5 ways debit cards help you step up
MANILA, Philippines – “Going cashless” may sound like a thing of the future. But for those who want better control over their card payments, using a debit card to shop or pay bills is a good place to start.
Besides being able to shop online and offline more conveniently, whether locally or abroad, using a debit card also gives you the power to track and control your spending. Since the amount you spend is deducted directly from your savings unlike credit cards, you do not have to worry about being buried in debt.
Anti-fraud measures like putting EMV chips are carried out to make debit cards more secure. In 2016, the government mandated all banks to migrate to chip cards. These upgrades make debit cards safer for everyday use.
Here are some of the ways debit cards can make your life more convenient and at the same time secure:
1. You can ask your bank to automatically deduct bill payments from your debit card
Ready to take charge of your household bills? Skip the long lines and never miss a due date. Companies like Meralco and PLDT accept auto-debit charge as a mode of payment. Whenever your bill is due, it will be automatically deducted from your savings through secure channels. This can help you allocate your budget properly.
2. All transactions made can be reviewed in a statement posted within 24 hours
Using a debit card allows you to track your expenses through a bank statement that is posted within 24 hours after purchase. Financial activities can also be reviewed on the bank’s website or mobile app. This provides another avenue for the cardholder to check suspicious activities.
3. Chip cards are now making it harder than ever for fraudsters to produce counterfeit cards
With Visa EMV chip cards and its unique cryptogram, it is now harder for fraudsters to replicate legitimate debit cards. Furthermore, it protects the cardholders from having their data and other personal information stolen.
4. Suspicious activities are immediately detected through 24/7 fraud monitoring
In case anyone tries to hack into your debit card and makes big transactions, you will be immediately notified by the bank. The cardholder can also report lost or stolen debit cards so the bank can take immediate action.
5. Applying for a debit card require minimum qualifications
Bank offered credit cards often require qualifications such as a certain amount of income and a good credit history. For debit cards, users only need to keep a required maintaining balance. Hence, young professionals, even those who are just starting out, are eligible to apply for one.
The fruits of your hard work are best shared with people who matter the most. So, make sure you are spending your money wisely and securely. – Rappler.com
Ask about how you can step up with a Visa debit card at any major banks in the Philippines.