3 Things to Consider Before Selecting a Debit Card

By Mary C

We pay a lot of attention to the credit card but very few of us truly care for the debit card that also often doubles as an ATM card. Most bank accounts come with a debit card but not all of us pay attention to this factor when selecting a bank or account type.

Here are some things to consider when choosing a debit card:

Withdrawal or Transaction Limitations

Since a debit card can be used to withdraw money or make payments online or at stores, it is important to know the limits so that you are always covered. If you purchase an item worth $5,000 but your limit is only $4,000 then the issuer will decline the transaction, hence be careful about this factor.

Discounts and Promotions

Many companies offer special discounts on debit cards including reward points. You can use these special offers to save money or earn some so pay special attention to this factor.

Transaction Fees and Other Charges

You may have to pay a small fee whenever you swipe your card at a store, use it online, or withdraw money at an ATM location. Plus, there may be other charges as well including yearly charges, replacement charges, etc. 

Look at the schedule to be clear about what you will have to pay for these services.

In most cases, you will have to choose between a Visa Card or MasterCard. Pick one that suits you the best.