Secrets of Getting and Maintaining a Debit Card
While this is an interesting proposition, it is essential that we carefully evaluate them (objectively) before signing up for one. Use the following pointers to make your decision on whether to take out a debit card.
Do your research through trusted online resources regarding the debit cards you are considering. Use comparison websites that pool information on all financial products (such as iMoney) to compare these products and determine which option works best for you. This enables you to easily compare the pros and cons of each debit card product offered in the Philippines.
No Fees and Charges
Benefits aside, a debit card is a good product to use since it is offered free for us since our ATM card doubles as a debit card, this is unlike to other countries wherein there are annual fees to pay to use a debit card.
Read the Terms and Conditions
Do not overlook the terms and conditions printed in the fine print. Sure it is never exciting to read the fine print, but they often contain crucial terms and conditions that may affect your debit card usage in the future. Alternatively, compare debit cards on iMoney and read about the hidden terms and conditions behind each debit card, all on one website.
So you’ve gotten your debit card. How do you use it appropriately?
Set a Limit of Your Own
It is well-accepted that most debit card companies in the Philippines sets limits for purchases within a month. Now you would not want to reach the limit, right? If so, you should consider setting your own limit before the bank notifies you that you have reached your limit. This helps in reducing unnecessary spending.
Avoid Huge Purchases
In the Philippine setting, it is never ideal to use your debit card for large purchases. This means that if you go on a shopping spree and your total bill is PHP 30,000, you should consider paying via cash instead.
Beware of Identity Theft
Identity theft is becoming more rife, and fraudulent transactions using stolen debit cards or debit card numbers is arguably more dangerous than fraudulent credit card transactions. Since debit cards are linked to savings accounts, unauthorised use could wipe out your entire savings account. It is essential to be careful with protecting your debit card from such theft.
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