All of us love to shop online. It’s quick, easy and there are lots of great deals out there.<\/p>\n
First let us understand what happens when you use a credit card.<\/p>\n
When you buy something using a credit card, the money is paid to the seller by the credit card company and you are liable to pay the credit card company at the end of the monthly billing cycle. What this means is that technically you have not paid any money at the time of shopping.<\/p>\n
Now, let us say that your credit card data is compromised\/stolen and used to make purchases. You would immediately notify the credit card company that your card is compromised\/stolen. At this point, no money has been withdrawn from your bank account. However, you just have a liability to pay the credit card company.<\/p>\n
When you make a purchase online using your debit card, the funds are immediately gone from your bank account.\u00a0If your debit card details are compromised\/stolen, then your bank account is also compromised. Your bank account could even be emptied.<\/p>\n
Even in this case, you would file a complaint, but while the investigation is on, your money is gone.<\/p>\n
If you are making large purchases, it’s always advisable to use a credit card. Credit cards offer a credit period (usually a month or more) after which you must clear some or all of their dues. So if you were making a purchase of Rs. 1 lac and had 30 days to pay your credit card bill, you would earn interest in your bank account on that Rs. 1 lac. At 3.5% per year (offered by most savings bank accounts), the interest for that amount would be Rs 291.67 per month.<\/p>\n
On the other hand, using the debit card would mean the Rs. 1 lac would be withdrawn immediately resulting in no interest.<\/p>\n
Only shop on reputed and well known e-commerce websites. Use your debit card only if there is some irresistible offer and you are aware of the risks.<\/p>\n
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