5 Tips for using debit cards smartly and securely

5 Tips for using debit cards smartly and securely

A debit card functions almost the same as that of a credit card - except that the money you spend is the money you have already earned. And because of that you really need to be a responsible card holder.

Here are ways on how to use debit card rightly and properly.

1. Constantly Check Your Account Balance- You need to make sure that you only need to withdraw what is stored in your bank account since you are charged with fees from your banks when you over withdraw. Fortunately, banks have made it easier for you to access your account as you can do so right in the comfort of your internet. You can monitor how much money you have withdrawn. Plus, there are also banks which can protect you from fees just in case you have over withdrawn.

2. Cancel Lost Cards Immediately- A debit card is so easy to misplace. When you lost your debit card in any unfortunate incident, cancel it immediately. The person who finds your debit card can easily withdraw funds from your checking account. For this reason, consider using a credit card when you purchase goods online or buy anything in the stores. In order to be a lot safer than most, you can also order 3 credit reports to make sure that no unsolicited transactions are made. And then use a debit card when you pay off these debts.

3. Destroy the Old Cards- How to use debit cards also entails destroying your old debit cards. When you receive new debit cards in the mail, this comes with new security codes and new expiration dates but what is still similar is the card number. When your old debit card falls into the wrong hands, the thief can also use that to steal not just money from you but also valuable information such as your name and your address at home.

4. Memorize Your Pin Number- Before you can withdraw funds from your checking account, your bank generates a pin number for you. You can set this up once you have already received your credit card. Make sure that you memorize your pin number by heart. Don't write it on a piece of paper since those who get hold of this can use it to withdraw funds from your checking account.

5. Treat Your Debit Card as Your Cash- Make sure that you keep your debit card in a safe and secure place where only you can have access. Keep it in your purse or your wallet but don't leave it lying around the house or anywhere else where there are throngs of people. You can also leave it at home if you want - make sure that only you know where your debit card is. You can put it in a drawer, a closet or anywhere it is hidden. Just a scenario: you don't want a wad of cash lying around the house all day long right? So treat your debit card right - and the way you treat your cash and other valuables.