Benefits of Using a Debit Card While Shopping

The ways of payment are rapidly changing as more companies become cashless. Since it is simple, fast, and secure, most consumers choose to use a debit card. It also eliminates the requirement to carry cash because most businesses accept debit cards. Debit cards have several benefits, and understanding them can help you utilise them more effectively. Continue reading to see what your debit card may do for you.

Debit Card Benefits

1. Convenient

The adoption of debit has made purchases much more convenient. It's simple, and the money is taken out of your account directly. As a result, you don't need to be concerned about whether or not the transaction will be completed. Furthermore, you may use your debit card to withdraw money from an Automatic Teller Machine (ATM), avoiding the requirement to visit your bank.

2. Rewards

When you use your debit card, several banks reward you. You may earn and redeem points just as you might with a credit card. In contrast, some retailers provide incentives for using certain debit cards while shopping with them. You may either earn points or receive discounts on their merchandise or services by participating.

3. Protection

A preset PIN (Personalised Identification Number) is included with debit cards, which you could modify. Whenever you use your debit card to make a purchase, you'll get an SMS message. You may also conduct electronic payments by providing a One-Time Password (OTP) delivered to your bank account's cellphone number.

4. Budgeting

When you are using your debit card, the money is deducted from your account immediately. You would not only avoid going into debt by utilizing your debit card, but you would also be able to maintain track of your purchases to aid in budgeting.

5. EMIs

Several banks also provide EMIs on debit cards, particularly for large-ticket purchases made online. To find out if you qualify for the EMI on debit cards programme, call your bank's customer service department.

6. Application Process Is Simple

One of the many advantages of a debit card is that it is given to you for free when you create a bank account. You don't need to get another debit card. Your PIN, debit card, net banking information, and chequebook are all included in the welcome kit from the bank. You could validate your debit card and generate a new PIN at your bank's Automatic Teller Machine (ATM).

7. A Mobile Wallet Expands Your Convenience Options

Several people feel that certain expenditures, such as buying online, renting a car, or possessing an emergency fund, require the use of a credit card. You may use your debit card to spend funds you already have. When you hire a car, for example, the car rental firm will place a minor hold on your credit card, which will be removed after the automobile is returned in good condition.

Debit cards are also safer to carry about than cash, which may easily be stolen or misplaced. You can even buy gold using your debit card, however, keep in mind to check the debit card charges for gold payment. With debit cards, you get an added layer of protection in the form of a chip, pin, and internet banking access, which lets you track transactions straight from your phone.

Conclusion

Debit cards provide so many benefits that you may have a flawless banking encounter without ever bothering to go to the bank. To avoid fraudulent purchases, make sure you never expose your private debit card PIN to anybody. Also, review your financial statements every month and notify your bank promptly if any unauthorised activities are discovered.

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