Ask Shannah: Credit Card vs. Debit Card - Which Should You Use?

Aug 11, 2023

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In this Ask Shannah episode of "Everyone's Talkin' Money," I'm diving into the debit vs. credit cards debate. We explore the similarities between the two - they both have logos like Visa or Mastercard and can be used for in-store or online purchases. But when it comes to safety, things get interesting. Gas stations, for example, can be risky spots for credit card scammers. That's why using a credit card is generally safer here, as it offers more protection against potential bank account drain. However, personal preference and money habits should also come into play. You'll learn how to figure out what card is right for you.

Episode Timestamps:

[00:02:30] Recognize and accept the current relationship with money. Use a debit card securely. Avoid unsecured internet connections for purchases and bank account checking.

[00:03:22] "Protect network, guard numbers, prevent credit fraud."

[00:08:25] Debt doesn't vanish; find a lighter way.

[00:12:46] Use a debit card to avoid debt.

[00:15:38] Credit cards automatically categorize expenses for you, allowing easy tracking and adjustments. Additionally, using them for monthly payments can earn rewards and bonuses.

[00:17:44] Credit card cons: interest rates compound debt.

[00:21:26] Credit card fraud protection: Quick and easy.

[00:24:52] Gas station pumps are risky for card payments.

[00:27:27] Credit card deposit for trips and car rentals.

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