More than perhaps any other invention over the last few years, debit cards have changed finances in ways that will never be undone. By practically replacing checks, providing an easy way to shop online, letting consumers avoid interest rates associated with credit cards and much more, these cards are now so ingrained in our society they’ll likely never leave it. But while they’re certainly useful and beneficial, they also carry a certain amount of responsibility that can’t be ignored. Just remembering a few simple tips can help ensure that using a debit card doesn’t leave a sour taste in your mouth.
First of all, stick to a budget. It’s easy to forget that using debit cards involves money being withdrawn right from your account, and before you know it you could rack up major overdraft fees. Controlling your spending is important, and if you utilize online banking options you’ll be able to keep an accurate look at your finances – smart phones make it easier than ever to keep up with your account wherever you go without having to balance a checkbook on a regular basis. At any rate, be sure that you simply use your card responsibly or you’ll find yourself in serious trouble.
You should also remember that for very large purchases or for travel expenses, you’re probably better off using a credit card than you are debit cards. This is because credit cards will provide you an extra measure of security and protection from fraud or other financial issues. Most financial experts agree that when traveling or making large purchases you should take the time to break out the credit. Use your debit for smaller everyday purchases or to pay bills rather than to go on that cruise if you want to keep yourself as safe as possible when spending.
Finally, protect your PIN with your life. It’s the key to your bank account, and just letting it fall into the wrong hands is enough to do serious damage. If a thief manages to get your card number or your PIN, you could be in trouble. Choose a PIN that is hard to guess and memorize it. If you lose your card, call the bank to cancel it immediately and never give out your info over the phone or internet unless you trust the other party completely. Debit cards are great for numerous things, but keeping these tips in mind will maximize your experiences with them.