Banks presently have these cards called debit cards; imagine them as paying via check but only faster. The money that you will be using with it is the money in your account. It can provide you a voluntary payment rather than pay cash. A debit card assigned by MasterCard or Visa is usually allowed at establishments that allow these kinds of credit cards. This card has many advantages to college students such as managing your expenses because it uses only the amount of money that you have in your card account.
Facts to know about debit cards
They are not like credit cards that you could use in paying for whatever you would like to buy even if you do not have enough money in your account to pay for it. Regular plastic lets you pay for anything using other people’s money and then paying for it at a later time.
A prepaid card, often referred to as a debit card is distinct from each other. The may appear the same because you are using your money at every swipe.As such, if you aren’t sure, you might want to read this article on debit card uses and the dangers faced by first time debit card users.
Limited Usage
College students cannot use it on little establishments or stalls; it is not the same as cash that you could use everywhere. Debit cards are not yet capable of fully replacing cash. You would still want to keep some cash on hand for emergency purposes only. Although a lot of establishments accept cards for as a payment method, there are still lots of establishments that have not adapted to this.
You spend only what you want
They only use money based on what college students have deposited in their bank account. Students must also look at their transactions. Various shops do not have the technology to give you with the information on your current balance. Imagine paying for your grocery and then having your card declined because the money in your bank account is not enough. That could be embarrassing and troublesome particularly if you do not have enough cash with you.
Now you are informed of what to do or not to do when using debit cards; it is prudent to use them intelligently. So, if you are a parent of a college student, be sure to educate your child about the dangers of debit cards debt before he heads out for the college campus.