How to Determine Which Debit Card is Right For You

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When you open a bank account you’ll receive a debit card, which allows you to make transactions on your account. But there are so many debit cards on the market and it’s important to know which is right for you.  

Debit card usage of a savings account usually carries low costs. This type of account would be suited for people who’re young and just getting started with having a bank account. Or even for people who earn very little but would like to own a bank account. 

Whereas using a debit card for a cheque account can be costly to maintain usage of the card. For example: When you use your debit card for a cheque account, it’s extremely important to keep track of your account balance so you don’t overdraw. In instances where you do overdraw the transaction fees can be much higher in a cheque account versus a savings account. 

Therefore to determine which debit card is right for you will also come to the outcome of how much income you receive. As well as how good you are at managing your finances. As some people can earn far more and still be careless with their money in comparison to someone who earns less and is frugal with their money. Therefore it also comes down to an individual. 

Then there are debit cards which allow you to choose either the “debit” or “credit” option when paying with a debit card. These are for debit cards that can be used as a credit card. These cards have a credit network logo on them like Visa® or Mastercard®, this lets you choose to pay with credit at merchants that accept those credit cards.   

These types of debit cards are best if you want cardholder benefits. Because one advantage of choosing credit and signing when making debit card purchases is that the card networks may offer you protections, such as zero liability for fraudulent purchases.  

An example would be if you use your debit card at a restaurant and the waiter adds an extra zero to the tip amount or swipes your card twice. The protection could help you when you’re trying to get reimbursed for the unauthorised charge.