Almost everyone you come across these days has a debit card in their wallet and rightfully so. More and more people are using debit cards these days because of how convenient they are and how easy it is to carry them. Listed below are five benefits of using a debit card, which you must read if you are planning to get one:
1. Peace of mind- When you own a debit card, you do not have to carry a lot of cash for making financial transactions. You can just swipe your card. Even if you are robbed by anyone, the robber will not be able to use the debit card without your ATM pin. You can also call up your bank’s customer care service and ask them to block your card in order to prevent further misuse. Hence, having a debit card ensures your peace of mind.
2. No need for applications- If you want to get a credit card, you will have to apply for it. You also have to make sure that you have a very impressive credit score. If your credit score is low, then you will not be given a credit card from the bank. However, when it comes to debit cards, no kind of application is necessary nor do you have to maintain any credit score.
3. Debt-free- If you have a credit card, you might have the tendency to buy whatever you want and whenever you want. This can result in you having massive credit card bills. However, if you own a debit card, you can spend only a limited amount depending on your debit card balance and not a dime more than that. This will help you save money and make sure that you remain debt-free.
4. Fees- Debit cards do not normally charge any sort of fees as credit cards do. Hence, by using a debit card, you can avoid paying fees such as annual fees, late fees, and interest rates.
5. Convenient than writing checks- Writing checks for monetary transactions is considered an old-fashioned and cumbersome thing now. Debit cards are mostly used these days for making transactions, as these do not take much time and are comparatively easier. Most people these days refuse to take checks as they would have to go to the bank and deposit it and it will take a considerable amount of time for the money to reflect in their bank account. That is why they prefer the usage of a debit card as they can get the money as soon as you swipe it.
Even though credit cards do serve many benefits, debit cards are a more economical option when you think about it in the long-term. Debit cards can help you stay away from debt and remain stress-free about it.
1. Peace of mind- When you own a debit card, you do not have to carry a lot of cash for making financial transactions. You can just swipe your card. Even if you are robbed by anyone, the robber will not be able to use the debit card without your ATM pin. You can also call up your bank’s customer care service and ask them to block your card in order to prevent further misuse. Hence, having a debit card ensures your peace of mind.
2. No need for applications- If you want to get a credit card, you will have to apply for it. You also have to make sure that you have a very impressive credit score. If your credit score is low, then you will not be given a credit card from the bank. However, when it comes to debit cards, no kind of application is necessary nor do you have to maintain any credit score.
3. Debt-free- If you have a credit card, you might have the tendency to buy whatever you want and whenever you want. This can result in you having massive credit card bills. However, if you own a debit card, you can spend only a limited amount depending on your debit card balance and not a dime more than that. This will help you save money and make sure that you remain debt-free.
4. Fees- Debit cards do not normally charge any sort of fees as credit cards do. Hence, by using a debit card, you can avoid paying fees such as annual fees, late fees, and interest rates.
5. Convenient than writing checks- Writing checks for monetary transactions is considered an old-fashioned and cumbersome thing now. Debit cards are mostly used these days for making transactions, as these do not take much time and are comparatively easier. Most people these days refuse to take checks as they would have to go to the bank and deposit it and it will take a considerable amount of time for the money to reflect in their bank account. That is why they prefer the usage of a debit card as they can get the money as soon as you swipe it.
Even though credit cards do serve many benefits, debit cards are a more economical option when you think about it in the long-term. Debit cards can help you stay away from debt and remain stress-free about it.
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