Credit cards and debit cards both offer incredible convenience. With just a quick swipe or a linked account, a payment can be instantly processed. It seems like a no-brainer to use that convenience for taking the hassle out of paying bills. But, is it a smart idea to pay monthly bills with a credit card or debit card?
Choosing to pay a bill with a card can have a significant impact on your general financial wellness — for better or for worse. That’s why it’s important to consider the many variables of this decision before going ahead with it.
Let’s take a closer look at the pros and cons of paying monthly bills with a credit card or debit card.
The advantages of paying bills with a credit card or debit card
There are many reasons you may want to pay your monthly bills with a credit or debit card when possible. Here are just a few of the advantages of paying with plastic:
The disadvantages of paying bills with credit or debit cards
Here’s the flip side of paying bills with plastic:
Which of my bills can I pay with a credit or debit card?
You will likely not be able to pay the following monthly bills with a credit or debit card:
These monthly bills can usually be paid with a credit card, but you may need to pay a fee to do so:
The following monthly bills usually allow you to pay with a credit card or debit card, and without a fee:
Before deciding whether to pay a specific bill with a credit or debit card, it’s best to check with your provider to find out if this is a viable option and if there will be a fee attached for paying with plastic. In addition to credit cards, TVACCU also allows you to pay online and mobile Bill Pay.
The bottom line
Sometimes, paying bills with a credit card or debit card makes perfect financial sense, but it sometimes does not. Before deciding which way to go on any particular bill, consider all the relevant factors detailed above to be sure you’re making the responsible choice. Contact us today to learn more about TVACCU’s card services and let us help you make the best decision for your needs.