What you should know before choosing a debit card
Every bank may have different policies about their debit cards so be sure to compare.
07:25 04 September 2013
Debit cards have been around for a while now so chances are good that you probably already have one. Even if you do, or if you are looking into setting up an account with a debit card, there are a few things you’ll want to review before finalizing the account. Here are a few things to consider:
- Many people don’t have a preference between Visa or MasterCard logos, but if you happen to prefer one over the other, check the banking institution to find out which company they have their debit cards through.
- Ask for a list of the applicable charges that you could potentially incur from the use of your debit card. Many banks may charge per transaction, or for certain types of transactions. It is common to pay fees when withdrawing cash from an ATM, but you may be surprised at the types of fees that each bank charges.
- Find out what types of restrictions are on the debit card. Different banks may have different daily limits to spend when you use the card as a debit card instead of a credit card. You also might have a daily limit on how much cash you can withdraw from an ATM as well.
- When purchasing at certain shops, you may need to pay a fee for using a debit card to complete a transaction. Each store may be a little bit different and usually the clerk will alert you if there will be a fee in addition to the purchase price. The same may be true of online shopping transactions, although there may be small print disclosing the fee, or you may not notice a price difference until the checkout process.
- Another thing you’ll want to check on is whether or not the bank you are with, or are considering, charges a fee if you do NOT use your debit card enough.