What kinds of costs are associated with debit cards? You can even use your debit card to get cash when you make purchases at a store.
It's a good way to pay for purchases without having to pay interest, as you would if using a credit card with an outstanding balance. Using a debit card is also easier and faster than writing a check. Why do people use debit cards?įor many people, it is more convenient to carry a small, plastic card instead of a bulky checkbook or a large amount of cash. Most debit cards also can be used to withdraw cash at ATMs (automated teller machines). If you use a debit card at a retail store, you or the cashier can run your card through a scanner that enables your financial institution to verify electronically that the funds are available and approve the transaction. Why? Because the payment is deducted directly from a checking or savings account. Answers to frequently asked questions about debit cards.Ī debit card looks like a credit card but works like an electronic check.
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