Credit Cards or Debit Cards: Which Payment Method is Safer?

Credit Cards vs. Debit Cards: Which is Safer for Online Shopping? In today's digital age, the question of which payment method is safer for online purchases frequently arises. A recent video by financial advisor SteveSaxton highlights the often-overlooked fraud protection offered by credit cards. Unlike debit cards, where money is immediately deducted from your checking account, credit cards provide a buffer period. "If you use cash, that money's gone immediately. With a debit card, it's directly tied to your checking account," Saxton explains. This delay, he argues, gives consumers time to dispute fraudulent charges. However, Saxton stresses responsible credit card usage, emphasizing the importance of paying the balance in full every month to avoid interest charges. The video also touches upon the various rewards and cashback programs that many credit cards offer, presenting a balanced perspective on the advantages and disadvantages of each payment method. While some viewers might disagree, Saxton's advice underscores the need for financial literacy in navigating the complexities of modern financial transactions.