Find Out All About Debit Cards

Published on 21 July 2012 by Raffick Marday

Compare Prepaid  Find Out All About Debit Cards

This is the era of new-age banking and easy payments, where the process of making overseas payments has been simplified as much as buying a grocery product over the counter. One of the main reasons for this easy mode of payments available can be accredited to the presence of debit cards.

The presence of debit cards has definitely made the life of an individual quite simplified. Debit cards offer multiple benefits to its users and this is one of the main reasons why they are immensely preferred over the traditional credit cards. Debit cards charge absolutely no fee for transactions and thus, allow the user to make purchases at “zero liability.”

The debit cards protect an individual from potential fraudulent schemes and offer several rewards, which can be considerably used by an individual in order to cut down on their expenses.

Since the time that debit cards were first introduced for public use, they have moved on to be recognized as a universal phenomenon today. Debit cards help to give an individual the assurance of money management, convenience, and security. The interest rate charged by debit card companies, as compared to the traditional credit cards is almost negligible and thus, allows a person to control their budget to a large extent.

It has been reported that one of the main reasons why a large number of people prefer to use debit cards is because of the convenience factor. A debit card allows an individual to free himself from the hassle of carrying surplus amounts of cash everywhere. Moreover, by using debit cards, an individual will never fall short on the exact amount of change, which may be required in a transaction.

The user does not have to worry about the hassle of having to maintain a number of records regarding the transactions, as all the commercial transactions, which include the use of debit card, recorded by the financial institutions.

A large number of people all over the country prefer to make their day-to-day purchases via these debit cards. Contrary to the belief that debit cards can be used only to pay for huge monetary transactions, these can even be used to pay for gas, parking, newspaper or groceries which may be required by an individual in their day-to-day activities.

In other words, debit cards are as good as the credit cards, without the piling up of unnecessary debt, which an individual may not be able to pay later. This is possible because a debit card withdraws money directly from the user’s current or savings account, thus allowing him to make purchases only till the amount which his currently available in the account.

On the other hand, an individual needs to take note of the fact that though a debit card is extremely beneficial in terms of use, a person needs to take proper care of their debit cards as these are directly linked with an individual’s bank account and can be easily misused by any third person. Using a debit card does not require an individual to give a PIN number, thus making it easier for the thief to drain your bank account instantly without much of an effort

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