To say that finance is important would be an understatement, especially in the personal sense. For example, not only do you probably have a debit card, but it's safe to assume that you use it on a routine basis. Many people trust this method of payment, as the likes of Robert Jain will attest, but not everything you read online is accurate. In fact, here are some misconceptions and accuracies that, hopefully, will help you become better aware of your finances.
"Debit cards don't offer rewards as credit cards do." A simple Google search will show that there are quite a few debit cards that offer rewards to their consumers. Are you looking to travel in the future? It's entirely possible to sign up for a debit card that offers miles on your purchases, which can be used to help balance the expenses associated with air travel. Additional research is recommended by names like Bob Jain if you're interested in signing up for a program like this.
"I only need one PIN." The truth is that many finance experts recommend that debit card holders change their PINs every 3 months or so. Keep in mind that a PIN is only 4 digits long, meaning that it's surprisingly easy for an attacker to guess it, which puts your bank account at risk. Make sure that you routinely change your PIN, ensuring that it's easy enough to remember. Needless to say, this will keep your account safer.
"If I use my debit card too much, my credit score will be affected." If you're looking to improve your credit score, it's possible that you'll be more careful about using your debit card. On the contrary, the aforementioned score won't be negatively affected. What this means is that, for example, if you make a huge holiday purchase, you won't have to worry about your score going down. This is a great comfort that financially-conscious individuals should keep in mind.
"It's safer to use a credit card than a debit card." When it comes to financial security, believe it or not, credit and debit cards are practically identical. Simply put, it's not inherently safer to use one method as opposed to another. In fact, they have similar security measures implemented, perhaps the most recent being EMV chips. When it comes to safety, as far as your bank account is concerned, one method isn't necessarily better than the other.
"Debit cards don't offer rewards as credit cards do." A simple Google search will show that there are quite a few debit cards that offer rewards to their consumers. Are you looking to travel in the future? It's entirely possible to sign up for a debit card that offers miles on your purchases, which can be used to help balance the expenses associated with air travel. Additional research is recommended by names like Bob Jain if you're interested in signing up for a program like this.
"I only need one PIN." The truth is that many finance experts recommend that debit card holders change their PINs every 3 months or so. Keep in mind that a PIN is only 4 digits long, meaning that it's surprisingly easy for an attacker to guess it, which puts your bank account at risk. Make sure that you routinely change your PIN, ensuring that it's easy enough to remember. Needless to say, this will keep your account safer.
"If I use my debit card too much, my credit score will be affected." If you're looking to improve your credit score, it's possible that you'll be more careful about using your debit card. On the contrary, the aforementioned score won't be negatively affected. What this means is that, for example, if you make a huge holiday purchase, you won't have to worry about your score going down. This is a great comfort that financially-conscious individuals should keep in mind.
"It's safer to use a credit card than a debit card." When it comes to financial security, believe it or not, credit and debit cards are practically identical. Simply put, it's not inherently safer to use one method as opposed to another. In fact, they have similar security measures implemented, perhaps the most recent being EMV chips. When it comes to safety, as far as your bank account is concerned, one method isn't necessarily better than the other.