Using debit cards has become so commonplace that most of us don’t bother giving it a second thought – we just swipe and go. While it’s true that the vast majority of us with bank accounts probably have one of these cards, many people know surprisingly little about how to get the most from their cards. Whether it’s simple steps to protect your identity and your finances or tools that can make it easier than ever to manage those finances, knowing a few things can dramatically improve your ability to use, enjoy, and benefit from your debit card. Many are simpler than you might imagine.
First of all, take the time to really understand any overdraft protection being offered to you. Debit cards can often be linked to a savings account as well as a checking so that if you accidentally overspend your money will simply come from the savings. Overdraft protection that doesn’t do this normally involves a monthly fee as well as a large charge if you go over your account limit. While the most obvious solution is simply not to overspend, you should also figure out if your overdraft protection is actually doing you a favor or costing you needlessly.
Next, learn how to use online banking to help track your expenses and account information, and learn how it works. In many cases a debit won’t be posted for some time, normally a day, so figure out when your information will show up on your account. Don’t hesitate to log in to your account multiple times each day if you feel that you need to get a handle on your account info and balance. Since debit cards will automatically take the funds from your checking account, knowing how much is in that account is vital for avoiding large fees and other hassles.
Also be sure that you keep your receipts. Electronic errors are rare, but they do happen and having proof of all your purchases is the best way to back up your claims when an error occurs. And you should also realize that credit cards may be better for some things than debit cards. This is notably true for large purchases or travel expenses, since the credit card will afford you more protection and flexibility than the debit card will. These are just a handful of the many tips that can help you get the most from your debit card use.