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DEBIT CARDS

Debit cards are a great way to maintain financial accounts if you do not wish to get into debt tangles and remain debt free, and also get the advantages of holding plastic money in your hands. A debit card is associated with a savings account, and can be used at ATMs and merchant establishment just like a credit card. It comes free of charge, or with a very small fee.

GETTING A DEBIT CARD

The easiest way is to open a savings account, or approach the bank that maintains your old savings account, and ask for a debit or ATM card. The card comes with terms and conditions such as a minimum balance in the account, a small annual fee, and other such minor things. You may need to produce a photograph if the card allows it to be printed on the card.

USING A DEBIT CARD

A debit card works much the same way as a credit card. Swipe it across the electronic terminal, and a counter slip is produced. Your account is immediately debited with the swiped amount. Some cards allow deferred payment, and debiting is done later. The transaction can be cancelled in case a wrong amount is entered. Do not forget to keep a copy of the counterfoil for future reference, in case any anomaly arises. Some cards require you to enter your access code or pin number in order to proceed with the transaction.

The bank sends periodic statements that would show all such transactions with the relevant details. Examine the amounts and details to make sure no one has misused the card.

DEBIT CARD ADVANTAGES

A debit card offers several advantages when compared with a credit card. There is no interest charged on your expenses. No worry over late or delayed payments. No over expenditure. No late fees, hefty service charges, and other expenses. The only flip side – if it is really a negative point – is that one can not withdraw on credit. You spend what you have in the bank.