Over the past several months, the Canadian POS Corporation Blog has taken an extensive look at Canadians and their fascination with paying for their purchases with plastic. Over the past couple of weeks, however, we’ve been studying the growing debate between which form of plastic is more beneficial – credit cards or debit cards. And the debate, you may have guessed, continues to rage on.
Of course, there are varying opinions on which type of card carries more benefits. And there are certainly valid points for both. At Canadian POS Corporation, we provide Canadian business owners with top-notch POS terminals so that they may let their customers decide for themselves. But according to Stephen Weyman of HowToSaveMoney.ca, the choice is clear.
Credit cards are the way to go, he insists. He believes that using a credit card to pay for your purchases provides you with “somewhere in the range of 1 to 10 percent of the value of the item you are purchasing in rewards.” Considering this, Weyman simply can’t figure out why more Canadians don’t opt to reward themselves with every single purchase that they make.
“Of course, the reward you will get depends heavily on how good your credit card is and how good you are at maximizing your rewards, but still something is better than nothing right?” asks Weyman. So is using a credit card over a debit card really that much of a no-brainer? Weyman writes that there are a number of benefits to paying with credit cards that debit cards doesn’t provide.
The Rewards Add Up. To reiterate his point, Weyman notes that if you put all of your spending on your credit card, your points are bound to rack up pretty quickly. He writes “you can easily be looking at $1000+ worth of rewards every year if you put a little effort in choosing a top notch credit card.” As far as he’s concerned, you simply get more value for your dollar when you spend money using your credit card as a payment method.
Protect Yourself From Theft And Fraud. Weyman does list more than just rewards as the benefits that customers get from credit card usage. “Almost all credit cards come with 0 liability fraud protection,” he writes. That means that consumers will never be held responsible for fraudulent charges if they are placed on cards that are lost or stolen. Debit cards, he notes, don’t apply the same rules.
Helps Build Your Credit. The building of one’s credit is quite important for major purchases such as a home or a car. Having a credit card encourages consumers to be responsible in order to maintain healthy credit scores. Simply paying off your balance in full every month will help you to accomplish this, insists Weyman. You never know when you may need to access your credit in the future.
At Canadian POS Corporation, we certainly don’t discriminate. And neither should you! As a Canadian business owner, the fact that people are passionate about their personal choices about payment methods works in your favour. As long as you’re accepting both credit and debit cards, of course. To either upgrade your POS machine or to begin accepting plastic today, give us a call at 1-877-748-2884.