5 Reasons Why Everyone Should Own A Debit Card

By Debbie Robbyns

Debit cards have become a modern day necessity in recent years. Not having one in your wallet is like living in the in the past which was depicted in yesterdays commercial on the television. In one scene people were queuing up at the cashiers and moving on after paying. The scene then changes where everything stops, the sky turns grey and the sun sets. An old lady pulls out her check book and when she starts writing her check the surrounding changes into the 1980s. I have put together 5 reasons why you should have debit cards in cased you are still living in the past like the old lady in the advertisement.

1. Ever experience stranded in the middle of nowhere with no cash at hand to even buy food? Having a debit card gives you the power to purchase anything almost everywhere. These days, every fast food outlet and takeaway places in town have the convenience of debit card payment. All you have to do is order your meal then swipe your plastic and off you go. You could even withdraw some cash at the same time just so that you dont get into the same predicament with an empty wallet again. Now this is something that credit card cant do. Most places even charge extra or demands you purchase a particular amount before letting you charge on credit.

2. No surprises as to where your money went. A debit card provides a detailed trail in your spending wake. You can always ask your bank where, when and what was bought at any time. For a fee, they will be glad to tell you, but if you wait until your statement comes, this info is FREE!

3. Debit card deducts your money from your account immediately upon a purchase. This will massively reduce any spur of the moment spending as you cant afford to spend what you dont have. Debit cards triumph in this aspect as it forces the individual to ponder about his/her financials before committing to a purchase as unlike credit card you dont get to borrow upfront.

4. Prepaid debit cards are gaining in popularity. These do NOT require a bank account. They are like those PAYG (pay as you go) phone cards. You get a card and load it with money. When the money is all used, the card can no longer be used. Simple, isnt it? This is a very easy way for business owners to pay freelancers or vendors. Even payroll can be made with debit cards

5. Molds your spending habits and helps you to live within your means. Credit cards can get you to spend money you really dont have to spend. Dont believe me? Just do a search for credit repair companies and see what comes back. A debit card is the exact opposite of that. You can only spend what you have available. Plus there is no worry of a monthly payment or interest.

There are many other reasons why debit cards are still better than credit cards however I have only listed the top few. Before you make any financial decision or purchase any financial product, you should always do your research and compare the pros and cons before committing yourself to the product. A little time and effort goes a long way.

About the Author:

Debbie Robbyns is the author of Personal Finance 2009. Drop by her website for practical and easy to follow personal finance tips for your everyday lives.