Credit or Debit Cards.

Do you have a credit or debit card?

I realise that a lot of people who wants to do Internet Business but they don’t own a Credit Card or a Debit Card. Then how do you make transactions on the Internet then.

Well you may have fears about getting a credit card because you may be afraid of getting into debt. Well if so why not get a Debit card then? 

What’s the difference between a credit card and a debit card?

Credit Card. 

When you apply for the a credit card. The Bank will give you credit up to a certain limit depending on your monthly income. There are cards that have very low limits while others that requires you to submit your pay slips and so on.

Example. You are given $500 spending limit. It means that you can borrow the bank up to $500 and you do need to pay back within a certain time period too else you will incur interest charges that can amount to 25% to 30% per annum depending on the bank.

For those of you who worry about not being able to pay back the money, please consider using a debit card then.

Debit Card 

The debit card works similarly to your ATM card or in Singapore they called it NETs. It also works like a credit card because you are given the 16 digit code and the security code behind the card. You can use it to make online payments and pay for your products.

Unlike the credit card, the debit card immediately deducts the amount you purchase from your Bank. Therefore you do not need to worry about amounting debts later on.

How to apply?

Drop by your nearest bank and ask for “DEBIT card”. Most banks these days provide this facility. 

What comes around goes around…

I’ve always tell this to my students… 

If you wish to make money on the internet, then you must also build the culture of spending on the internet itself. When you do so and educate others to do this, others will also begin to follow.

Spend wisely… 

Unlike shopping at the mall, you need to be physically there to spend the money. Being in the virtual world called the internet, you tend to be tempted to buy every single product and package that is available in the websites too. So PLEASE spend on what you can afford.

You are what you spend..

If you do have problems, please consult a financial manager and ask them about how to spend and manage your money better.