Pros and Cons of Using a Debit Card


Debit cards are a popular form of payment, but they come with both pros and cons. In this article, we will discuss the key advantages and disadvantages of using a debit card, as well as additional factors to consider when making the decision of whether or not to own one.


Advantages of Using a Debit Card

  • Convenience: Debit cards are convenient and easy to use. You can use them to make purchases at stores, online, and at ATMs.
  • Security: Debit cards offer some security features, such as PINs and chip technology. This can help to protect your account from fraud.
  • Tracking: Debit cards can help you to track your spending. This can be helpful for budgeting and keeping your finances in order.
Holding credit cards


Disadvantages of Using a Debit Card

  • Less fraud protection: Debit cards offer less fraud protection than credit cards. If your debit card is stolen and someone uses it to make unauthorized purchases, you could be liable for those purchases. With a credit card, you're generally not liable for unauthorized purchases as long as you report them promptly.
  • Can't build credit: Debit cards don't help you build your credit history. When you use a credit card and pay your bill on time, it helps to build your credit history. This can make it easier to get approved for loans and other forms of credit in the future.
  • Can lead to overspending: It can be easy to overspend when you use a debit card, because you're essentially spending your own money. With a credit card, you're spending money that you don't actually have yet. This can help you to budget better and avoid overspending.
  • Fees: Debit cards can come with fees, such as ATM fees and foreign transaction fees. Credit cards typically don't have these fees.


Ultimately, the decision of whether or not to own a debit card is a personal one. You should weigh the pros and cons carefully before making a decision.


Here are some additional things to consider when deciding whether or not to own a debit card:

  • Your spending habits: If you're prone to overspending, a debit card may not be the best option for you.
  • Your financial goals: If you're trying to build your credit history, a credit card may be a better choice.
  • Your budget: If you're on a tight budget, you may want to avoid debit card fees.


If you decide to get a debit card, there are a few things you can do to protect yourself:

  • Set a budget and stick to it.
  • Only use your debit card for essential purchases.
  • Keep your PIN safe and secure.
  • Report any unauthorized charges to your bank immediately.

By following these tips, you can help to protect yourself from the disadvantages of using a debit card and enjoy the convenience and security it offers.


How to Get a Debit Card

Debit cards are a convenient way to pay for purchases, both in person and online. They're also a safe way to use your money, as the transactions are linked directly to your bank account. If you're looking to get a debit card, here are the steps involved:

  1. Choose a bank or credit union. Not all banks and credit unions offer debit cards, so it's important to do your research and choose one that's right for you. Consider factors such as fees, interest rates, and customer service when making your decision.
  2. Open a checking account. Once you've chosen a bank or credit union, you'll need to open a checking account. This is where your debit card will be linked. The requirements for opening a checking account vary by bank, but you'll typically need to provide some basic information, such as your name, address, and Social Security number.
  3. Request a debit card. Once your checking account is open, you can request a debit card. Most banks and credit unions will issue you a debit card within a few days.
  4. Activate your debit card. Once you receive your debit card, you'll need to activate it before you can use it. You can usually do this by calling the customer service number on the back of your card or by logging into your online banking account.
  5. Start using your debit card! Once your debit card is activated, you can start using it to make purchases. Just remember to keep your PIN safe and secure.


Here are some additional tips for getting a debit card:

  • Compare offers. Not all debit cards are created equal. Some offer features like cash back rewards or travel insurance. Make sure to compare offers before you choose a card.
  • Consider your needs. Think about how you plan to use your debit card. If you're mostly going to use it for everyday purchases, you may not need a card with a lot of bells and whistles. But if you travel frequently, you may want a card that offers travel rewards or no foreign transaction fees.
  • Read the fine print. Before you sign up for a debit card, be sure to read the terms and conditions carefully. This will help you understand the fees associated with the card and any other restrictions that may apply.