Billions of debit card payments take place in the United States every year. The age of cash is almost over. Why have so many people across the world turned to debit cards?
In this blog, we’ll take a look at some of the benefits of using a debit card to make payments and how here at Small World we’re trying to make your financial lives easier.
What are the benefits of a debit card?
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Convenience
The first major benefit of having a debit card is how convenient it is to use and the freedom it adds to your spending life in general. Debit cards are easy to use. The payment is taken directly from your bank account and can be done instantly. It is quicker than a credit transaction and can be completed without any extra hassle.
Convenience is one of the key benefits of a US Bank debit card and it is probably the primary reason why so many use debit cards. In many stores across the United States tap-and-go contactless debit card payments are being introduced which will make using a debit card even more convenient.
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Safe and secure
Who doesn’t like to be more secure? Debit cards are self-protected.
Your money is protected when using a debit card in-store because you have to use a PIN number to access large sums of money. This gives you safety against theft and ensures that thieves can’t make large purchases and empty your account.
Debit cards are also beneficial for those of us who are careless and forgetful. If you lose your card or think it may have been stolen you can easily freeze your account with a phone call to your bank.
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Accessible
A debit card is an accessible financial option for people of all ages and occupations. Unlike credit cards there is no lengthy application process required to get a debit card. If you have poor credit you may struggle to get approved for a credit card and the interest rates will be weighty.
All you need for a debit card is a bank account that is linked to your card. The accessibility of debit cards is one of the most important benefits. Everyone can use them and that is one of the reasons why debit cards are so popular.
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Great for Emergencies
Debit card payments are the ideal financial option when you are in emergencies. With a debit card you can obtain cash quickly. And a debit card can get you out of a tight spot without any consequences.
You can quite easily withdraw money from an ATM without having to overcome any administrative hurdles. Ideally, you won’t have to deal with any financial emergencies. But if you are in urgent need of cash then debit cards can help you.
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Stay accountable for spending
The real-time spending that debit card’s allow ensures that you stay accountable for your money. Nowadays, you can see, through an app or a website, exactly what you are using your debit card for.
When you are accountable for your spending habits you have a better chance of being responsible with your money. We know all too well how difficult it can be to reign in spending. So any help you can get is always a good thing!
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No debt
There is another level of accountability that comes with a debit card. Unlike a credit card, with a debit card you are not at risk of plunging into debt. It is easy to withdraw money without knowing exactly how much money is in your account. With a credit card this can become risky. But with a debit card there is a limit.
You only have as much money as you’ve already put in your account. You don’t have to worry about spending money you don’t have.
Using Small World
The benefits of debit card payments are clear to see. With a debit card you have a safe, sophisticated and responsible way of accessing money from your bank account. If you are a young person, a debit card is a way to enter into the financial world that will stand you in good stead when you start to earn more money.
At Small World we know the value of being financially empowered.
Small World’s money transfer services are available in over 90 countries and are designed to help people from all over the globe send and transfer money. Our services included digital transfer, bank deposits and cash pickups. It is important to us that we are able to make the financial world accessible, easy to navigate and affordable.
With this in mind, Small World is constantly innovating our service to ensure that it is modern, useful and taking advantage of new technologies. We want to make sending money to your friends, family and loved ones as easy as possible.
