Advantages of Paying Through Cards in 2022


Despite being a cash loving economy, gone are the days when we had to carry wads of cash for large transactions. The reasons for carrying a card to stores are quite obvious: Portability, durability, reliability, cost-effectiveness, convenience, and the list can go on.

Perhaps the most wonderful advantage of paying through a card is that you can earn reward points while you spend. While this sounds a bit counterintuitive, these so-called rewards incentivise spending, but spending strategically. Confused? Check out the following credit card and debit card benefits and drawbacks so the next time you swipe or tap your card, you do responsibly.

What is Credit Card and Debit Card?

A debit card is a rectangular piece of plastic that enables immediate access to the money in your account. When you open a bank account you receive an ATM/debit card from your bank to use at ATMs. The card can be used to pay for items purchased online or in physical stores with equal ease. All a consumer is required to do is swipe or tap their card on terminal like Innovitis and avail offers on each transaction.

With a credit card, you may make payments and purchases both online and offline. Cash withdrawals can also be made using the card. Your ability to obtain money on credit is made possible by credit cards. You are borrowing money in this case, and you will repay it together with any applicable interest at a later time.

How Do You Pay Using a Credit or Debit Card?

Online, you can use your debit or credit card to make any kind of payment.
  1. You must reach the payment page, depending on what you are paying for (energy bills, internet purchases, insurance premiums, etc.).
  2. Decide debit/credit card as your chosen payment method.
  3. Type your name exactly as it appears on the card.
  4. On the payment page, enter the 3-digit CVV code, the card’s 3-digit expiration date, and the 16-digit debit card number in the respective tabs.
  5. A new page appears after you enter the card information, and you must confirm the payment there using your Personal Identification Number (PIN) or a one-time password that was given to your registered mobile number.

Things Required to Make Card Payments?

The following details are required in order to process a credit card payment:

  • Card Number
  • Cardholder’s Name
  • Expiration Date
  • CVV Number
  • OTP (One Time Password)

Types of Card Payments

There are six primary types of card payments available.

  • Card Card
  • Debit Card
  • Charge Cards
  • Prepaid Cards
  • Business Travel Cards
  • Purchasing Cards

Advantages of Credit Card

  • The credit limit made available to the cardholder is what draws people to a credit card. Within that range, you can purchase anything and pay later.
  • Having this card allows you to travel anywhere without carrying a lot of cash. You can pay for anything using a credit card.
  • With each usage of these cards, reward points are earned.

Disadvantages of Credit Card

  • One of the biggest drawbacks of credit cards is the interest that is assessed. When interest is added to the debt, the total amount due will be more than it would be.
  • Credit cards contain a number of hidden fees that significantly raise the cost. For example, processing fees, late payment penalties, and so forth.


  • Debit cards provide a convenient means of payment and money transfer by enabling cashless transactions.

  • Banks impose a fairly low annual cost for issuing and servicing debit cards.

  • Debit card withdrawals from ATMs are quick and convenient ways to get cash without having to go to the bank’s location.

  • Only debit card transactions are permitted at establishments with electronic card readers.

  • Most of the time, there is a cap on the biggest sum a consumer can withdraw or transfer. Therefore, using debit cards to transact large sums of money is not very useful.

  • Incorrect handling of debit cards could expose them to fraud risks.

  • On their cards, private banks generally mention whether they are debit or credit cards.

  • When in doubt, you can always call up the relevant customer care number of your bank.

  • Details for each type of card issued by the bank are provided individually on the website

A virtual debit card is an electronic version of a physical debit card designed specifically for online purchases. It is most similar to a standard debit card in that it contains a separate card number, expiration date, and CVV that you can use to start an online transaction. Oftentimes, banks issue them as a temporary card until your physical debit card is issued.

A credit card is a physical card that has a predetermined credit limit for which you make monthly repayments. On the other hand, a virtual credit card resembles a debit card because the card is already loaded with a certain amount of money.


Credit cards are easy to use and can be accepted anywhere in the world. They also provide you with protection against fraud and theft. Debit cards, on the other hand, are more practical, as you don’t have to worry about carrying around cash or using your credit card. Connect with Innoviti, expand your business by accepting credit cards and debit cards, and let them handle the rest.