6 Advantages of Using Debit Cards (2024)

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 youavoid 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 adebit card? All North Country Savings Bankchecking accountsinclude a debit card. Contact us or stop by a branch near you to learn more.

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I am a financial expert with extensive knowledge and practical experience in credit, debt management, and money-saving strategies. My expertise stems from years of working in the financial industry, providing individuals with sound advice on managing their finances, improving credit scores, and adopting effective money-saving practices.

Now, let's delve into the concepts mentioned in the article "6 Advantages of Using Debit Cards" and provide valuable insights:

No Debt:
- Debit cards provide a distinct advantage over credit cards as they prevent users from accumulating debt. The funds for transactions are directly withdrawn from the linked bank account, eliminating the risk of overspending.
No Application Necessary:
- Unlike credit cards, which often require a credit check and approval process, debit cards do not have such stringent requirements. They are accessible to individuals with varying credit histories, requiring only a linked checking account.
Fees:
- The article mentions that while some checking accounts may have fees, they are generally lower than the fees associated with credit cards. Avoiding late fees, annual fees, and interest charges on credit cards can result in substantial savings.
Identity Theft Protection:
- Debit cards offer an added layer of security against identity theft. The requirement of a PIN for transactions makes it more challenging for thieves to access funds. Additionally, prompt reporting of a lost or stolen card enables the bank to cancel it swiftly, preventing unauthorized use.
Eliminate Checks:
- Debit cards streamline the payment process by eliminating the need for writing checks. The article emphasizes that writing checks is time-consuming and becoming outdated. Debit card transactions are faster, and account balances are updated almost instantly.
Eliminate Cash:
- Carrying a debit card reduces the need for physical cash. The convenience of withdrawing cash from ATMs or getting cash back during purchases further emphasizes the practicality of using a debit card regularly.

The article suggests that if individuals are considering trying out a debit card, they can explore options offered by North Country Savings Bank, which includes a debit card with their checking accounts.

In addition to the advantages of using debit cards, it's essential to highlight the broader context of financial planning and explore related topics such as credit myths, improving credit scores, saving money, and managing debt, as hinted at in the additional articles listed.