Debit cards in recent years have become a must have accessory for every modern day being. Not owning one is like living in the past where every purchase is tedious and painstakingly handled through a check book. These days, its just a swipe and pin number/ signature away and off you go with your next schedule of the day. In case you are still pondering whether or not to own a debit card, I have listed several reasons below to help you decide.
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 surprises as to where your money went. A debit card provides a detailed trail in your spending wake. You can always ask your bank where, when and what was bought at any time. For a fee, they will be glad to tell you, but if you wait until your statement comes, this info is FREE!
3. Debit card cuts down on unplanned purchases as you can only afford to buy as much as you have in your account. It helps control your spending habit because it deducts the amount directly from your account. Unlike credit card, you dont get to buy now, pay later which most of the time translates to buy now, regret later.
4. You dont even need a bank account these days to own a debit card. A prepaid debit card allows you to pay as you go. (Yes, just like those phone cards!). You top up your card with a certain amount and you use it whenever you want. So now you dont even have to worry about emptying your bank account as you can easily assign a certain amount to spend. These days, debit cards are also internationally recognise and accepted as major brands like Visa and MasterCard have started offering debit cards as well.
5. Owning a debit card is a good practise ground to mould financial discipline. In contrary to credit cards you only spend what you have and because you are not borrowing money up front to pay for your purchases, there are no interest repayments or hefty late penalty fees involve.
There are other good reasons to own a debit card, but the ones here are the best we can think of. Of course, before you do anything of a financial nature, be sure you know the good and the bad. Also ask the institution about reporting and record keeping as well as delays in processing. - 15224
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 surprises as to where your money went. A debit card provides a detailed trail in your spending wake. You can always ask your bank where, when and what was bought at any time. For a fee, they will be glad to tell you, but if you wait until your statement comes, this info is FREE!
3. Debit card cuts down on unplanned purchases as you can only afford to buy as much as you have in your account. It helps control your spending habit because it deducts the amount directly from your account. Unlike credit card, you dont get to buy now, pay later which most of the time translates to buy now, regret later.
4. You dont even need a bank account these days to own a debit card. A prepaid debit card allows you to pay as you go. (Yes, just like those phone cards!). You top up your card with a certain amount and you use it whenever you want. So now you dont even have to worry about emptying your bank account as you can easily assign a certain amount to spend. These days, debit cards are also internationally recognise and accepted as major brands like Visa and MasterCard have started offering debit cards as well.
5. Owning a debit card is a good practise ground to mould financial discipline. In contrary to credit cards you only spend what you have and because you are not borrowing money up front to pay for your purchases, there are no interest repayments or hefty late penalty fees involve.
There are other good reasons to own a debit card, but the ones here are the best we can think of. Of course, before you do anything of a financial nature, be sure you know the good and the bad. Also ask the institution about reporting and record keeping as well as delays in processing. - 15224
About the Author:
Debbie Robbyns is the author of Personal Finance 2009. Drop by her website for insightful and easy to follow personal finance tips for your everyday lives.
