What are some good reasons to carry a debit card? There are many advantages to carrying a debit card as opposed to a credit card or check book. If you make a lot of transactions during the day, you realize how much easier it is to simply carry around a debit card to do your purchasing. What exactly are the advantages of a debit card as opposed to other forms of payment?
The biggest advantage to using a debit card is that it is a lot easier than a check. Checks take forever to write out, and then you usually have to have some form of ID in order to use them. There is no such ID requirement to use a debit card for the most part. The best part is that you only have to swipe a card as opposed to carrying a bulky checkbook. You can also keep track of your balance online.
A debit card has dual capabilities if you also have a credit card. Any debit card that has a credit card logo on it can be used as a credit card. This comes in handy if for some reason you are unable to use your debit card to take money out of your checking account. Sometimes the bank lines can be down, or your card could be denied for some reason. No worries, all you have to do is use it as a credit card and you are on your way.
Since a debit card is tied to your checking account, you can use it to get cash back. This is nice if you don’t want to have to stop at an ATM when you are at the grocery store, but you would like some cash in your wallet. On the other hand, you can use your debit card at an ATM if you ever feel the need to stop for some quick cash. Usually you can tie your debit card to a savings account as well if you wan that extra option.
A credit card is a loan that needs to be repaid. Your debit card is tied to funds you already have, so there is no interest charged in order to use it. If you are out of money, you cannot use the card, so you will have your spending limited to whatever is in your checking account. This means that if you don’t want to use a lot of money on your next shopping trip, you should put money into your savings account where the debit card can’t get to.
Using money in any form is something that you have to be careful with. However, a debit card offers many advantages over cash and check. A debit card allows you to use your checking account without having to remember checks, while also allowing you to get cash should you ever need it.