The benefits of a Debit Card are
1) Eliminate the need to carry cashCarrying hard cash on you in a fast-paced, consumerist lifestyle carries problems of security and access. A debit card allows you to make payments at merchant outlets against your purchases, eliminating the need to withdraw cash constantly, and is safer to carry. While lost cash is gone forever, a lost card can be reported, blocked and a new card can be issued. Also, unlike cash payments, you cannot lose track of your debit card payments.
2) Easy access to the accountDebit cards allow you to access your account at the time of your convenience without being dependent on bank timings or branch locations. You can use your debit card at Automated Teller Machine anywhere and at any time to withdraw cash, check your balance, print mini statements and a lot more. Many banks even offer the facility of money transfer to other accounts using your debit cards at the ATMs.
3) Emergency payments or cash requirementsA medical emergency in the middle of the night, or just a general requirement of cash on non-working hours of banks. A surprise purchase of any home appliance, or making last-minute bill/utility payments. All of this is made easy and accessible due to debit cards. A debit card enables you to make any urgent payments or purchases anytime, anywhere.
4) Keep track of spendingWhile using a debit card, you are accessing the money directly from your linked bank account which provides you with a detailed statement of every transaction done. This ensures that you keep track of your spending, monitor your purchases and as the money isn't on credit it prevents you from going into debt.
5) Incentives and reward programsMany online merchant portals, payment gateways, utility bill payment platforms, merchant outlets, retail chains, etc. provide incentives on the use of debit cards to encourage users towards cashless transactions. These incentives can be in the form of discounts, cash-backs, loyalty points, reward programmes and much more.
Our entire functioning is driven by and towards money and convenience, both of which are perfectly embodied in a debit card. This magical card holds the power to drive your expenses along with the economy.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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