How to pay for your accounts: credit, debit or cash?


Is it wise to pay everything by credit cards in order to make a name? Is it better to always settle everything in hard cash? Some will be of the opinion that it is better to avoid overconsumption by paying always by debit, of course in the case where your banking establishment does not authorize overdrafts.

Let’s examine together the various advantages and disadvantages of these three payment methods for Quebeckers.



Cash payment

Benefits of paying cash

Disadvantages of paying cash

A great way to not spend more than you expected. It is indeed much easier to limit consumption by having only a certain amount of available. If your wallet is empty, then you have reached the limit you set. Watch out for pickpocketing! If you are seen holding a well-filled wallet, you could become the target of thugs. Do you say that if you are robbed, you will never see the color of your money again.

Wherever you go, cash will never be denied! Unlike other payment methods, all merchants will accept cash payments. This is even more beneficial for them since they usually have a fee for each use of their card terminal. The danger is the desire to spend what you have in your pocket. For many, cash burns their hands. If there is, it can be spent. See even he must! If this is your case, this method of payment may not be ideal.



Pay by debit card

Benefits of paying by debit

Disadvantages of paying by debit

It’s about your funds. By using your credit card, you spend pennies that belong to you. It is generally impossible to spend more than you own, without having to clutter a bundle of notes.While being safer at first sight than cash, the protection of the debit card remains lower than that of a credit card when it comes to unauthorized transactions.

It is easier to record expenses. By using this payment method, you benefit from tracking your expenses, whether online or on your monthly statement. Convenient to make a budget and stick to it. Not all financial institutions tolerate overdrafts, but some do, and interest and administration fees can be very expensive. If this is the case of your bank, we advise you to always check your balance online before going shopping, just to avoid any inconvenience.




Payment by credit card

Benefits of paying cash

Disadvantages of paying cash

Reward systems are often very attractive with credit cards. Whether it is dollars or points to accumulate for travel, gifts or anything else, everyone can usually find his account. It’s far too easy to blow up your budget. With a credit card, you are less aware of living beyond your means. Be careful to keep track of your expenses by keeping your receipts if you want to avoid unpleasant surprises upon receipt of your statement!

Just like the bank card, this payment method makes it easy to count your expenses to create a budget. The often exorbitant interest rates of credit cards easily dig a real money pit, so it is essential to always pay your entire balance before the deadline, every month. Do not fall into the trap of minimum payments!

Which payment method is the best?

Unfortunately, there is no ideal payment method and it is not close to change. As the saying goes, know yourself. You are in the best position to know which payment tool is the most appropriate for you, according to your consumption habits. Take a few minutes to question your reflexes as a consumer and opt for the method of payment that will be the most advantageous.

As we said earlier, the important thing is to avoid debt, fees and overconsumption. An informed consumer is worth two!

If you have debt problems due to excessive expenses, talk to an expert


If you have the unfortunate tendency to throw money out of doors, it may be time to contact our partners to come up with an action plan to get your finances back on track. Do not wait to be mowed like wheats to take your situation in hand. Our network of financial advisors, brokers and trustees in bankruptcy is at your disposal, make good use of it!

Our form, to fill directly on this page, is free and does not engage you in anything .

In less than two minutes, you will have taken the first step toward the financial freedom you want.

You may only see the tip of the iceberg. Do not wait to sink to change course!

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