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 lack reward programs that credit cards are known for." It's been said that debit cards don't have the same rewards that credit cards offer, but there are still numerous options to look into. These include, but aren't limited to, airline miles and cash back. What these do, hence the name, is reward you for the purchase that you make. A debit reward program benefits you, as such names as Bob Jain will attest, provided you take advantage of it.
"There's no need to change my PIN." If you have the same PIN that you originally selected years ago, it may be time to change it. In fact, did you know that a PIN should be changed every 3 months? Not only does this help you stay on top of your finances, but it will reduce the likelihood of your bank account being put at risk. As long as you select a PIN that can be easily remembered, at any moment, your account will be fine.
"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.
"Debit cards aren't as secure as credit cards." You may think that credit is the more secure method of payment, but this isn't exactly the case. One of the reasons for this is that, outside of where they're funded, they are identical from a safety standpoint. In fact, as greater security measures, including EMV chips, are implemented, you can rest easy knowing that your finances will be better safeguarded in the future as well.
"Debit cards lack reward programs that credit cards are known for." It's been said that debit cards don't have the same rewards that credit cards offer, but there are still numerous options to look into. These include, but aren't limited to, airline miles and cash back. What these do, hence the name, is reward you for the purchase that you make. A debit reward program benefits you, as such names as Bob Jain will attest, provided you take advantage of it.
"There's no need to change my PIN." If you have the same PIN that you originally selected years ago, it may be time to change it. In fact, did you know that a PIN should be changed every 3 months? Not only does this help you stay on top of your finances, but it will reduce the likelihood of your bank account being put at risk. As long as you select a PIN that can be easily remembered, at any moment, your account will be fine.
"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.
"Debit cards aren't as secure as credit cards." You may think that credit is the more secure method of payment, but this isn't exactly the case. One of the reasons for this is that, outside of where they're funded, they are identical from a safety standpoint. In fact, as greater security measures, including EMV chips, are implemented, you can rest easy knowing that your finances will be better safeguarded in the future as well.
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