The introduction of debit cards has revolutionized the way of payment of the customers to the banks for the good and services which they buy. No one has to worry about the cash which one has to carry otherwise if he or she posses a debit card. Debits cards have made life simpler. Customers need not worry about their identification or signing of cheques or waiting in the long queues for withdrawal of cash from their bank accounts.
How many kinds of debit cards exist?
This becomes an extremely hustle free task when you travel from one place to another. There are generally two kinds of debit cards:
- One card or a debit card is the ATM card or the so-called automated teller machine card with the help of which we can withdraw cash from an ATM by using a personal identification number.
- The other type of card is the normal card which is used to make payments at the shopping malls. This is generally accepted at all places.
What are the features of a debit card?
- The deductions which are made out of a debit card are mostly instantaneous. The amount which has been entered is immediately deducted from the user's account. You can only spend the amount which is there in your account and not beyond that.
- Debit cards are generally like electronic cheques. Paying through the debit card allows that particular bank to deduct the exact amount from your bank account.
- If in case, your debit card has been stolen or misplaced, you should immediately contact the issuer or the bank.
- Debit cards can also be used to track the amount of money spent by the user on a monthly basis. The amounts are generally listed in the monthly statements. In this way, you can cut down your expenses if you have spent too much in a particular month.
Important points to be remembered before using debit cards
- Experts suggest not using debit cards for online shopping. Debit cards are not as secured as credit cards and it may happen that your private information is stolen during the online transaction and once stolen; thieves can wipe out your entire account.
- Always try to avoid buying expensive things from by debit cards. Transactions with the help of debit cards are easy but transferring huge amounts should be avoided.
- It is extremely foolish to write down the pin of your debit card somewhere. It is a four digit pin and it is best to memorize it.
Debit cards has lot of Offers and it is true that it has made our life easier. But it has a lot of disadvantages as well and thus these used to be used very cautiously. Also, experts say that using debit cards frequently can be addicting. You can get carried away as you do not have to take out the cash at that particular moment and keep on buying items.