Debit Cards?
by Author on Tuesday, September 7th, 2010 | 4 Comments
What are the pros and cons of having a debit card? And are debit cards just your ATM card that you can pay with?
-Thanks!
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Yeah that’s basically what a debit card is, it’s just hooked to your bank account, so instead of writing checks you slide your debit card.
Pros: You can use a debit card anywhere that the card is accepted (for example, debit cards typically have a visa, MasterCard, etc logo)
You can also take cash out at ATM’s or Banks
You can use it just like a credit card (slide and sign), or use it as debit and put in your code
Cons: It ups identity theft like a credit card does
it’s also easy to go over your bank account balance if you don’t keep good track of where your money is going
If you go to a bank that is not your own, and some ATM’s that are not affiliated with your bank may charge you extra to use their machine to get money out.
Pros: you can buy stuff and it comes right out of your bank account.
Cons: if you lose it or it is stolen, there are fewer fraud protections than with a credit card.
Yes.
DC = General transactions BUT is NOT like a credit Card where you can buy and get all the features of % ineterest & cuts etc or deals.
If it gets stolen then no gurantee of any protection or support.
Pre-pay debit cards are very easy to get but they charge you a lot. For example: they charge me 15% on every purchase! (oh, and yeah, this is an immediate charge, not A.P.R.).