Let me list down my Card stats before I go on with the review. I have 2 debit cards(both Visa) and 3 Credit cards(1 Visa+2 master card).
Does it make much difference? Not really. Why?
1) You get the same range of acceptance in stores. Only thing that matters is wheather its a VISA or Master Card or American Express. Visa has the highest coverage, little ahead of Mastercard. That means if u have a debit card with visa and credit card with visa then both can be accepted at same number of places.
2)ATM accessibility is same with both cards. I mean credit and debit as it depends on the affiliating bank not on bank. For instance if you have ICICI credit card and debit card then you can access same number of ATMs.
3)Customer service. Its again same for both as they belong to the bank from which you’ve got the card. If you have got both from same bank then the quality would be same for both.
4)Card loss or theft. In such a case no matter what card you have, you report to bank and ask them to block the card until they give you a new one. Hardly matters, see?
5)Both are smart cash in your wallet. You dont have to carry bulk wallet if you are throwing party to friends in a posh Pub. Carry a card(debit/credit).
So why Credit card over Debit card?
1)Imagine you are doing a festive season shopping and you dont have enough balance. But you cant wait till you get the pay check coz you will miss the offers on various merchandise. You ROCK! if you have a credit card. Thats what credit cards are for, really.
2)You get bonus points on every purchase you make. You can redeem those points as and when you want. Sometime they give seasonal offers on various products and offers.e.g. if you but addidas with this card during the whole month os Oct you get additional 10%. Sounds attractive.Isnt it?
3)Banks offer various kind of Credit Card. Like petrol card.Frequent flier card etc etc. U can pick up one which fits into your requirement most. E.g. I have one ICICI-Hp card which I use mostly for petrol purchase.And another Sahara-Standard Charted one which I mostly use for buying air tickets.
So why Debit card over Credit card?
1)Its your own money, not the bank’s money. You spend it as much and anyway you like.
2)There is no interest charged for withdrawing money from ATMs.Like as I said its your money. But sometime banks charge ATM usage and service charge. But so they do for credit cards. Remember Annual renewal charge. Its one of the same thing.
3)There is no late charge or limit over run charge. I have crossed limit twice and paid for it.Hassel free transaction.No need of reminder mails, sms and all those nightmare. Its your money. Card bounces you are out of money, as simple as that.
Bottom line: There in nothing that you cant do with debit card that you can do with credit card. The only edge of credit card over debit card is, if you are in a life and death situation and you dont have any money. Bingo! there you go.You have a credit card.
Hope this helps you decide.
Thanks for reading.