What Are The Various Alternatives To The Use of a Credit Card?
A credit card can be a great financial tool for those who have good credit, but it is certainly not suitable for those who have bad credit. But it does not mean that you cannot do better without a credit card since there are many options for borrowing money at the time of emergency. Many people in this world avoid credit cards and prefer to stay away from it. Instead of using a credit card, it is always better to pay your bills and other expenses with the money that is entirely yours.
People should always try to keep themselves away from borrowing even for a short period. You may have no credit personal loans, especially if you are having difficulties with debt. It would help if you kept in mind that though personal loans and credit cards are too tempting, it is always better not to use it as far as possible. Indeed, using cash for paying your expenses cannot be a convenient option for many people, but there are many alternatives to using credit cards.
List of credit card alternatives
The following are some great alternatives to credit card, and you can use any of these options if you find cash too burdensome:
Debit Card: If you do not want to use cash, your obvious alternative is using a debit card instead of a credit card. A debit card is always a good option, especially if you do not want to go with the risk of getting into debt. The use of a debit card is almost similar to a credit card. It does not charge any interest or annual fees or over the limit fees.
Third-Party Payment: You also have third-party payment options if you want to pay your bills or for something else without using credit cards. You can quickly pay by using third-party payment options such as Google Checkout, Paypal, etc. The best thing about these payment options is that you do not have to provide your personal information to the vendors while paying through these payment options.
Digital Wallets: The digital wallets are our future and you can use these digital wallets with a smartphone or other electronic device. Nowadays, you will get many digital wallets such as Google Pay, which are very convenient to use and can be downloaded from Google Play Store for android mobile or App Store for iOS mobile. Most importantly, these digital wallets get connected with your bank account very easily.
Prepaid Debit: You can also get a prepaid debit card which can be another excellent option for paying bills and other expenses instead of using credit cards. In this process, you will have to load the card with some amount of money in advance and you will have the limitation to spend that money. But the best option is that you can reload your card whenever you want. Hence, you do not have the risk of going into debt if you use this card.