Debit cards have become a modern day necessity in recent years. Not having one in your wallet is like living in the in the past which was depicted in yesterdays commercial on the television. In one scene people were queuing up at the cashiers and moving on after paying. The scene then changes where everything stops, the sky turns grey and the sun sets. An old lady pulls out her check book and when she starts writing her check the surrounding changes into the 1980s. I have put together 5 reasons why you should have debit cards in cased you are still living in the past like the old lady in the advertisement.
1. Most banks offer their debit card holders with an online account as well. This means that you get to check your transaction almost anytime at anywhere to your convenience. Debit card transaction details appear almost immediately a day after your purchase. There are no surprises to where your money goes as you will now have a detailed trail to all your transactions. These days some banks also offer guarantee on internet transactions and online purchases just like credit cards.
2. No delays in transaction details. Unlike credit cards, most debit card transaction turns up immediately the day after your purchase. These days, you can easily check your transaction details from your online account. This will allow you to keep a closer track of your spending and potentially helping you to manage your financials.
3. Debit card deducts your money from your account immediately upon a purchase. This will massively reduce any spur of the moment spending as you cant afford to spend what you dont have. Debit cards triumph in this aspect as it forces the individual to ponder about his/her financials before committing to a purchase as unlike credit card you dont get to borrow upfront.
4. Prepaid debit cards are gaining in popularity. These do NOT require a bank account. They are like those PAYG (pay as you go) phone cards. You get a card and load it with money. When the money is all used, the card can no longer be used. Simple, isnt it? This is a very easy way for business owners to pay freelancers or vendors. Even payroll can be made with debit cards
5. Owning a debit card helps you to live within your means especially when you are the type of person that struggles to pay your credit card debt every month. With debit card, you only spend what you have. There are no major fees involved and certainly no interest repayments therefore your debt will not compound to a horrendous figure like what most credit cards do.
Debit cards are becoming a popular choice for most people nowadays due to its convenience of purchase. Before you run off to apply for a debit card, make sure you conduct a thorough research on the plethora of debit cards around. Different cards have their perks and letdowns so remember to always read the fine prints before signing on the dotted line.