Credit cards are a modern payment trend for most buyers. Sometimes using your card to sort out an expense or make a purchase can protect you from fraud, help you accumulate rewards and enjoy extra bonuses most people don’t know. The best part; you can benefit from all these perks without paying any interest, providing you clear your full statement balance.
Here’s when to use your credit card.
If it’s expensive, pay with your credit card
Credit cards can offer useful protections against damaged products or faulty services, and paying too much for an item. Think of it this way:
- Chargebacks – while a chargebacks is possible for both credit and debit, a bank is more likely to reverse a credit card charge. Remember, a chargeback on a debit card brings back your money while reversing a credit card charge brings back the bank’s money in case the processors fraud and chargeback prevention measures fail.
- Extended warranties – some credit card brands offer extended warranties for particular purchases made using the card, usually adding up an extra year of coverage to the one offered by the manufacturer. Though there are a few exceptions like refurbished products and fragile merchandise like antiques, these extended warranties can prove useful for pricey purchases.
Paying online? Go ahead, Credit cards are the best!
For security reasons, it’s a good idea to use your credit card for online purchases. You’re safer with credit than debit cards in case your card number lands in the wrong hands.
According to the law, credit card users are legally responsible for only up to $50 for fraudulent or illegal activity. On the contrary, debit card users are accountable for the same $50 for illegal or fraudulent transactions if they present the case within two days and up to … Read More ...