Trying to work out whether you should get a debit or a credit card? Outlined below are some of the common features and clear differences between the card types to help you in your decision.
| Debit cards | Credit cards |
|---|---|
| No risk of falling into credit debt hell | Money for food at the end of the pay-cycle |
| Attached to bank account, so you can see what's there to spend | Direct debit options to avoid debt - with one potentially large monthly payment |
| Credit line facilities to cover overdraws - with potentially large penalty fees | Credit debt is effectively an expensive personal loan |
| Rewards points - disallowed by the likes of Woolworths | Reward points everywhere - typically with a larger annual fee |
| No credit rating risk | Multiple credit cards can impact on your credit rating, regardless of the balance |
| Widely accepted | Widely accepted |
| Fraud protection | Fraud protection |
| Internet shopping | Internet shopping |
| Phone purchases | Phone purchases |
| Overseas transactions... | Overseas transactions... |
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