Why You Should Consider Using a Credit Card When Shopping Online
Reading Time: 4 minutesCredit cards can offer handy features and extra protection over debit cards. So, here’s why you should consider using them when shopping online.
If you’d like to buy something online, there are now more ways to pay than ever before. Online payment services are promoted as being faster and easier to use than credit cards. For most online purchases, however, credit cards are actually still a better option.
Credit card companies can charge a high rate of interest and make considerable profit doing so. But, this allows them to offer various perks not found with other payment methods.
If you’re not sure how to pay for your next online purchase, here are a few reasons why you should opt for a credit card.
1. Advanced Payment Protection
Online payment services, such as PayPal, offer varying levels of payment protection. Some offer none at all. Others require you to open a dispute and then wait for the payment service provider to investigate. Because fraud can be perpetrated by both buyers and sellers, opening a dispute doesn’t always lead to a refund.
Credit cards offer superior payment protection. Victims of scams are often refunded immediately after contacting their provider. Credit card providers are known for siding with their customers rather than retailers. Many credit card providers also have automated systems in place to detect fraud before you are aware of it.
2. Purchase Protection
Credit card providers often offer protection on the items that you purchase. If you purchase a physical product, and it is damaged soon after you purchase it, some credit card providers will provide a full refund.
Some credit cards also offer price protection. This means that if you purchase something, and you notice that the price is lowered at a later date, your credit card provider will refund the difference. It’s important to note that purchase protection offers vary by provider.
3. Additional Warranties
If you purchase a physical product online, it’s sometimes possible to get an extended warranty by paying with a credit card.
Credit card warranties typically apply to goods with manufacturer warranties. After paying with an eligible credit card, you get the standard manufacturer warranty, and then an additional extended warranty offered by the credit card provider.
Extended warranties are often available on electronics, household goods, and furniture. They are particularly useful on large purchases which are expensive to repair.
4. Fraud Doesn’t Affect Your Bank Account
Debit cards are often used online and if you don’t have a credit card, there’s nothing wrong with doing this. If you have the option to use a credit card instead, however, doing so is very much recommended.
If your debit card number is stolen, a thief can quickly empty your bank account. If your credit card number is stolen, a thief can only access your line of credit.
Your card details can be stolen if you visit a malicious website, or you have a keylogger installed on your computer. Online shoppers should be careful what sites they order from and ideally, use antivirus software.
5. Grace Periods
If you’re purchasing a monthly service online, paying by credit card offers an important advantage. While debit cards and online wallets only work if you have money in your account, credit card payments go through regardless.
Many credit card providers also offer a grace period of 30 days during which you won’t pay any interest. This allows you to pay for your online services each month, without any disruptions when you change bank accounts or things go wrong. Provided you pay it off within 30 days, there is no charge.
If you’re signing up for a service that you don’t want to be cut off should problems arise with your bank account, it therefore makes sense to always use a credit card.
6. Cashback Offers
The credit card industry is highly competitive and most providers offer some level of cashback. This might be one percent on all purchases, or you might be offered higher rates for purchases at specific businesses.
The rate of cashback is often pretty small, but over extended periods of time, it all adds up. If you’re making a large online purchase, cashback can also provide a noticeable discount on the purchase price.
7. Other Rewards and Perks
Credit cards are available with a wide range of different reward programs. The most obvious example is frequent flyer miles, whereby every time you use your card, you are awarded points which can be redeemed when booking a flight.
Credit cards, however, also have programs which allow you to collect points for use on other purchases. This includes restaurants, groceries, and gas.
Provided you select a card with a rewards program that offers discounts on something that you purchase regularly, the savings make a credit card worth using as often as possible.
8. Credit Cards, Used Correctly, Build Your Credit Score
Your credit score plays an important role in your ability to rent an apartment and sign up to many important services. Any activity that offers you the chance to improve your credit score is therefore worth taking, and credit cards are a potential example of this.
Whenever you use a credit card, and pay it off promptly, you are demonstrating your ability to receive and pay off credit. Because of this, using a credit card in the proper manner is an effective way to increase your credit score.
It’s important to note that credit cards only improve credit if payment is made on time. It is very possible to use a credit card and actually harm your credit score. If you’re looking to use a credit card to improve your score, be sure to properly educate yourself on the process.
Credit Cards Are Ideal for Online Purchases
Credit cards are often viewed solely as a means of obtaining credit quickly. While credit is obviously their primary selling point, they are also the ideal payment method for shopping online. Unlike debit cards, a credit card isn’t connected to your bank account. This makes them significantly safer to use online because any fraudulent payments won’t affect your bank balance.
Credit cards offer superior payment protection to online wallets, making them ideal for large purchases. They also provide cashback, rewards, and extended warranties not found with any other payment method. Alternatively, there are other digital payment methods you can use.
Reference: https://www.makeuseof.com/why-use-credit-card-shopping-online/
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