5 reasons why life is better when you choose debit over credit

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Debit card / Shutterstock

These days we’re always looking for the latest life hack to solve our financial woes.

We’re living in an era that makes it difficult to chat about money. We avoid financial advisors and credit card bills like the plague. But it doesn’t solve anything to pretend that our financial life isn’t a part of who we are.

Ditch all the quick fixes and remember that gaining control of your funds requires a slow and steady strategy. Little did you know, some lessons come from the most unexpected places. Right now Interac Association* is sharing a video that shows that using your own money via debit cards is a valuable move, and that it’s better to pay with Interac Debit as opposed to credit.

https://youtu.be/MBGDIwHnNWA

We’ve compiled a list of the top five reasons why choosing to pay with your debit card makes life better.

1. Budget-friendly

Using your Interac Debit card makes life better because you always know you’re spending your own money. Perfect for the budget minded individual, you’re able to allocate your personal funds for specific needs like food, personal purchases, and more.

Alternatively, if you use a credit card then it’s easy to rack up some hefty fines if you aren’t careful enough. Overage charges can worsen your financial reality and turn into a living nightmare.

2. Damage control

Credit cards work for some people, but that doesn’t mean they’re right for you. Living in Vancouver is expensive and this challenge often forces people to live beyond their means. If you’re familiar with this situation then it might be time to start leaving your credit card at home. Spending your own money helps prevent and reduce damage to your name. You’ll be able to start budgeting and spend only what you have.

3. Low costs

Using your Interac Debit card means you’ve chosen a low cost provider that works with Canada’s merchants. Interac Debit is a low cost payment solution with no chargebacks. You’ll rest at ease knowing your real time payments are secure. Merchants pay around $0.06 per transaction, a single flat fee regardless of the retail purchase price. On the other hand, credit charges merchants from around 1.5 – 3% of the item’s retail costs. The moral? Just by using Interac Debit, you can help your favourite small businesses cut down on high transaction fees.

4. Convenience

Using debit gives you that real money feel. It is real money. It’s yours; and you are spending what you’ve earned without pulling in the added complexities of credit. Direct is simple. Simple is convenient.

5. Security

Interac Debit is extremely secure since their four digit pins protect you from fraudulent activities such as counterfeiting, transaction replay, and card-not-present transactions. You’re also protected against fraud under Interac* Zero Liability Policy**. Overall, the security features have reduced fraud by 88% over the last five years, the lowest point ever recorded.


Find out more about how using Interac Debit can improve your financial outlook by checking out Interac* online as well as its Facebook, Twitter, and Instagram pages.

Interac is a registered trade-mark of Interac Inc. Used under licence.

* Interac Association/Acxsys Corporation

** Protection applies to losses resulting from circumstances beyond your control. Some conditions apply. 

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