Benefits of Debit Cards
Almost every bank today issues a debit card to its customers. This card transfers money from your account to where you want to make a purchase. It is convenient as it eliminates the hustle of carrying a large sum of money around with you. So, which do you think is better, cash or a debit card? Let’s discuss both the pros and cons of using debit cards.
1. Ease of use
You don’t have to carry a large sum of money with you every time you want to make a purchase. Today, many shops accept debt cards, which is convenient if you want to spend a few hundreds on shopping. With debit cards, the anxiety of misplacing or losing cash will become a thing of the past. Incase your wallet or purse is stolen, the money is secure as the culprits would require a PIN to access the funds.
2. Saves time
You don’t have to make endless trips to your bank to withdraw funds. In other words, you can withdraw money anywhere, and if you want some money for an emergency you can get your cash at the ATM, which typically operate 24 hours daily.
We all know the convenience of using credit cards, from shopping online, paying bills, and booking hotel reservations among other benefits. The best thing about debit cards is that you can make transactions from your phone at the confines of your own home.
4. Low operating fees
Debit cards offer a lot of perks that make them a must-have for everyone. This is because you can use the debit card to make transactions with low operating fees. Nonetheless, debit cards may encourage spendthrift shopping leading to other financial problems.
Since they can be used almost anywhere, debit cards may encourage impulse buying, which may result to huge debts.