If you’ve recently opened a bank account, you most likely have been issued a debit card. Debit cards automatically transfer money from your bank account to the physical store or online site you made a purchase from. Debit cards diminish the need to carry money thereby improving security and reducing risks of theft or misplacement. Compared to cash and credit cards, a debit card can enhance one’s financial strategy in a variety of ways.
One major advantage of debit cards is, as mentioned earlier, not having to carry money anymore. You won’t have to worry regarding the loss of money or getting robbed as you approach a local store. If your wallet or bag is stolen, the cash remains safe and untouched since the robber won’t know the PIN number on your card to access the money.
Debit cards can also improve the financial strategy of an individual by eliminating the need to go on back and forth trips to the bank just to withdraw the cash you need. You can just bring and use the card on any purchases you make in stores and malls. You can even access money if needed by using ATMs, which are available all the time.
A debit card also offers discipline. The biggest challenge in having money is not protecting it from thieves and robbers. It is about protecting the money from yourself. When your account goes to zero, you will be unable to spend more beyond your limits. This prevents you from coughing up money as a result of negligence, pressure, and addiction. Ultimately, you’ll be able to save easier and quicker.
Debit cards also offer attractive reward programs. Many organizations offer a rewards program wherein the money is donated for a cause, such as to fight breast cancer. Other debit card programs require you to collect points and then exchange them for goodies. Lastly, convenience. A debit card may be utilized to conduct web-based transactions, ATMs, and everywhere that major credit and debit cards are accepted. Fundamentally, a debit card is a great cash alternative for a diversity of transactions.
You can secure a debit card issued by an accepted financial organization in which you have funds on deposit. If you have no bank accounts active yet, you can open a checking account at a local bank. In many instances, you should be at least 18 years of age to open a debit account. Different firms have relatively different benefits for opening up a bank account with them. You may want to contact different banks first and view their offers prior actually choosing one. Popular incentives and benefits involve complimentary balance inquiries, interest inquiries, monetary benefits for opening a bank account, and complimentary checks.