Thursday, December 15, 2011

How safe are debit cards? What are the advantages and disadvantages of owning one?

I just got my first debit card and I'm a tad unfamiliar with how they work.|||A debit card works just like a credit card that different is your are spending your own money.


Some cards have a monthly charge of 4.95 up to $7.95 per month service fee.


The card came with paper work read over it to get all the find print. Also, check out to see if the report to the Credit bureau these are the best if you want to build or rebuild your credit. Always keep account of what you purchase and when, getting account reconciliation can be difficult.|||If you lose your debit card report it immediately.


You may be likley to pay the first 50 bucks if you don't report it in time.


Fail to report report within 60 days, and you will be responsible for all the fraudulent charges.


Every bank is different.


Be careful ordering online.


If you get hit with fraud, debit cards offer little fraud protection.


/|||1. debit cards works almost like cheques. when you make a payment using your debit card the amount will be withdrawn directly from your account.


2. each bank have different limits as to how much money can be charged on your debit card per day. normally the limit is $500. aside from that some bank require that you have a minimum balance on the account.


3. keep your card in a safe place and memorize your pin number.


4. never provide your card number online or use it in unreputable stores ( small private owned stores, gas pumps, convenience stores just to name a few. be very careful about what payments are you making and where you're making it. if you're not sure about it use cash insted.


5. make sure nobody else has acces to your mail because they can steal your account number and use up your money if they got ahold of your monthly statement.|||advantages - you can use them on most online sites to purchase stuff





Disadvantages - you can get overdrawn on debit card and most sites want visa or mastercard which sucks.

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