards. If a scam performs a transaction using your debit card, it will immediately withdraw the money from your bank account.
Here are some other reasons why using a credit card is safer than using a debit card, but some of the features it provides.
Your credit card is not related to your own money
Debit cards are linked to the money you have in your bank account. So every time you make a purchase, your money is removed from the account. If a scamper manages to trade with your card, he will get all your money. In addition, it will take a few weeks for the bank to investigate the case and resolve the issue.
In the case of a credit card, the issuer imposes a credit limit based on your creditworthiness and income. With this card you buy things and you actually pay with the publisher's money. At a later date you will be debited the amount. Therefore, if someone uses your card, they will not steal your money but the issuer's. Of course, then you will have to replenish the amount used but you will not be left without money, as in the case of the debit card. Some people have all the savings in their bank accounts, so such a theft could cause them big problems.
The credit card is protected in cases of fraud or theft, while the debit card is not
If someone stole your debit card or violated your credentials and access your account, the only solution is to contact the bank. She, in turn, will block the card so that no transactions can be made. But what if some transactions have already been made before reporting to the bank? It is not certain that money already stolen will be credited to your account.
Instead, if you report a suspicious transaction via your credit card within the specified deadline, the issuer immediately credits the amount. So, your responsibility is reduced.
A credit card can easily settle an incorrect charge
More and more people choose to make their purchases online. If someone uses their debit card and a charge is made, different procedures need to be done to resolve the issue. You will need to contact your supervisors website. This takes time but, moreover, there may be no consultation with the officers.
Instead, if a credit card error occurs, you notify the publisher and arrange to resolve the issue.
"Extended" warranty and refunds
Credit cards as opposed to debit cards offer an extended guarantee and the possibility of returning some products. Extended warranty means you can repair a product or exchange it after the normal warranty period has expired. Of course, if you buy a product that has no warranty, there is no extended warranty.
The above explains the differences in credit and debit cards in terms of security. It is a very important issue, because nowadays attacks, especially online, are very common. As it turns out, credit cards provide more security but also more features. However, whatever card you prefer for your transactions, you need to be very careful.