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If you are interested in finding out how you could benefit by using a debit card over cash, then you have come to the right place. Here you can find out why your debit card is such a powerful tool in the world of purchasing.
1. Tracking
If you want to track your money properly then you need a solid system that gives you the chance to keep tabs on your spending. If you use cash, then you may find that you have to do the math several times a week just to try and keep track of how much you have spent. If you use your debit card on the other hand, then you can have all of your transactions recorded directly to your account. This gives you the chance to monitor your spending and your balance with ease. If you are the type of person who likes to carry cash, then you should know that this can be quite detrimental to your financial health too. After all, it is often the little purchases that add up over time, and with cash, it is much more difficult to keep track of your change.
2. Flexibility
Cash is not accepted online. If you have a debit card, then you can use this just about anywhere that accepts online payments. With a checking account you can use your Visa® debit card anywhere you want, so you have no limits when it comes to the purchases you want to make or the products you want to buy. Instead of writing checks or having to visit a branch, you can simply go to an ATM to get cash, or you can avoid this entirely by just using your debit card to pay in the store of your choosing. Using your debit card is not only faster, it is also way more flexible and it gives you the power to take complete control over your spending.
3. Protection against Fraud
If someone happens to steal your cash and they spend it, then you have a very slim chance of being able to recoup that money. If you have a debit card, then you should know that this comes with built-in fraud protection. Some financial institutions give the cardholder the chance to stop any withdrawals or payments from being made. All you have to do is go onto your online account, report the card as being stolen and the transactions will be frozen instantly. With cash, you cannot find out who has your money, what they have been spending it on or anything else of the sort. If you are yet to register for online banking, then you just need to call the debit card provider, and they will limit the amount that can be spent on the card, or they will shut it down for you when you prove ownership of the account.
4. Convenience
When you pay for a service or a product with a debit card, you do not need to worry about exchanging coins or paper bills. If you want to buy something when you are out shopping, then the only thing that you have to do is get out your card and tap it on the card reader. You don’t need to count change and you do not need to fumble as you wrestle with your bags.
5. Online Accessibility
Another huge benefit of using your debit card over cash is that you can check your balance at any time by checking your online account. You can also split your money across different sub-accounts. This means that you can have a rainy-day fund set up if you should ever need it. The best thing is that you can transfer money from this account at any time, to your main balance by using your mobile phone.
6. Digital Payments
You can also link your debit card to a digital payment system, such as Apple Pay. When you have Apple Pay enabled, you can then use this to pay when you are out on the go, meaning you do not even need to have your debit card with you. This makes the whole process of paying with a debit card over cash, way more convenient. It is also very easy for you to enable features like this on your phone, and in some ways, it is even more secure when compared to carrying cash with you. The main reason for this is because the person who is using the digital payment method will often have to key in a pin code, or they will have to enable facial/fingerprint recognition in order for the payment to be processed.