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debit cards

Nowadays, consumers all over the world are increasingly using their debit cards for paying day-by-day purchases instead of cash, because such cards are easy to use, can be an effective budgeting tool and provide numerous benefits.

Along with the possibility to access your account funds at anytime it also removes the hassles and fees associated with writing checks as payment. It will be useful to say that debit cards are also considered to be a safer form of payment as to access the account funds a code is required, while checks or cash can be easily stolen.

What are the advantages of using a debit card?

Debit cards are very easy to handle and manage. They are accepted worldwide and can be used at millions of places, over the phone and on the Internet. Debit transactions are deducted immediately from your account and can be clearly visible on your monthly statement. So, you are allowed to easily track where you spend your money and control and calculate your expenses.

Any nearest ATM is for your disposal for instant withdrawal of cash anytime. This helps you to avoid a personal visit to bank’s office and wait in an endless time-consuming queue.

Nowadays, the competition among banks is challenging, that is why each bank tries to offer various bonus points to encourage you spend more money. Banks are able to offer such points to their cardholders as merchants and not them who run the reward programs. Merchants give the bank a small percentage as a commission after every successful sale. This commission is usually divided between the bank and its cardholder who did the original purchase and get the reward points for it.

What are the disadvantages of using a debit card?

After learning the advantages, it would be useful to find out some disadvantages of debit cards.

While debit cards combine convenience with security, banks can often add some additional fees. More and more banks charge their customers monthly fees, such as overdraft charges.

You should always keep records to avoid the overdrawing of your account which will result in high bank fees. Not to mention the embarrassment that you can have at the checkout line when your card is denied due to inefficiency of funds on your account.

Don’t forget that ATM machines often charge a fee for their use and then your bank adds another ATM charge if the machine is not from your bank. Find out what the fees are and where you can access your money with low commission or even for free.

In case when your debit card is stolen, you may find it more difficult to get your money back than you would if your credit card was stolen. You should report your card stolen as soon as possible, you will not lose more than $50 of the money stolen from your account. If you don’t report the card stolen up to 60 days, you could be liable for as much as $500. Fortunately, according to Visa and MasterCard policies, you will not be liable for debit transactions you did not authorize.

Now, you know more about debit cards and we hope this information will help you to choose the right card taking into account your lyfestyle and goals.

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