Banking Local: Here’s Why You Should Make A Purchase With A Debit Card

Almost all of us have a debit cards that we use frequently. However, do you know the benefits that are associated with debit cards? Though you swipe a debit card regularly while making payments, you must know when you should use a debit card over credit cards, check, cash, and, of course, the reason.

The banks issue debit cards to find it convenient to transfer their money from one account to another electronically. When you buy something via your debit card, the money is debited from your bank account. Debit cards work as ATM cards too, and you can take out cash whenever you want. Below are some good reasons why you should purchase via your debit card.

A Debit Card Is Convenient

Debit card users avail the benefits of a checking account owing to the easy use of the cards. Either you swipe your card while making a purchase or ask the cashier to do the same. You can skip visiting the ATM and save time.

You also wouldn’t need to carry your checkbook along with you. Using a checkbook has become outdated now, and some retailers wouldn’t entertain a payment through checks. A debit card facilitates a fast and easy payment. There is no necessity to carry cash, make a trip to the ATM or issue a check.

A More Safer Option

Many think that a credit card is a must while buying on certain occasions like renting a four-wheeler, online shopping, etc. When you have a debit card, you are spending an amount of money you have under your belt. When you are taking a car on rent, your card will temporarily be with the car rental company and returned to you once you return the car sans any damage.

Using debit cards is a safer option. Carrying cash with you is risky as it might get lost or stolen. You also get extra security while using debit cards since they have a PIN, chip, and online banking facilities that help you keep a tab on your transactions via your phone.

You Are Not Able To Use Your Credit Card

The primary reason why people prefer credit cards to debit cards is that they can borrow a sum of money that’s not available in their checking account. Building a credit score is one more reason they use a credit card more often than a debit card. If you are nearing the recommended credit limit on your credit card, it’s always better to use a debit card. Using your debit card, you can track all your purchases since money is withdrawn from your account almost immediately.

With credit cards, you will receive a monthly statement. Therefore, it becomes tough to remember all the purchases you have made throughout the month. You only get to know about your payment only when the due date arrives. If you cannot control your purchases through your credit card, you will most likely be in debt.

With debit cards, you prevent all these hassles, and things are more transparent. To build a nice credit score, you wouldn’t require a credit card. Make sure that you pay all your bills on time. This will automatically build a credit, enough to be eligible for a home loan or expenses like that.

 You Can Maintain Your Budget With A Debit Card

You might be among those folks who have no qualms in spending to their heart’s content and can pay off your credit bills at the end of each month. However, it might be tempting to splurge a little more if you know that you have an extra amount to spend.

If you want to know your spending patterns and wish to stick to the monthly budget you have chalked out, using debit cards is always recommended. There is no point in useless spending, as you would have to face the rising interest charges. Keep in mind that every penny that you spend is hard-earned.

Debit cards have almost all the features that you get with credit cards and fewer downsides. It’s time for you to shop local. You can pay for the simple services via your debit card and also save a good amount of money in the bargain.