Advantages & Precautions to Be Taken While Using A Debit Card. by Alfred Grundig
Debit cards aide you managing your finances steer you away from debts. Established companies like Visa or Master card offer debit cards with all the facilities advantage of credit card minus the additional charges of a credit card. Using a debit card is more like using a prepaid credit card.
It is fallacy that credit cards are safer are used more often than debit cards. The usage of debit card exceedd trillion dollars last year. As the debit cards are linked to the users bank account it prevents the users from incurring debts thus is better than credit cards.
There are loads of advantages of using a debit card. The first foremost advantage is that you dont need to pay any monthly or annual fees to own one. There is no rate of interest that is charged to your account.
The worry to remember the due dates for payments is thing of the past as the debit card is linked straight to your bank account the transactions are debited in real time. There would never be a late charge or over the limit fee on your account since you would be spending the money from your bank account.
A Debit card helps both " to send money receive money easily. It is extremely important to always remember your PIN never carry it along with your debit card. In an unfortunate incident of a card loss you must report it immediately to freeze any unauthorized transaction.
Reviewing your bank statement on a regular basis to check on your debit card transactions helps in tracking down of misuse if any. While accessing your account information online you must ensure that the internet connection the site are secure that you logoff after the activity. If you have a doubt about giving any specific information online you can always call your bank to cross check if the required information is essential needs to be given out or not.
There are a lot of ingenious criminals who are making money by extracting your personal bank information. When you pay using your debit card such criminals attach a device called skimmers to the card swiping machine which can hold all your personal bank information. It is hence advisable to ensure that the debit card is always within your sight should never use your debit card on an unauthorized ATM.
A debit card definitely helps you manage your finances better certainly reduces your liabilities by not building up one. It is imperative to be vigilant when you give your debit card to anyone dont let it out of your sight.
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