Debit cards function in a way similar to credit cards, so they are just as vital in protecting your identity and credit. The only difference is debit cards give you access to money in your account. Put simply, when you use a credit card to pay for something, the money is borrowed and must be repaid at a later date – sometimes with interest. However, when you use a debit card, you are using the money you currently have.With most credit cards, issues can arise when you cannot pay for what has been borrowed. This is why paying off credit card debt as soon as you can is so important. Don’t be afraid to seek professional help if you’re going through credit troubles. The sooner a problem is identified, the more likely it is to be resolved. If you have a bad credit rating, have a look at how to fix credit score to get you back on track. Ultimately, it’s important to remember the distinctions between the two card types. Here are a few safety tips for using your debit card which can help you avoid fees or worse.
Keep Your Card in a Safe Place
Your debit card is your cash. You would never leave $5,000 out in the open, but that’s exactly what you are doing when you leave you debit card lying around. Keep your card in a safe place, preferably in a wallet. Never leave your debit card in a place others can visibly see it.
Destroy Old Cards
Whenever your debit card in canceled or the account it’s attached to is closed, get a pair of scissors and go town. Think of it as a stress reliever.
Memorize Your PIN
Never write your pin number down. This 4 number code is your golden ticket to the greens. When creating your code try to avoid cliches like “1234” or your birthday.
Cancel Lost Cards Immediately
Debit cards are easy to misplace. If you misplace your debit card, call your bank and cancel it immediately. Unlike credit cards, it’s difficult to retrieve fraudulent debit card charges because money is withdrawn directly from your checking account.
Check Your Account Balance Regularly
Although it may be painful sometimes, you need to check your account regularly. Not only will it help you to maintain your finances, but you’ll also be able to identify a mishap quickly. This will also help you to avoid overdrawing on your account, which will lead to fees and potentially make your credit rating poorer. There are companies that can help monitor the amount in your account, protect against identity theft and help repair your credit if you need to. If you want to find out more about this, you can find out how does Lexington Law work to give you further information.