The Economic Times

Why using a debit card for groceries and fuel is a costly mistake. CA explains why you may be losing out

CA Nitin Kaushik argues that using a debit card for everyday expenses like groceries, fuel and travel could mean missing out on rewards, fraud protection and interest-free cash flow. He recommends using credit cards responsibly by paying the full bill on time, warning that unpaid balances can attract interest rates of 30% to 48% annually. According to Kaushik, debit cards are best reserved for ATM withdrawals or controlling overspending.