Category: Finance

Benefits of Owning a Debit Card

Benefits of Owning a Debit Card

Paying for your daily shopping with a debit card can be fun, and it also comes with a lot of benefits. A debit card frees you of the worry of taking enough cash with you, and you won’t have to carry around your checkbook and a pen to pay anyone.

A credit card can provide you with many benefits just for spending more on a monthly basis and maintaining a hood credit score, but debit cards are a different thing altogether. Here are some of the benefits of owning a debit card.

No Fees

Credit cards come with their high interest rates, withdrawal fees and other hidden expenses, while on the other hand, if you use your debit card wisely, you can prevent every fees. This benefit is especially for those people who only want to spend what they already have in their bank account.

A low fees that you might need to avoid by using a debit card is the deduction your bank makes if you withdraw the money from an unaffiliated ATM, so, make sure you use an in-network ATM to withdraw the funds. Your debit card usually takes money from your bank account, but you can also transfer money from credit card to debit card for use.

Spend What You Have

A debit card is also known as a digital check, it cuts the money from your bank account, and you can keep track of your monthly spending at the end of each month, additionally, you won’t have any interest to pay either when you spend the money you have available in your bank account already.

Added Security

Losing a wallet means that all the hard cash you had in that wallet is gone forever, but a debit card, on the other hand, can help you in a way that it can’t be used at any ATM to withdraw the money unless the thief knows your PIN.