In my country, the use of debit and credit cards to pay for goods and services and also to carry out transactions has come a long way but the most common type used here is the debit card. While all these cards are both payment cards and looks exactly the same, a square shaped plastic card given to individuals by their financial institutions.
The major difference is that to use a debit card, you need to put some money or funds in your bank account, so you can pay for transactions. But for the credit card, you are at liberty to borrow money and use to transact while you are expected to pay back at the end of the month. Most people have incurred debt with this payment method that they set a limit to their credit card to monitor expenses.
ARE CREDIT CARDS COMMONLY USED IN NIGERIA?
NO, the use of credit cards in Nigeria is very limited but the almost every one has the debit card. Even the people that come to the banks and request for master or visa cards do not really know what they are used for. We still need more enlightenment and education in that area. For me I prefer the debit card.
Do they offer nice incentives to sign up?
No doubt, there are juicy incentives when it comes to using a credit card for payments, but personally using a credit card would mean that you have a stable and sustainable income monthly or else you would incure interest when the deadline elapses.
Some incentive that re enjoyed for using a credit card by the few includes: getting cash backs, travel point, bonuses and so on.
Do I PREFER CREDIT CARDS OR SCARED OF THEM
Not that I am scared of them but they seem risky, because it can lead to overspending and can also lead to the risk of potential long term debt. It could also be used for fraud. Imagine if I did not set a limit for the card, and a fraudster gets hold of it and hacks the password, they would practically wreck me and make me go bankrupt, even at that or as if that is not enough, I will still have to pay back at the end of the month.
One time, I knew someone that got the credit card and could not meet up with the monthly deadline payback, she complained bitterly of the high interest rate. So when you fail to pay the credit card bill, it is pushed forward to the next month with a percentage interest rate.
I wanted to go for the credit card back then but I realized the price range was different from a debit card and other incurable fees... I had to settle for my debit card.
With all that has been said, credit cards come handy especially when there are emergency stuffs to settle like hospital bills, insufficient balances and so on. I choose to stick with my debit, as there are no incurred interest or fees whatsoever, it is easy to use and convenient, it helps me to be accountable for all my spendings, thus budgeting comes handy.
This is my entry for #earnspendgive weekly prompt as organized by 
Thanks for stopping by my blog...