Debit cards are not most popular tender method
Cash may be the preferred tender, but debit cards are rising in popularity.
09:10 03 June 2013
Though debit cards and credit cards are safer to carry, and are backed by institutions that can ensure that your funds are not depleted if your cards are stolen, a recent report in the news shows that cash is still the most popular form of tender.
Debit cards are still a popular form of payment as well, and here are a few things to watch out for when shopping with your debit card.
- Banking fees-some institutions may charge fees for the use of debit cards. Some banks even charge fees if your debit card isn’t used frequently enough.
- Vendor fees-while many people are already used to this, many physical vendors and online vendors either add fees into the price of items to cover the debit card fees, or they may state a separate fee for the use of a debit card when processing a transaction.
- Multiple fees-also be careful of the possibility of multiple fees. If a vendor charges fees for using debit cards, and your bank also charges their own processing fee, you could easily rack up fees without realizing it.
- Missing cards-if you think you’ve misplaced your card and you’ve been out shopping recently, are safe and report the debit card as lost or stolen. It is inconvenient, but keeps your funds safe from being used by someone who could have come across your card.
- Disputes-one of the benefits that many people overlook is the ability to contact the bank and dispute unauthorized charges to the account if it was made via debit card. Credit cards also work in a similar fashion.
- Security-when shopping in physical locations, rather than online, make sure to keep debit cards and credit cards in sight while transactions are being processed.
- Specials-some banks may offer specials, coupons, or a type of reward system for shopping with debit cards. You can check for any special offers and take advantage of them with your normal everyday transactions.