ADVANTAGES AND DISADVANTAGES OF DEBIT CARDS

ADVANTAGES AND DISADVANTAGES OF DEBIT CARDS

Some of the advantages and disadvantages of debit cards are as follows- Reviews Advantages 1. Each consumer who is not credit worthy or ... 02:19

Some of the advantages and disadvantages of debit cards are as follows- Reviews

Advantages

1. Each consumer who is not credit worthy or finds it difficult to get a credit card can easily apply a debit card, allowing it to make plastic transactions. Reviews 2.The payment card user can use the limited amount available in their account, which prevents the user from collecting the debt as a result of its use. Such cards do not charge interest, late charges or fees exclusive to credit cards.
3.Debit card removes the hassle associated with a write checks as payment showing ID or give out personal information at the time of the transaction.

4.Besides avoid check writing altogether, take card debits funds from the user's rsquo; s account on the spot. This in turn completes the deal on purchase and unlike a credit card doesn & rsquo; t need to pay any bill at a later date. In addition, a charge card doesn & rsquo; t need to write an insecure check containing the holder and rsquo; p. Personal information Reviews 5.Unlike credit card, debit card, don & rsquo; t out some higher fees or interest rates when cash is advanced is obtained. A debit card users can get money from an ATM or a PIN-based transaction at no extra cost, other than a foreign ATM fee


Cons

1. Unlike credit cards, debit cards, don & rsquo; t provide its users with no grace period. They are fast and pay now manage.
2.Debit card gives less security than credit cards. Theft of the users PIN using skimming devices is much easier than with a signature-based credit transaction. If your wallet is lost or stolen, the thief will likely have all the information they need to use your debit card for internet transactions.
3.Debit cards have preset spending limits. One can spend only the amount that is in his / her account. Reviews 4.Another danger debit card users face is incidental charges. Many banks charge an overdraft fee, for money transaction and many also put a limit on daily, weekly or monthly transactions, you can use your debit card. And crossing the border can also lead to serious charges to your account. Short 5.Debit
not that you can build your credit history.

debit card is an electronic card issued by banks to customers. With the help of debt card can be purchases without carrying cash and available to all Bank for money transaction as per bank tie up