8 mistakes to avoid while using debit cards
Debit cards are handy payment cards, especially for those who do not want all their transactions to involve credit cards or other pay-later options. Debit cards also help in sticking to a budget and eliminating the burden of credit card bills and the associated delayed bill payments. However, certain missteps in using these payment cards can dampen the experience and lead to financial issues. So, here are common mistakes to avoid while using debit cards:
1. Using out-of-network ATMs
Debit cards can be used in two ways: making direct payments or using cash withdrawn from the ATMs. Both of these modes of payment are easy options. However, one may want to access an ATM closest to them without checking if it is in-network—i.e., it is operated by the individual’s bank. Using out-of-network ATMs will make one incur unnecessary transaction fees every time they withdraw money. So, one should stick to ATMs that are owned by the card issuer to avoid paying additional fees on withdrawals.
2. Not tracking debit card balance
Balance is one of the key things to monitor while using a debit card. With every transaction, one should keep an eye on the remaining balance. Failure to do so can lead to problems like failed transactions or not having enough balance while trying to make a payment. This can be an awkward situation if one does not have other payment options like cash or credit cards handy at the time. So, one should always check if the card has enough balance before making an online payment or heading out to the store or to the checkout counter.
3. Writing down the card PIN
One should avoid writing down their card PINs and carrying the information around, as this practice makes them vulnerable to theft and fraud and compromises the security of their account.
