Carrying cash for minor transactions is better. But when it comes to huge payments, it becomes risky and inconvenient. Banks recognise this problem and have various banking cards for cashless transactions. If you are new to plastic money, you may confuse Debit Cards and Credit Cards. Although they involve similar characteristics, they have a fundamental difference. Credit Cards allow you to borrow from a line of credit and make payments regardless of your account balance.
However, debit transactions are linked to your Bank Account. Hence, a Debit Card is a way to access the funds in your account digitally. This removes the need to carry too much cash in your wallet. Its benefits work best when you know how to maximise them. Hence, follow these tips to derive the same:
It is the best practice to handle your spending habits. This allows you to implement financial planning effectively. Hence, check your account statements and transaction history for tracking the funds. This way, you can also spot any suspicious activity on time. Also, avoid going below the balance requirement while spending through the card. Use the alerts and tracking system of the Banking app to be aware of your account balance.
Banks make sure you enjoy a smooth banking experience. They offer plenty of features for this purpose. One of them is a real-time update on your activity. You can achieve this through SMS alerts and email notifications. You receive this when the amount gets debited or credited to your account. It also informs you about the available balance. Use such information to transact carefully. Switch on the alerts when you apply for Debit Card online.
Take immediate action
Any valuable possession includes the threat of getting stolen. Moreover, your bank credentials are the most vulnerable to access. Hence, hackers are notorious for breaching data online. When you link your cards and use unprotected sites, your card details can get stolen. You may also lose or misplace the banking card physically.
In such cases, you should contact the bank immediately. They block your existing card and ask you to apply for Debit Card again.
Nobody can use your card besides you. You need to input a PIN or one-time password to perform tasks through them. Banks use them as a security measure to avoid fraudulent activity. They abort transactions if you enter the wrong passcode. Hence, always be accountable and protect sensitive information. Avoid sharing them with anyone and follow the guidelines for two-factor authentication.
If you forget or misplace such details, contact the bank to take the necessary measures instead of figuring it out by yourself. Multiple wrong attempts mean the card gets blocked.