Credit card Vs debit card

Credit card Vs debit card

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Deal Newbie
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Hello Me out with the best credit or debit card.
Which is worth?
Also help me to with differences between both?

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Deal Subedar
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if you have to ask diff. between two, better not to think about having a cc
difference is same as diff. between credit and debit

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Deal Cadet
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Credit card Vs debit card.. let’s see who win.

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Deal Subedar
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do you have a bank acct?

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Deal Cadet
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Debit card: you spend money from your account. I.e., you don’t take it on credit and end up paying interest if you don’t pay back ontime. Good for people who may overspend or may forget to payback etc.

Credit card: they let you spend beyond your plan because they are offering credit with a hope that you will not pay back on time and they can charge you hefty interest.

If you are disciplined about financial management, will not spend without control & understand how credit card works properly for your benefit, you can go for a credit card. Else, stick to a debit card which most banks force you to take nowadays anyways.

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Deal Subedar
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Credit Card = U r desperate, need to show off u have money, buying things u can’t afford, addicted.
Debit Card = U have lot of money. U r wise. U only spend on things u need. U know ur budget

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P_A_N_K_A_J wrote:

Credit Card = U r desperate, need to show off u have money, buying things u can’t afford, addicted.
Debit Card = U have lot of money. U r wise. U only spend on things u need. U know ur budget

Unfortunately this is not true. Credit cards not only improve your credit score, you can also earn reward points, offers as well as earn that 3.5 % interest on your savings account which you otherwise would be using for spends

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P_A_N_K_A_J wrote:

Credit Card = U r desperate, need to show off u have money, buying things u can’t afford, addicted.
Debit Card = U have lot of money. U r wise. U only spend on things u need. U know ur budget

I was also of the same opinion before January last year but it has changed drastically over time and now I have 7 credit cards and can still get more.

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sardasa wrote:

I was also of the same opinion before January last year but it has changed drastically over time and now I have 7 credit cards and can still get more.

i’m curious to know, why did u actually apply for so many cards?
it’s totally up to us to say no to bank when they force us.
It’s not like u would have taken 7 cards for 7 different purposes and cb

PS: Not saying in a bad or rude way.

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sardasa wrote:

I was also of the same opinion before January last year but it has changed drastically over time and now I have 7 credit cards and can still get more.

More cards may hurt you cibil score. In case you need it.

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marketdimer wrote:

More cards may hurt you cibil score. In case you need it.

If all the credit cards dues are getting paid within time, then it doesn’t matter. Infact it’ll improve credit score since the utilization ration will come down.

But most blogs says the number of cards should be less than 6.

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srp321 wrote:

i’m curious to know, why did u actually apply for so many cards?
it’s totally up to us to say no to bank when they force us.
It’s not like u would have taken 7 cards for 7 different purposes and cb

PS: Not saying in a bad or rude way.

Yeah. I know.
I availed 750 to 1000 flipkart and Amazon vouchers while applying for these cards. Most are ltf and I only use 2 of them on regular basis and use others when they send me any spend based offer

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marketdimer wrote:

More cards may hurt you cibil score. In case you need it.

Using them judiciously won’t.
Mine is over 800 as of now

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manikantaks4u wrote:

If all the credit cards dues are getting paid within time, then it doesn’t matter. Infact it’ll improve credit score since the utilization ration will come down.

But most blogs says the number of cards should be less than 6.

It’s double edged sword. If someone utilizes limits on regular basis, negative. If pays on time and keeps limits under control, positive. Have to be cautious. 

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marketdimer wrote:

It’s double edged sword. If someone utilizes limits on regular basis, negative. If pays on time and keeps limits under control, positive. Have to be cautious. 

So, what should be done of following :
1) having 1 cards with full (near full) limit used each month.
2) having many cards with some amount used in all of them..??

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Ramesh1997 wrote:

So, what should be done of following :
1) having 1 cards with full (near full) limit used each month.
2) having many cards with some amount used in all of them..??

Having none is best thing. But if you really need, 1 or 2 should be enough. Use less than limit and pay on time will boost cibil score.

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Credit card. But use it responsibly.

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Ramesh1997 wrote:

So, what should be done of following :
1) having 1 cards with full (near full) limit used each month.
2) having many cards with some amount used in all of them..??

If you have a credit card and you use its limit each month then it’s bad for credit score.

Either apply to increase credit limit on your existing card or get a new credit card.

It’s better to have multiple cards from different banks. You can avail different offers.

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Ramesh1997 wrote:

So, what should be done of following :
1) having 1 cards with full (near full) limit used each month.
2) having many cards with some amount used in all of them..??

I have 6, taken over 15 years. Never used more than 50% in any of them. Always paid 100% about 3 days before due date. And a credit score of above 870.

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