Debit cards are being used almost every seconded of every hour worldwide. Debit cards are truly a gift from the heavens above. But knowing how to use them correctly should be expressed thoroughly. Especially for first-time debit card users.
How To Use A Debit Card
Debit cards and credit cards are often mixed up and thought to be the same thing. When they are very different indeed. Debit Cards are usually funded by you.
If you open a debit card account you will not have any money in it until you put some in there.
With a credit card, you already have money on the card which is being funding by the credit company you are banking with. This essentially is not your money and you do have to pay it back over time.
If you do not pay the balance you owe. You will be charged fees and worse than that It will continue to drop your credit score and that is not a good thing at all.
With most debit cards you don’t have to pay any fees or pay the money back that you spend cause it is your money. As long as you do not overdraft the account there are no fees for owning a debit card.
How To Use A Debit Card In Public
You will have to create a 4-digit pin. When you decide you want to open a debit card account. This 4-digit code is going to be what you use whenever you use the card in public like at a grocery store for example.
After the person at the register rings up all of your items and is ready for you to pay. Once you place the chip in or slide the debit card through the payment device. It will ask you if you want any cash back most of the time.
Then after you select rather you do or not. It will take you to another screen and there you will be asked for your 4-digit pin. You will then punch in the numbers and your job is done.
This is the way you will do it for every place that requires you to put your pin number to pay with your debit card.
How To Use A Debit Card Online
You will need to add the debit card information exactly how it is on your card to the payment form. For example, if you were to buy something fromAmazon or Walmart.
You will have to put in your name and debit card information. But you won’t have to use your pin instead you will have to use the 3-digit number on the back of your card.
Better known as the CSC. After you’ve filled out that information you should be ready to complete your transaction. This goes for all the online transactions you’ll do with a debit card.
How Old Do You Have To Own A Debit Card
The age for you to own a debit card alone is 18. If you are between the ages 14-17. You will have to share the account with an adult preferably your parent or guardian.
What Are The Benefits Of Having A Debit Card
You do not have to carry cash around with you. If you have $10,000 on you. It will safely be on that piece of plastic as long as you do not give out your information to anyone.
Makes paying for things easier. I don’t know about you. But I grew up in a time where we paid for everything in cash.
Sometimes the cashier can miscount the amount the money they need to give you back after you’ve purchased something. Or vice versa you may give them too much money and they not notice it.
Having a debit card decreases the chances of this ever happening.
Also having a debit card makes it easier for you to manage your money. Having a lot of cash on hand card not only be hard to carry around with you.
It is even harder to keep track of how much you have. With a debit card, your money is safely secured in a bank that only you can get to for the most part.
What Are The Cons Of Having A Debit Card
You can get your card information hacked. This can happen via paying in public or online. Some instances have been reported to have happened just from using an ATM. Hackers are all over the place and its hard to get around them.
But debit card companies are working day in and out to ensure you that your bank account is safe from hackers.
They can take a while to arrive. Once you open an account or request to have a new debit card sent to you.
Most of the time it is a 7-10 day waiting period. That may not be that long to some. But that’s forever to others.
They wear out faster than they use to. I remember when I got my first debit card. That card was sturdy and went through the ringer and never gave out on me. The only thing that stopped that card was the expiration date.
I’m not sure what they are making the debit cards out of today. But it is not as strong as what was previously being used to create them. Most major retailers require you to pay with the chip on your card nowadays. If that chip gets messed up you will not be able to pay with that card until you get another one.
It is not only embarrassing to have to put a card back into your wallet that you know you have money on. It’s even more embarrassing to have to go back throughout the store and put all the items you have in your shopping cart back up.
You should now know how to properly use a debit card. If you see something I left out or want to comment in general feel free to do so. I will respond in a timely fashion. Do you know how to tweet?