Credit Debt Management Money Saving Ideas
6 Advantages of Using Debit Cards
Debit cards are the happy medium between cash and credit cards – you get the convenience of carrying a card without the risk of overspending. If you've never used a debit card before, or are thinking about trying them out, here are our top seven reasons you should give it a try.
Advantages of Using Debit Cards
- No Debt – With a credit card it's easy to purchase anything you want, even if you don't have the funds. With debit cards, the money comes directly from your bank account, so you avoid spending more money than you have. Plus, you don't have to remember to pay the credit card bill once a month.
- No Application Necessary – If you have poor credit it can be difficult to be approved for a credit card and the interest rate will likely be sky-high. Debit cards require no application or minimum credit score, and most just require you have a checking account.
- Fees – Although some checking accounts have fees associated, they are significantly less than most credit cards. Avoiding late fees, annual fees and interest charges can save you a bundle.
- Identity Theft Protection – Anyone can steal cash from your wallet, but it's much harder to steal money from a debit card. The thief would have to know your pin, and if you report your card missing in a timely manner the bank will cancel it so nobody can use the card.
- Eliminate Checks – Writing checks is time-consuming and is quickly becoming an antiquated payment method. Many vendors no longer accept personal checks, and even if they do it takes quite a bit of time for the purchase to be reflected in your bank account. You also have to keep careful records to ensure you're not going over your available balance and accruing overdraft fees. It' only takes a moment to complete a purchase with a debit card, and your available balance is reflected in your account almost immediately – it's a win-win.
- Eliminate Cash – You don't have to carry around cash if you regularly use a debit card. If you do need cash you can always stop by an ATM and take out however much you need or get cash back when you make a purchase at most stores.
Thinking about trying out a debit card? All North Country Savings Bank checking accounts include a debit card. Contact us or stop by a branch near you to learn more.