![]() ![]() The money changes hands quickly, and it's difficult to get it back. Debit card transactions very much resemble cash transactions. (For more information on how to do that, take a look at How Discretionary Expenses Work and Ten Tips for Staying on Budget.)Ī disadvantage of debit cards is the amount of buying protection provided to you by law. But it is easy with credit cards to feel like you can buy whatever you want, whenever you want. One advantage of credit cards over debit cards is that they can help you to make very large purchases that would be otherwise impossible, such as that plasma TV you've been eyeing. Debit cards don't license you to be irresponsible in your spending you should always keep tabs on your transactions and account balance. But you can also go over your credit card limit, which results in a similar fee, and this fee can accrue interest. You can overdraw your checking account, which can result in your bank charging an overdraft fee. Just as the advantage of a debit card is that it draws on your actual funds, the disadvantage of a debit card is that you are limited by those funds. A debit card does not require an investigation into your credit history most credit cards do require a credit check. ![]() ![]() You can get a debit card with pretty much any checking account, whereas you can obtain a credit card only by applying for one. Another advantage of the debit card is how easy it is to acquire one. ![]()
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