Canadians dedicated to bettering their personal finance products have weighed the options of debit cards and credit cards as their main method of payment.
Debit cards are convenient, safe, and deduct funds immediately from your account. The downsides are bank fees, transaction limits, and no rewards.
Credit cards are great since they offer a grace period to pay bills, cash back, rewards, and many other additional perks. The disadvantage of credit cards is high-interest rates, annual fees, and late fees. Credit cards aren’t always the most practical choice.
However, as fintech evolves, new banking products become more available each day.