Answer this simple question – would you like to live on your hard earned money with your finances in the positive or do you prefer living on credit which means your finances are in the negative? If you chose the former, then debit card is what you need to be looking for. A debit card is a smart shopper’s perfect option as it lets you buy things within your financial limits not letting you to be lured into the world of loans or credits. A debit card aids you to make ends meet.
With a debit card, you don’t need to bother about monthly bills, surcharges and interest or even about earning a bad credit rating as they restrict your spending habits and prompt you to be a shrewd shopper. A debit card is definitely a boon to any shopaholic and would curb his/ her habit of overshooting the budget more often than not. A debit card can also be used to withdraw money from your bank’s ATM for purchases which may not entertain a debit card. Since the money is withdrawn instantly from your account, it lets you keep track on your spending and also control your hunger to splurge on unnecessary things. Banks have also come up with offering reward points for almost all kinds of purchases made through your debit card and provide you with attractive offers, discounts and gifts and various other options to redeem your points.
But debit cards come with their own set of disadvantages. Some cards may not require a pin and may only need your sign during transactions thus prompting thefts and misuse. You will have to report the theft/ misuse immediately to your bank and ask for the card to be blocked. But you stand to lose money on the payments done through your card by unscrupulous usage by the time you sort the issue with the bank and get the card blocked. Also, in cases of extreme or emergency situation where there is a need for money more than what is left on your account may render debit cards futile. By using debit cards, you actually running the risk of revealing your account information to people who use illegal methods to decipher details of your card. Also with banks offering reward points, you sometimes tend to shop just for the convenience of earning reward points thus making you lose control over your spending habits and getting you addicted to reward points and drawing you to also opt for credit cards which provide more attractive reward points.
