When to Ditch Your Debit Card

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When to Ditch Your Debit Card

There has been a growing trend of consumer reliance upon their debit cards through the recent nationwide economic turmoil. While a debit card can be a very useful financial tool especially for people who are trying to train themselves to practice more financially responsible behavior, there are some times when a debit card just won’t do. Wi-Fi Hotspots If you like to go online in coffee shops, internet cafes or anywhere else where the online connection is provided via free public WiFi, never use your debit card should you find yourself making a purchase online. Those wireless connections tend to be unsecured and that means that it would be a cinch for a thief to gain access your personal information. Typically, the connections are unsecure and a hacker can gain access to any information you may have on your computer. Bars & Restaurants It’s a good habit to get into the habit of using cash when eating out at restaurants or hanging out at a bar. There are too many prying eyes around in those situations that may be feasting themselves on your debit card digits. Also, in the unlikely event that a dishonest employee decides to skim your card they have ample opportunity to do so – eating and drinking establishments are the few places in where your card is whisked away and remains out of your sight for several minutes. Most service industry personnel prefer being tipped in cash, anyway. Deposits and Rentals Always use a credit card rather than a debit card when renting equipment or a car. The rental company usually with holds a security deposit for the duration of the rental agreement. While this money is refunded upon your return of whatever it is you borrowed, if you use a credit card instead of a debit card they simply “freeze” a portion of your available balance for the security deposit, which you will likely not even notice, as opposed to tying up a chunk of cash in your checking account. Shopping Online If you view the worldwide web as your personal shopping mall, you should find other methods to pay for things rather than dishing out your debit cards details. Despite the afore-mentioned security concern, should you have a problem with your order it can ultimately prove to be a trickier undertaking to have the money refunded to your checking account instead of having it credited back to your credit card. In the unhappy event that your card number is stolen, you don’t want the integrity of your entire bank account compromised. If you detect and suspicious activity call the Bank and change your account and checking account numbers, It’s better to be safe than sorry. Also, with all the new debit card fees looming on the horizon, soon using cash or a credit card at the point of sale will save you money!

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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