The way we do things today vastly differs from the earlier days. Almost everything is getting replaced by technology. From ordering food to grocery shopping, you get to do all the mundane tasks online. Banks realising the importance of the same offer banking services on their websites, kiosks, and banking apps.
A similar digital revolution was created with the introduction of a Debit Card. You get it when you open a Savings or Current Account. It does more than withdrawing money. It is now helpful in making online transactions with ease. While it offers convenience, you should know some essential aspects to use it properly.
Fees: Banks offer enough flexibility to the card usage convenience. However, they still have some charges as they do for your accounts. It includes ATM fees for using non-bank automated teller machines. So, check for the norms on the same and plan your withdrawals carefully. Another prominent fee is for overdrawing or exceeding the free transaction limits.
These details are mentioned on their website. Make sure to read them when you apply for Debit Card online. It also helps get clarity on any other additional bank-specific charges you might have missed.
Offers: Digital banking offers convenience to both individuals and merchants. It reduces their overhead costs. They need not appoint a cashier or manually record transactions. Hence, they extend rewards to you for it. These include cash backs, vouchers, coupons, gift cards, etc. The same is applicable for shopping online and making bill payments. If you feel like you are missing out, you should apply for Debit Card.
Security pitfalls: Your card comes with a chip and protection through a personal identification number. It also alerts you about each transaction. Still, being careful is crucial as anything is possible online. Most fraudulent practices become successful because of our negligence. Make sure always to hide your PIN. Also, verify each site you visit for either getting an online Debit Card or using it.
Instant debit: Unlike Credit Cards, these cards access funds directly from your account. As a result, in most cases, debit happens instantly during payments. It is just like using your cash but digitally. Therefore, keep your spending in check and shop with caution. Make it a practice to review your transaction records regularly via banking apps. Also, pay heed to alerts you get on each payment.
Uses: Internet banking has flourished in recent years. It has brought all banking activities to your fingertips. Hence, every other purchase or payment is doable 24*7 without any hassle. It involves paying peers, making bill payments, shopping, booking tickets, retail purchases, etc. But one thing to remember while using your card is not to store information.
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