In today’s world, if there is one thing that has spread its roots wide enough to outdo cash transactions, it is the Debit card. Today, we live in a world where the usage of plastic money is growing at a faster rate than the earth’s population. Debit card serves as a substitute for your currency while making payments for your expenses. These cards are directly linked to your personal bank account which facilitates the above process and reduces the risk of carrying hard cash or your valuable cheque book. The main difference between a debit card and a credit card is that in a debit card, you use the funds usable from your account and do not take any credit; you are using your hard earned money.
The benefits of using a debit card are many in comparison to other sources of money in the sense that people prefer a debit card holder as it eliminates the risk of pilfering, counterfeit currency or bouncing of cheques and also reduce the perils of dubious transactions. A merchant would any day prefer a debit card holder as it needs less personal verification of the holder, less investment on the card swiping equipment and enables faster transactions with little or no interference. Since no hard currency is involved in debit card transactions, you avoid the hassles of searching for exact change to make your payments. Also, the transfer of money from the card holder’s account is accurate and immediate and the easy to use methods have resulted in more and more people opting for debit cards to make their shopping exciting.
The foremost advantage for a person in owning a debit card is that he avoids all the hassles involved in verification and checking a person’s credit rating while obtaining the debit card, highly unlikely if you were to opt for a credit card. No wonder you see people queuing up in front of banks to obtain a debit card. What’s more, you don’t have to pay any transaction fees or high interest on the purchases made. Further, debit cards are less fraudulent as compared to credit cards. Debit cards can also be used for spot cash withdrawal and also provide the luxury of no additional surcharge on transactions. Your account is updated with the current transaction which makes it easier to keep an eye on your money and thus manage your expenses.
So, the new mantra today seems to say – stop moving around with cash, start swiping!
