What are Debit Cards?
Monday, June 27th, 2011
In this day and age, not all merchant transactions are conducted traditionally–face to face in a store. More and more people are purchasing items through the mail, the phone, and most frequently, through the internet. Cash and Cheques are not readily accepted when trying to purchase items through these non-traditional methods. Consumers are forced to use credit cards to buy online. However, using credit cards can lead to financial difficulties because some times people buy items on credit when they simply don’t have the cash to pay it off.
There is another method of payment is available—the debit card. There are benefits to using a debit card, not only on the internet, but in the supermarket or department store is you pay like a credit card buy you use your own money..
A debit card looks the same as a credit card, and it is as convenient to use as credit card. For instance, when making large purchases, most people do not want to carry too much cash in their pockets or purses; it is so much easier to just swipe a card. Another way to pay is by cheque, but when people try to use cheques for purchases, they must provide identification and some businesses will not even accept cheques any more. Plus writing out a cheque takes more time and holds up the check-out line. Another convenience of debit cards is enjoyed if individuals travel. If a person travels outside of Australia, cheques are not accepted after he or she leaves the country. Travelers must have traveler’s checks (which have to be purchased), cash, credit cards or debit cards. Cards are just so much handier than trying to keep track of traveler’s cheques or large amounts of cash. These convenience factors show how credit and debit cards are similar, but debit cards actually work much differently than credit cards. Actually, debit cards function more like cash or a cheque, but with the convenience of a credit card. Debit cards are the better choice.
Debit cards are associated directly to a bank account. When a buyer purchases an item with a debit card, the money for item is immediately deducted from the bank account of the buyer. In other words, the buyer is paying as he or she goes. This makes it easier to not over spend, and there are no interest charges. With a credit card, the purchase goes onto a statement to be paid at a later date. Credit cards give the false illusion of being able to purchase all sorts of items without having to worry about paying for them—until the statement comes. Then if the individual doesn’t have the money to cover the bill, he or she is stuck paying exorbitant interest charges of any where from 9% to 23%.
However, not all debit cards are equal. When comparing debit cards from different banks, look for a card that offers no transaction fees for using the debit card. Some debit cards charge for every transaction. Also look for a card that carries liability for stolen cards. No consumer wants to be stuck for the bill of a stolen card. Also compare overdraft fees. Some cards will not allow purchases to be made if there is not money in the account to cover the transaction. However, some cards will allow the purchase, and then charge hefty overdraft fees.
Overall, debit cards are a convenient and world-wide accepted way to pay for goods and services. There is no reason to wait any longer for a debit card. Apply now for a debit card and find out the benefits of using debit cards.
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You can apply from this website. It's easy, only takes a few minutes, and is totally secure.