My name is Tola, and like many Nigerians, I’ve always been careful with how I manage my money. For a long time, I only used a debit card, thinking it was the safest and simplest way to handle my finances. But as my financial needs grew and my spending habits evolved, I started hearing more about credit cards and their benefits. I found myself wondering, “Which is really better for me—my trusty debit card or a credit card?” Let me share my journey of discovering the answer to that question.

The Comfort of a Debit Card

I’ve been using a debit card since my university days. It was simple: my salary would be deposited into my bank account, and I would use my debit card for all my transactions, from paying for groceries at the market to settling bills online. The beauty of a debit card is that you’re spending your own money, so there’s no risk of falling into debt. It’s straightforward—if the money isn’t in your account, you simply can’t spend it.

I liked that sense of security. There were no bills to worry about at the end of the month, no interest rates, no hidden fees. I could check my balance at any time and know exactly where I stood financially. This approach worked well for me, especially when I was just starting out in my career and every naira counted.

The Temptation of Credit Cards

As I moved up in my career and started earning more, I began to receive offers from banks for credit cards. At first, I ignored them. I had heard stories of people falling into debt because of credit cards, and I didn’t want to be one of them. But as I started traveling more for work and making larger purchases, I began to see the potential benefits of having a credit card.

A friend of mine, Sade, who is a financial advisor, sat me down one day and explained how credit cards could be useful if used wisely. She pointed out that credit cards offer several advantages over debit cards, such as the ability to build a credit history, earn rewards, and provide better fraud protection. She also mentioned that credit cards could help in emergencies when I might not have enough cash in my account.

Making the Switch

After our conversation, I decided to apply for a credit card. The process was straightforward. I filled out an application at my bank, provided my income details, and within a few days, I had a shiny new credit card in my hands. It felt like a significant step in my financial journey, but I was also cautious. I knew that this new financial tool came with responsibilities.

The first few months of using the credit card were eye-opening. I quickly realized how easy it was to swipe and pay without feeling the immediate impact on my bank balance. The temptation to spend more was real, but I kept reminding myself of Sade’s advice: “Only spend what you can pay off in full at the end of the month.” This became my golden rule.

Learning About Credit

As I used my credit card more, I started learning about the concept of credit scores. In Nigeria, while credit scoring isn’t as established as it is in some other countries, it’s becoming increasingly important, especially for accessing loans and other financial products. Using my credit card responsibly—by paying off the balance in full every month—helped me build a good credit history, which could be beneficial in the future if I ever needed to take out a loan, perhaps to buy a house or expand my business.

I also discovered the rewards program offered by my credit card. Every time I used it, I earned points that I could redeem for discounts on flights, hotel stays, or even shopping vouchers. This was a pleasant surprise, as it meant I was getting a little extra value from my spending.

The Challenges

However, the journey wasn’t without its challenges. I had to be very disciplined to avoid falling into the trap of spending beyond my means. There were moments when I was tempted to carry a balance and just make the minimum payment, especially during the holiday season when expenses were high. But I resisted because I knew that carrying a balance would mean paying interest, which could quickly snowball into unmanageable debt.

I also had to keep track of the due dates to avoid late fees. With a debit card, there’s no bill to pay, but with a credit card, missing a payment could damage my credit score and lead to penalties. I set up reminders on my phone to ensure I never missed a payment, and I made it a habit to review my credit card statement every month to catch any errors or fraudulent charges.

The Balance Between Debit and Credit

Over time, I found a balance between using my debit card and my credit card. For everyday expenses, I continued to use my debit card. It kept me grounded, ensuring that I was only spending what I actually had. But for larger purchases, travel expenses, or situations where I wanted an extra layer of fraud protection, I used my credit card.

One lesson I learned is that there’s no one-size-fits-all answer to the debit versus credit question. It depends on your financial habits, your goals, and your ability to manage credit responsibly. For me, the key was understanding the benefits and risks of each and using them in a way that worked best for my financial situation.

Conclusion: Making the Right Choice

Looking back, I’m glad I took the leap and got a credit card, but I’m also grateful for the discipline my years of using a debit card instilled in me. The experience taught me that it’s not about choosing one over the other but about knowing when to use each tool. Whether it’s a debit card or a credit card, the most important thing is to stay informed, be disciplined, and make choices that align with your financial goals.

So, if you’re in Nigeria and wondering whether to stick with your debit card or explore the world of credit cards, my advice is simple: understand your needs, know the risks, and use these tools wisely. Whether it’s building credit, earning rewards, or simply managing your day-to-day expenses, the right card can help you achieve your financial goals—just as it did for me.