What Makes Credit Cards Safer than Debit Cards?

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What Makes Credit Cards Safer than Debit Cards?

Saturday, 27 April 2019 | Agencies

What Makes Credit Cards Safer than Debit Cards?

Credit cards and debit cards allow you to purchase or pay for umpteen expenses in a single swipe. While both allow you to go cashless, the idea of safety during usage can be a pertinent concern. More so, given the number of card frauds and identity theft in India today. Safety is one of the most important factors of difference between a credit card and a debit card.

Purchases made using a credit card are safer as compared to debit card. This is because any fraudulent transaction made using your debit card leads to funds being deducted directly from your own bank account. Also, debit cards don’t come with protection against fraud. Read on to understand more about why a credit card is a safer option as compared to a debit card.

Your credit limit is not your own money

A debit card is linked with your savings or current account. So, for every transaction that you make using this card, money is deducted from your own pocket. If a hacker or a crook transacts using your card, not only will your account be drained of its existing cash, but you also will have to wait for weeks until the financial institution investigates the case and debits the amount back to your account.

Conversely, when it comes to a credit card, the issuer sanctions you a credit limit based on your creditworthiness and income, using which you can purchase goods and services or pay for your expenses. This is as good as making transactions using the issuer’s money. So, even if your card is used fraudulently and your credit limit comes in the harm’s way, the lender will replenish it once they get to root of the problem.

You are protected against fraud and theft

Sometimes there may be instances where your debit card gets stolen or the information is hacked. In such cases, your only solution is to report the matter to the bank in order to block your card. However, they may or may not credit the amount that was used without your knowledge or consent. In contrast, a credit card comes with protection against fraud and theft. This means when you report a fraudulent transaction made using your credit card within the stipulated time, the issuer credits the said amount immediately. Thus, your liability is reduced.

You can dispute misleading transaction and charges

When you shop online using your debit card and are falsely charged for goods or services, the only way to raise a dispute is to reach out to the seller and liaise with them, which can be both stressful and time consuming. In contrast, a credit card lets you raise disputes directly with the issuer who will then liaise with the vendor, saving you time and effort. Additionally, you can also file disputes for fraudulent transactions and billing errors.

You can access extended warranties and returns

Another feature that distinguishes a credit card from a debit card is that the former offers an extended warranty and return facility on certain goods and services purchased. The extended warranty kicks in once the manufacturer’s warranty ends. By virtue of this, the credit card issuer can either offer to repair the goods or replace it, as they deem fit. Bear in mind that any purchase that comes with no warranty is ineligible for an extended warranty.

You can also enjoy in-hand security features on some credit cards

Credit cards like Bajaj Finserv RBL Bank SuperCard also offer an additional in-hand security via the RBL MyCard app. By virtue of this card, you can control the usage limit of your card and keep tab of all the transactions made using it. Thus, you can learn about any fraudulent transactions and report them without any delay. The SuperCard also offers zero fraud liability cover to keep you secured.

Now that you know the difference between a credit card and a debit card when it comes to security, go ahead and apply for a credit card to start enjoying the range of benefits that it offers. Consider the SuperCard to enjoy the power of four cards in one. Use it as a credit card, loan card, EMI card, and ATM card to enjoy maximum benefits at minimum charges. Check your pre-approved credit card offer to enjoy instant approval by submitting basic details online.

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