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Prime Minister Mr. Narendra Modi is focusing more on making the country digital. Using debit and credit cards for transactions is one of the basic steps that citizens of India are adopting to make the country digital. All you need to complete your transaction is swipe it and chip it. Despite the simplicity, it provides to the customers during the transaction processes, some people are spreading myths about it.

After the implementation of GST and demonetization, it has become important to make the transaction using debit and credit cards so that you can contribute to reducing the corruption in the country.  That’s the reason, these myths need to be debunked as they are confusing people due to which they are unable to make the best possible use out of it.

If you too are of them, who is afraid of using debit cards for transactions, read this post to know the truth of the myths that are spread all over the country. Take a look.

1. Debit Cards are Far Better than Credit Cards

After the GST implementation, everything is being conducted through online channels be it GST registration online, tax filing, claiming returns, generating billing invoices and so on. When it comes to making payments, one of the biggest myth regarding debit card transaction is that they are far better than credit cards and improves your credit score. However, it isn’t true. Debit card and credit card are two different modes of making payments and both have their own benefits. The major difference is that when using a debit card, money is directly deducted from your account whereas while using a debit card you take a kind of loan that you can pay back in one month. Therefore, whatever you use, it is up to you as both the cards has their own benefits.

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2. Debit Cards Offer no Rewards

The second biggest myth of using a debit card is that it does not offer any rewards like a credit card. This isn’t the case. While using a debit card for your transactions, you can still earn reward points. In fact, some of the banks provide amazing debit card reward points. Use of cards can be done for thousands of purposes such as for registering under the GST regime, paying bills, fees, shopping, movies, booking tickets and so on. Therefore, make use of cards whenever possible as you are contributing towards making India a digital country.

3. Debit cards are Safer than Credit cards

When it comes to safety during the transactions done by debit cards, people think that debit cards are safer than the use of credit cards. However, they both have their own advantages. Both are extremely safe as they are directly interlinked withier respective banks. Banks use a tracking system for each transaction you make be it from a debit card or a credit card. All you need to do is stay safe while making payments, make sure nobody else knows your pin and misuse it for fraud and scams.

4. Debit Cards is Free of Charges

Most people think that the debit cards are free from charges and do not charge you extra for delayed payments, balance transfers, cash advances and for foreign transactions. This isn’t the fact, debit cards charge for all these tasks. They also charge you a penalty for late payment or no payment. However, the charges might differ from the credit card. After the demonetization and GST implementation, most business owners are doing the big transactions using GST billing software via debit as well as their credit cards as you gain rewards and loyalty points that can be used further while transactions. All you need to do is make secure payments and stay safe. Do not share your sensitive account information with everyone.

Wrapping Up

That said, debit cards have their own benefits and credit cards have their own. The choice is totally up to you which one you want to use according to your comfort and need. Stop spreading the myths that are stopping people to make the best use of the plastic money. All you need to do is know the benefits that your bank offers you whether you are planning to use a debit card or a credit card. Ask them a detailed description of the benefits they are offering along with your credit or debit card. Do not forget to ask them about the reward points that you get after every purchase. This way, you can make the best use of the plastic money and at the same time help country form freeing up the corruption.