47.27% Of the Respondents Prefer Cash Form for Payments

People in ancient times used copper, silver, and gold coins. Presently our coins are made of much simple metal. Additionally, we now use paper money instead of heavy metal coins, which are much lighter to carry. A new digital age brought with it the ability to make payments without cash. Thanks to metal-coded chips, we can now transfer large amounts of money. Almost everyone is using either a debit or a credit card.

Hence, Real Research launched a survey on the frequency of credit card vs debit card use. The survey inquired about the advantage of a credit card and also the disadvantage of a credit card. Here are the results.

Highlights

• 23.91% prefer crypto payments
• 56.48% own only 1 debit card
• 36.63% use a debit card to order food online
• Around 50% pay everything with a credit card so they don’t have to calculate

Respondents Reveal What They Own, Credit Card vs Debit Card

To begin, the survey asks what form of payment do the respondents prefer? On this, 47.27% prefer cash. In contrast, 23.91% prefer crypto while 16.42% prefer contactless (debit/credit card). Also, 11.96% prefer to use a unified patent interface like Google Pay.

Moreover, the next question asks respondents if they own a credit card or a debit card. In reply, 58.22% say they own a debit card while 23.58% say they own both. Meanwhile, 10.81% say they own a credit card. Lastly, 7.39% own neither.

Accordingly, the next question asks how many debit cards the respondents own? In response, 56.48% say only 1 in total while 19.09% say only 1 from each bank. Meanwhile, 12.22% say more than 1 from multiple banks. Also, 7.41% say more than 1 from a single bank. Lastly, 4.81% say they do not own any debit cards.

In addition, the next question asks how many credit cards do the respondents own? On this, 52.16% say only 1 in total. Meanwhile, 15.23% say they do not own any credit cards. Lastly, 15.22% say they own only one from each bank and 9.83% say more than 1 from multiple banks.

52.98% Say the Greatest Advantage of Credit Cards Is Easy Access to Credit

Moving ahead, the next question asks respondents when do they use their debit cards? In answer, 36.63% say to order food online while 22.85% say for online payments. Likewise, 9.86% say to make quick contactless payments outdoors and 8.09% say to pay bills. Lastly, 6.56% say to buy necessities. Similarly, respondents reveal when they use their credit cards.

To highlight, 49.36% say they pay for everything with credit cards so as to not keep calculating funds. Meanwhile, 11.88% say they pay for expensive items with a credit card as they are unsure of money on their debit card. Adding on, 6.23% say to pay for bills as it is a fixed budget and can be covered later. Lastly, 4.21% say for necessities as the cost of these fluctuates and 3.94% say to avail discounts.

Next, respondents debate the advantages of credit card vs debit card. To start off, 52.98% say easy access to credit while 14.70% say EMI facility. Next, 10.12% say to build a good credit score and 8.30% say it offers access to opportunities. Lastly, 4.19% say flexible credit, and 4.16% say incentives and offers.

As for the disadvantage of a credit card, 44.55% say minimum due trap while 18.46% say hidden costs. Likewise, 13.62% say the tendency to overuse, and 10.66% say high-interest rates. Lastly, 6.15% say gateway to debt, and 5.72% say possibilities for credit card fraud.

The Greatest Advantage of Debit Cards Is No Fees and Service Charges

The survey then focuses on the advantage of a debit card. The majority (50.04%) say they can avoid fees and service charges. Meanwhile, 17.31% say no interest charges and 12.69% say no annual fees. Lastly, 12.31% say no interest charges and 7.02% say access to specific merchant rewards.

In contrast, the credit card vs debit card debate asks about the greatest disadvantage of a debit card. Firstly, 51.06% say it is the spending limit while 21.30% say it is ATM fees from other banks. Also, 12.26% say no credit score, and 8.63% say limited fraud protection. Lastly, 6.18% say less merchant offers.

Next, the survey asks how often respondents use their debit cards? On this, 44.82% say at least once per day while 13.19% say multiple times per day. In addition, 12.37% say once every few days and 7.90% say once every week. Only, 2.60% say once in 6 months.

Similarly, the next question asks how often respondents use their credit cards? Here, 43.30% say at least once per day while 11.22% say multiple times per day. Additionally, 10.41% say once every few days and 7.08% say once every week. Lastly, 3.51% say once every two weeks.

To conclude, the survey asks which card is preferred by the respondents? In the survey for credit card vs debit card, 52.18% chose debit card while 20.30% chose credit card. Specifically, 20.36% chose both while 7.16% chose neither.