Debit Cards have almost become a new normal in today’s world. Paying with a plastic card is a mean feat and the push to the digital economy has further soared the leaps and bounds growth of the debit cards. Debit cards are the common instrument to make the online payment. Further, the card can be used to withdraw money from the ATMs. It is linked to one’s bank account, and the amount is deducted from the bank account. Debit cards have eliminated the need for carrying the real money. As they are a widely accepted mediums medium for payments there growth is expected to anything but grow.
Now that we have understood what debit cards are. Let us explore the advantages which debit cards bring with itself.
Advantages of Debit cards
Debit cards are an easily accessible medium of payment. There is no pain in accessing a debit card. Whenever an individual opens a bank account, he gets the debit card for free. One must make sure that he has provided all his information correctly so that he doesn’t ruin any chances of getting a debit card.
2. User Friendly
Debit cards are extremely user friendly, and there is no or little knowledge required to use a debit card. One can easily withdraw cash from ATMs following a few basic steps, and similarly, making a payment online is just a cakewalk.
3. Sets a budget
Debit cards, unlike credit cards, is linked to a user’s bank account which helps one to control the impulsive buying and thus it assist one in remaining form the quagmire of the mounting bills.
4. Emergency Fund
Life is unpredictable. When may come across storm amid the smooth breeze. Debit cards help one to sail through not only a breeze but also storms. It also acts as an emergency fund and thus helps one in unforeseen circumstances.
5. Highly protected and secure
Each and every bank make sure that the debit cards are extremely secure, and there is no case of theft. Debit cards are password-protected, and an individual can only make payment and withdraw cash when he knows the four digits PIN. Further, the user also receives their transaction details on their registered mobile number.
6. Easily Accepted
Debit cards as earlier said have become a new normal, and almost everyone from big superstores to local groceries provides the option of using the debit cards.
7. No Annual Fees
Debit cards are inexpensive. They do not charge the annual fees that some credit cards do. Further, many banks offer free checking with no maintenance fees. As an added benefit, if an individual needs cash from an ATM, he can generally get it for free using your debit card at ATMs affiliated with his bank. However, using other banks’ ATMs may incur ATM fees.
Banks also offer reward and offers to their debit cards users. For instance: Certain banks offer a relaxation payment in payment if payment is made through their debit card. Other rewards may include airport lounge access, vouchers and personal accident insurance.