When it comes to payment options you may think that credit cards are the most popular ways to pay. But you may be surprised that that’s not actually the case. If I told you debit cards are the top used payment method for Americans would that surprise you?
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Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
I think it’s safe to say that we all love to spend money and we certainly have a lot of options to choose from when we do so.
When it comes to paying credit and debit cards are the top preferred methods. But, which one do people use more?
According to a 2023 Forbes survey, 54% of Americans use a debit card as a primary payment method. That same survey stated that only 36% use a credit card (physical or virtual).
Why are debit cards so popular? Well, there are few reasons why people haven’t yet abandoned the debit card when they make purchases.
One little caveat to remember though is that debit cards do not help you build credit so you’ll need to explore other options if you’re looking to establish or boost your credit score.
If you have a debit card but aren’t using it much. I hope this tip will help remind you to take it out and use it a little more.
If you haven’t set one up yet here are just a few things to keep in mind when you get started.
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
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