Rapid advances in technology have not only changed the social fabric of our society, but also impacted our financial transactions. The concept of money arose in Ancient Egypt as a replacement for the barter system. The earliest form of money was gold and silver, and this was much more convenient than carrying goats around as a medium of exchange. This gave structure to pricing and helped clearly ascertain the value of certain goods.
As money evolved, gold and silver were replaced with paper money, also commonly known as fiat currency. This was more convenient than carrying gold and silver coins. However, further advances in technology led to the invention of computers, and this facilitated electronic transactions, which in turn gave rise to debit and credit cards.
A debit card will enable you to transfer money electronically from your bank while purchasing goods. Furthermore, it can also be used as an ATM card to make cash withdrawals. This means you don’t have to carry paper money in your pocket, which has led to further convenience. Following are some of the advantages associated with debit card use:
No Debt: Using a debit card to purchase items means spending the money that you already have. Unlike a credit card, you aren’t buying anything on ‘credit’ or loan, so you don’t have to worry about paying a monthly bill or living outside your means.
No Application Necessary: Your credit ratings will not affect your ability to obtain a card from your bank. All you need to have is a checking account in your name – there aren’t any additional requirements.
Fees: By using debit cards, you can avoid many fees linked with credit card use such as late fees, interest, and annual charges.
Safety: You don’t have to fear pickpockets anymore as your card can be blocked upon request and the thief won’t have your PIN number, without which transactions cannot be made.
Readily Accepted: When you are travelling domestically or internationally, your card will be accepted as a legitimate means of payment. You don’t have to carry large amounts of money, and can withdraw cash as per your convenience.
Maintaining Financial Records: Maintaining clear records of cash transactions is difficult. All your transactions will be clearly listed in your online banking account.
With all these advantages, it’s important to exercise some amount of caution. It’s absolutely crucial that you guard your card against loss and theft. After you apply for debit card online and acquire it, store it safely, just like your cash and other valuables. You should never write down your PIN number or share it with anybody. If you happen to lose your card, you need to notify your bank immediately, so that they can block it immediately. Debit cards have made our lives simpler and easier, and they’ve made transactions quick and easy.