The debit card has revolutionized personal banking and how you access your accounts. The debit card not only saves you money by using fewer checks, but also allows you to make purchases without having to carry cash. With transactions running faster and more securely, if you don't already have a debit card, speak with a bank representative to find out how to get one.
Ease of Use
A debit card, sometimes called a check card, is directly tied to your checking account. When you swipe your debit card at a store, gas pump,or ATM, you are using the money in your checking account to pay. The debit card is easy to use because it is as simple as a swipe. Your transactions are faster because you don't have to count out cash or spend time writing a check.
Safety and Security
With a debit card, you have a personalized identification number, or PIN. When you swipe your card you have to type your PIN, which only you know, and your purchase is complete. Because you are the only one that knows your PIN, you are the only one who has immediate access to your money.
When you make a purchase you have two options for using your card: debit or credit. With the debit option you'll be required to use your PIN, but will also be asked if you would like cash back. This turns the checkout into an ATM, allowing you to get cash from your checking account.
If you select the credit option, which is best for large purchases, you will sign for the transaction rather than use your PIN. This option ensures a copy of your signature is on file with the store and your bank. Should some discrepancy arise with the transaction, or the item itself, you have signature proof that you bought it.
The newest feature to a debit card is the opportunity to slowly boost your savings anytime you spend money. For example, Bank of America will round up the transaction total and move the difference in change to your savings account. Wachovia will transfer an entire dollar to your savings with each debit card transaction. Consult your bank to see what programs are available for you and how to track them.
The best aspect of using a debit card is that you are working debt free. As you use your card write down your transactions in your checkbook, and subtract them from your available balance. You can't spend what you don't have. This allows you to make your purchases without owing anyone. Keep track of your balance, because your debit card won't refuse transactions for you.
- Talking Money; Jean Chatzky; 2002
Why Don't Credit Transactions Post Immediately on a Debit Card?
Many ATM cards have a logo of a credit card company. Companies that accept both debit and credit cards will generally give...
How to Get a Debit Master Card Without Having a Bank Account
A debit master card is very essential, convenient, and a vital instrument to possess based on the fact that it allows you...
Why Has My Credit or Debit Card Been Declined?
When you make a purchase with your credit or debit card or you attempt to withdraw money from an ATM, you may...
Credit Card Vs. Debit Card
Credit cards and debits have their distinct advantages and disadvantages, depending on the spending habits of the person using them. The most...
Prepaid Credit Card Vs. Prepaid Debit Card
Prepaid debit and credit cards are like regular plastic with training wheels. While they work in much the same way, prepaid debit...
Debit Card Transaction Processing FAQ
Debit Card Transaction Processing FAQ. Entrepreneurs opening a new business or adding the ability to take credit and debit cards for payment...
How to Check a Visa Debit Card Balance
Visa debit cards are becoming a popular method for people without bank accounts to store their money. They are an easy way...
How Old Do You Have to Be to Get a Debit Card?
Debit cards are a quick and easy method for accessing cash. As the debit card craze has blanketed the country, more people...
How to Find Out Why Your Debit ATM Card Was Blocked
Banks frequently place blocks on ATM debit cards to deter fraudulent activities. The bank has no way to determine who is using...
How to Use a Debit Card at Hotels
Using a debit card when you check into a hotel can be dangerous because of the hotel's practice of putting a hold...
How to Pay Online With a Debit Card
Many Internet websites accept payments from both debit and credit cards. In the U.S. Visa, MasterCard and Discover all issues debit cards...
Why Do Banks Deactivate Debit Cards?
You can use a debit card to access money at an automated-teller machine, ATM, to get a cash advance in a bank...
Can I Use My Debit Card As a Credit Card?
A debit card is a card that closely resembles a credit card only it is linked to your checking account and the...
Can You Use a Debit Card for Online Purchases?
You can purchase anything from books to antiques to cars online. You can pay online with checks, credit cards or services like...