Advantages and Disadvantages of using Debit Cards

The banks gives the customers many facilities for accessing their money worldwide without going to the bank. And debit card usage is one of them. Debit cards have become more popular since, it saves lots of time and easy usage. It functions in two ways. One it can be used in the ATM for getting out the money from the bank. Second, it is used as a check while buying any items in the shop. People prefer debit cards more than credit cards and other bank facilities. Even though the concept of using debit card is hit, still it is associated with drawbacks. So, here are some Advantages and Disadvantages of Debit Cards for you to keep in mind.

Advantages and Disadvantages of Debit Cards


What are the Advantages of Debit Cards?

  • Easy to apply:

The debit cards can be easily got in the bank. The user should have an account in the bank and he/she will have to fill the form for getting debit card and its respective pin number for security purpose.

  • More Comfortable:

Payment of costly items or things can be easily bought using debit cards rather than writing a check or counting the cash. People can be relaxed while purchasing many items. They needn’t take care of insufficient cash in their pocket.

  • Safe:

Keeping debit cards are safer than keeping large amount of cash or checkbook. Since, money can be easily taken from the purse.

  • Convenient for travelers:

Debit cards are accessible all over the world. So, people can easily swipe if during the purchase. Instead of changing the currency for each country.

What are the Disadvantages of Debit Cards?

  • Limited money access:

Debit card takes money from the savings account. So, unlike credit card which give us unlimited money from its account debit cards has limited time period.

  • Managing the account balance:

Monitoring the debit card transactions regularly is main requirement for using checkbook. Keeping track of ATM and purchase transactions is very difficult.

  • Less safety:

Anyone who has the debit card and pin number can access the money. There is no high security for the debit cards since, any user can use it instead of the account holder. Technologies are improving by making it compulsory for the access of account holder alone.

  • Additional fee:

Debit cards can be accessed without any fee only in that specified bank ATM. Accessing from another bank’s ATM will cost additional fee and it increases for each transactions. Since, the respective bank ATM cannot be available everywhere, this can be huge disadvantage for the user.