Advantages of Using Debit Cards

Published on 15 July 2012 by Raffick Marday

Facilities Associated With The Use Of Debit Cards Which Has Contributed To Its Success

We are all familiar with the term “debit cards” today. Though debits cards are tied with the major credit cards most of the times, there lies some difference between the two. A debit card holder can spend only the amount present in his bank account. His expenditures cannot exceed the total credit balance in his account.

Advantages of Using Debit Cards: 

There are in fact a number of advantages associated with the use of the debit cards. You are no longer required to write cheque, when you make transactions. You will not have to pay any additional charges for the cash advances since you are drawing out money from your own bank account.

The debit cards are accepted all over the world. You are thus relieved from the hassles of writing cheque. The debit cards are extremely easy to use and very convenient as well.

Where In Lies The Difference Between Debit Cards And Credit Cards? 

There are some basic differences between the two kinds of cards which helps them to distinguish them easily. On the debit card you can find the bank logo, credit card logo as well as the word “debt” inscribed. You need to look very close in order to distinguish between the two kinds of cards.

The mechanisms involved in the debit cards and the credit cards are different. A debit card can be used as both a credit card and a debit card. However, this is not possible in case of the credit cards. The purchases which are made using the debit card cannot exceed the total amount in your account. Here in lies the main difference between the two kinds of cards.

The risk factor involved can be taken to be another distinguishing aspect between the two cards. Loosing a debit card can be potentially risky since the bank details are attached to it. When it comes to the credit cards it becomes very difficult to show any concrete evidence that the card has been used by an outsider.

In case of the debit cards it is the card holder who has to think about the ways he/she can recover the lost money and in cases of cheque bounces, it is the owner of the card who shall be held responsible. The legal hassles involved in the debit card are a lot more compared to the credit cards.

These are precisely some of the distinguishing features between the debit cards and the credit cards.

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