A debit card has the appearance of a credit card with the functionality of a check. When you’re buying something online, you grab your debit card and type in the sixteen digit number. When you’re at the grocery store, you insert it into the chip reader, and your groceries are paid for.
Whenever you make a purchase using a debit card, you’re deducting cash directly from the checking account the card is attached to, just like if you used a check. With a debit card, you never have to worry about being in debt. If there’s not enough cash in your checking account and you try to make a purchase, the card will be declined, unless you have overdraft protection on the account.
Debit cards can be used at ATMs to withdraw cash, and some even offer cash back rewards, just like credit cards. If you’re serious about taking control of your money, it’s a great idea to use a debit card.
What do you love about debit cards? What do you not love about them? Let me know in the comments.