Card Rebate

I was watching television today and saw a commercial for a local business. People were buying things and moving on. Everybody paid with a debit card except for one lady who pulls out her check book. All of a sudden, all the activity stops, the sky turns gray and the sun dims. When this lady is done writing her check, everything goes back to the way it was at first. Debit cards have become a way of life in recent years and we have put together five reasons to have one, even if you are without a bank account.

1. Most banks offer their debit card holders with an online account as well. This means that you get to check your transaction almost anytime at anywhere to your convenience. Debit card transaction details appear almost immediately a day after your purchase. There are no surprises to where your money goes as you will now have a detailed trail to all your transactions. These days some banks also offer guarantee on internet transactions and online purchases just like credit cards.

3. Most banks offer their debit card holders with an online account as well. This means that you get to check your transaction almost anytime at anywhere to your convenience. Debit card transaction details appear almost immediately a day after your purchase. There are no surprises to where your money goes as you will now have a detailed trail to all your transactions. These days some banks also offer guarantee on internet transactions and online purchases just like credit cards.

3. Debit card deducts your money from your account immediately upon a purchase. This will massively reduce any spur of the moment spending as you cant afford to spend what you dont have. Debit cards triumph in this aspect as it forces the individual to ponder about his/her financials before committing to a purchase as unlike credit card you dont get to borrow upfront.

4. Prepaid debit cards are gaining in popularity. These do NOT require a bank account. They are like those PAYG (pay as you go) phone cards. You get a card and load it with money. When the money is all used, the card can no longer be used. Simple, isnt it? This is a very easy way for business owners to pay freelancers or vendors. Even payroll can be made with debit cards

5. Owning a debit card is a good practise ground to mould financial discipline. In contrary to credit cards you only spend what you have and because you are not borrowing money up front to pay for your purchases, there are no interest repayments or hefty late penalty fees involve.

There are many other reasons why debit cards are still better than credit cards however I have only listed the top few. Before you make any financial decision or purchase any financial product, you should always do your research and compare the pros and cons before committing yourself to the product. A little time and effort goes a long way.