If you're looking to get a hold on your finances, you must have the right information on hand. Robert Jain, as well as other names in this industry, will be able to share ample insight on debit cards. This is a common method of payment, trusted by many people, but not everything that you've heard about it is true. For those that would like to learn more about debit, in general, here are a few myths and the truth behind them.
"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.
"If I choose one PIN, I don't need to change it." Just because you have a PIN that you can easily remember, while others can't, doesn't necessarily mean that it should be the only one you have. It's worth noting that your PIN should be changed every few months. There are many banks that require their clients to routinely update their information, mainly for security purposes. When it comes to finance, including debit accounts, one can't be too careful.
"Using a debit card can impact one's credit score." As you may have already guessed, your debit card and credit score are separate entities. Any activity that you undertake, as far as your debit is concerned, will not be sent to credit bureaus. In other words, your score won't be affected. If you're planning to improve your score, focus on more effective methods, ranging from paying outstanding debts to more mindful credit card usage in general.
"Credit is safer to use than debit." Though you may have been told that credit cards are safer than debit cards, no matter where you shop, this isn't exactly the case. Keep in mind that the only way that these cards differ is in where they obtain their funding. Otherwise, they are practically identical. What this means is that, if you decide to use your debit card, you will be able to benefit from a similar level of financial security.
"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.
"If I choose one PIN, I don't need to change it." Just because you have a PIN that you can easily remember, while others can't, doesn't necessarily mean that it should be the only one you have. It's worth noting that your PIN should be changed every few months. There are many banks that require their clients to routinely update their information, mainly for security purposes. When it comes to finance, including debit accounts, one can't be too careful.
"Using a debit card can impact one's credit score." As you may have already guessed, your debit card and credit score are separate entities. Any activity that you undertake, as far as your debit is concerned, will not be sent to credit bureaus. In other words, your score won't be affected. If you're planning to improve your score, focus on more effective methods, ranging from paying outstanding debts to more mindful credit card usage in general.
"Credit is safer to use than debit." Though you may have been told that credit cards are safer than debit cards, no matter where you shop, this isn't exactly the case. Keep in mind that the only way that these cards differ is in where they obtain their funding. Otherwise, they are practically identical. What this means is that, if you decide to use your debit card, you will be able to benefit from a similar level of financial security.
