Should You Only Use Debit Cards? Why Credit Cards Are Better

during the holiday season have you seen

those depakote infomercials

they basically demonized credit cards

and saying how dangerous daddy is a use

your credit card it's like Oh No right

it's it's such a bad thing well I

believe only idiots use debit cards here

are five reasons why I believe credit

cards are much better reason number one

why you want to use a credit card and

that is you can leverage other people's

money you see this is saying that cash

is king

in business you can survive a long time

without making a profit but you will not

survive a day without cash companies go

out of business because they run out of

cash when you use credit card you're

essentially borrowing money from the

credit card company so when you use your

debit card the minute you use their card

that money is gone from your bank

account but when you use your credit


assuming you're paying off the balance

every single month you're leveraging the

credit card company's money

it is a smart thing to do because their

period of time a lot of people a lot of

entrepreneurs even when they were

getting started guess what

they started off borrowing money from

their credit cards to make that first

initial investment to get the business

going to get the investment going on

sometimes to just help them get over at

that pier of time I did that quite a few

times so that's reason number one why

you should use a credit card

reason number two to use your credit

card is you can borrow money for free as

long as you're paying off the balance

every single month a lot of people just

so afraid of credit cards because

they're thinking oh my god I'm gonna go

pay interest I'm gonna get into credit

card debt well it has nothing to do with

the credit card has to do with how you

manage your money and if you have any

self-discipline it is just like a pencil

right you can use a pencil to write

beautiful poem you can use the pencil to

write a song you can use the pencil to

stab someone like John wake write cue

three men with one pencil you could do

that too it's how you use it if you have

the self-discipline to pay off their

credit card every single month there's

nothing to worried about and if you are

worried about it and sometimes you're

afraid at all oh my goodness I might

forget set a date put it in your

calendar put it on your iPhone's that

you know you're paying off the balance

every single month don't worry about it

say even for example you are somewhere

and you're traveling you need your car

toll and maybe you don't have that money

right now before the next paycheck what

do you do you're in the middle of

nowhere right and you don't have enough

money in your bank account to use your

debit card well this is a moment that

you could use your credit card take care

of that get the car toll then you've got

a few weeks to solve the problem wait

till the next paycheck comes and boom

now you can pay that off as long as you

pay it off and not just making the

minimum payment you are okay reason

number three to use your credit card is

you build up your credit score one of

the most important things that most

people overlook and they don't think

about is your credit score actually did

an interview with Matthew Peale more a

while ago we can watch that video on how

to build your perfect credit score you

can check that out now why is this

important because when you are now

having a family when you want to buy a

home when you want to get that mortgage

the bank will look at your credit score

that's your credibility right a desk

you're borrowing power you need to build

that up at a young age you need to build

up your credit score and having a credit

card and if you pay that off again on

time and not late you build up your

credit score so a credit card and

multiple credit cards use wisely to

build up your credit score a debit card

cannot do that a depakote cannot do that

if you are a business person if you're

thinking of raising capital borrowing

money from the bank to get a car all of

that the banks would look at your

at school it is how we live right this

is how we do credibility in North

America it's very very critical that you

do that and it's better to do that when

you're starting at a young age is

building up their track record does that

make sense

reason for why you should use your

credit card is you get rewarded now

there are many forms of credit cards

there's so many different credit cards

out there options some of them they

offer a catch back meaning for XML

dollar spend they give you a tiny bit of

cash back you're getting paid extra to

use your credit card now why do the

credit card companies do that because

they want to encourage you to use the

credit card now they're counting on you

to actually just make a million payment

and rack up the interest rate but if you

are a fan of mine you are smarter than

that I believe if you have the

self-discipline now there are also other

credit cards that offer you reward

points or travel reward points right

those are very very good because let's

say with my company I have multiple

multiple credit cards within a company

and some of them are travel cards so we

accumulate a lot of a lot of those

points that Jenny and I my wife we could

utilize when we are traveling when we

are staying in hotel when we are using

it to buy a flight ticket when we are

using it to buy even a computer I will

not get any of that if I'm just using a

debit card especially if we have any

kind of volume example if I use my Amex

then I could go to the airport lounge to

enjoy free access there are a lot of


depakote doesn't offer that reason

number five why you should use your

credit card is you are better protected

no this just recently happened to me

that I got a call from my Kritika

company from the fraud prevention

department saying that someone has been

using my credit card in the end of the

country illegally so what they did is

they immediately stopped the credit card

and they issue me a new one and then

through a process they also give me my

back stop that for chillin activity now

that's fraud prevention a lot of other

credit cards they also come with

insurance protections that when you're

traveling depends on what car you use

you get extra protections for that as

well if you're using a Mac switch I love

a Mac's there Amex also comes with a lot

of perks with a debit card you don't get

that if someone stole your debit card

and assuming they know your PIN number

when they took money out of your bank

account that money it's gone it is gone


but with a credit card you can then

contact the creditor company you can

provide evidence and say hey you know

what these are charges were not done by

me it was done by a criminal and they

would investigate and if they you prove

your case and they would say okay no


you have your money back and then you

have a new card

that's pretty powerful so those are the

five reasons why I believe only idiots

use debit cards and why credit card

makes sense comment below let me know

which reason resonates with you and do

you use your credit card wisely not

getting into debt but use your credit

card wisely