Five reasons you should use your debit card for purchases (2024)

FAQs

Five reasons you should use your debit card for purchases? ›

Debit cards take money out of your checking account immediately. Debit cards let you get cash quickly. You can use your debit card at an automated teller machine, or ATM, to get money from your checking account. You also can get cash back when you use a debit card to buy something at a store.

Debit cards take money out of your checking account immediately. Debit cards let you get cash quickly. You can use your debit card at an automated teller machine, or ATM, to get money from your checking account. You also can get cash back when you use a debit card to buy something at a store.

Convenience - cards are quicker and might be cheaper to use than cheques. They're useful for everyday expenses and can be used over the phone and internet. Credit - credit or charge cards can offer an interest-free period of varying lengths, dependent on which card issuer you use.

Unless you are carefully keeping track of your bank balance, it can quickly and easily be depleted. Those who use their debit card without keeping track of the cash leaving their bank account, may quickly find themselves without funds for day-to-day cash expenses like rent, transportation or food.

Debit Cards make transactions fast, easy and convenient to use. Works as an Emergency Fund. Debit Cards have the ability to give you cash. They double up as ATM cards and allow you to withdraw money from an ATM.

No Debt – With a credit card it's easy to purchase anything you want, even if you don't have the funds. With debit cards, the money comes directly from your bank account, so you avoid spending more money than you have. Plus, you don't have to remember to pay the credit card bill once a month.

You can use a debit card to get cash from an ATM, or you can make purchases with it like you make purchases with credit cards. With debit cards, you may need to enter your PIN (personal identification number), although many debit cards can be used to make purchases without a PIN.

Payroll cards benefit employees because they get access to their funds without a bank account and can easily be replaced if lost or stolen. However, payroll cards include fees, may get lost and don't accumulate interest.

What are 5 disadvantages of a credit card? ›

Card games engage a variety of cognitive skills, such as concentration, attention, and critical thinking. By regularly exercising these skills through card games, seniors can keep their minds sharp and maintain mental health.

Credit cards help build your credit history. They offer rewards like cash back, miles or other rewards for your purchases. Offers better protection from fraudulent charges. When a fraudster uses your credit card, they are taking money from the issuer, instead of stealing directly from you and draining your bank account ...

The CIBC Advantage Debit Card is a debit card that you can use around the world to make purchases directly from your account(s). Even though your card is a “debit” card, some payment terminals require merchants to press “credit” or “Visa” to process Visa Debit transactions through the global Visa payment network.

Credit cards offer several benefits – like reward programs, security features, and an opportunity to build a positive credit history. But unfortunately, they also come with several drawbacks, like high-interest rates and the risk of accumulating a high debt-to-income ratio.