The 5 Advantages Of A Debit Card And Why You Need One

CVF member making purchase with debit card
Jan 18 2023

The 5 Advantages Of A Debit Card And Why You Need One

Debit cards are electronic payments that allow you to convert your funds from a checking account into cash or another currency.

What’s the difference between a credit card and a debit card?

Let’s look at what a debit card is and how it works. We’ll also look at some advantages of a debit card that you could enjoy.

What is a Debit Card?

A debit card is a plastic card that gives the cardholder a convenient and safe way to purchase online and in person.

When you buy something using a debit card, the money is taken from your checking account almost immediately.

You can use debit cards anywhere credit cards are accepted, and in the same way as an ATM or credit card.

Can debit cards be used online?

You can use a debit card like a credit card when shopping online. Keep your debit card safe so it cannot be lost or stolen.

So, how is a debit card different from a credit card?

When you purchase with a credit card, the amount will be added to your line of credit. This means you will pay the bill later, giving you more time to pay.

5 Advantages Of A Debit Card

There are several benefits of a debit card. Here are 5 reasons why you might want to use a debit card:

1. Convenience

Debit cards are accepted at most businesses. Meaning you can use them every day for purchases like groceries or gas.

2. Safety

Debit cards are much safer than carrying cash, which can be lost or stolen. Additionally, if your debit card is lost or stolen, you can cancel it and get a new one quickly.

3. Rewards

Some banks offer rewards programs for customers with debit cards. For example, you may earn points for every purchase that can be redeemed for cash back or travel discounts.

4. Budgeting

One of the biggest benefits of a debit card means you can only spend your money in your account. This can help you stay within your budget and avoid accumulating debt.

5. Build Credit

Using a debit card responsibly can help build your credit history and even help improve your credit score.

Where To Get A Debit Card

When deciding where to get your debit card, it’s important to consider what you’ll use it for.

There are 2 things you need to remember before making this decision:

  • Make sure to read the fine print to know what fees you’ll be paying.
  • If you need access to cash occasionally, make sure the debit card you choose has free ATM access at locations near you.

Get A Debit Card From A Financial Institution That Cares

Using a debit card is pretty simple. With a little practice, using a debit card will become second nature in no time.

At CVF Credit Union, you will experience warm and memorable service. You will also have access to some of the industry’s most caring and professional staff. CVF Credit Union’s checking and savings accounts are designed to help you achieve your financial goals.

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