5 Excellent Reasons to Own a Debit Card
I was watching television today and saw a commercial for a local business. People were buying things and moving on. Everybody paid with a debit card except for one lady who pulls out her check book. All of a sudden, all the activity stops, the sky turns gray and the sun dims. When this lady is done writing her check, everything goes back to the way it was at first. Debit cards have become a way of life in recent years and we have put together five reasons to have one, even if you are without a bank account.
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 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. Molds your spending habits and helps you to live within your means. Credit cards can get you to spend money you really dont have to spend. Dont believe me? Just do a search for credit repair companies and see what comes back. A debit card is the exact opposite of that. You can only spend what you have available. Plus there is no worry of a monthly payment or interest.
There are many other reasons why debit cards are still better than credit cards however I have only listed the top few. Before you make any financial decision or purchase any financial product, you should always do your research and compare the pros and cons before committing yourself to the product. A little time and effort goes a long way.
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 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. Molds your spending habits and helps you to live within your means. Credit cards can get you to spend money you really dont have to spend. Dont believe me? Just do a search for credit repair companies and see what comes back. A debit card is the exact opposite of that. You can only spend what you have available. Plus there is no worry of a monthly payment or interest.
There are many other reasons why debit cards are still better than credit cards however I have only listed the top few. Before you make any financial decision or purchase any financial product, you should always do your research and compare the pros and cons before committing yourself to the product. A little time and effort goes a long way.
About the Author:
Debbie Robbyns is the author of Personal Finance 2009. Drop by her website for practical and simple to pickup personal finance tips for your everyday lives.
posted by Credit Counseling at
4:52 AM
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