If you would like to be more prudent in managing your personal finances, you should definitely consider getting a debit card. Almost any bank today offers this kind of financial instrument to consumers. But before applying, you might want to do a little research to make sure that you get a debit card that not only suits your needs but also offers you maximum benefits. Some features you check out:
Annual/ monthly fees. When shopping around for debit cards, see if subscription requires monthly or annual fees, and how much. There are several debit cards now that will cost you nothing on maintenance fees. If you choose a debit card that requires you to pay membership fees, the rewards offered or benefits you get should at least be as much as the annual/membership fee. Otherwise, you might as well go with cards that waive this fee.
Maximum card value. The maximum amount on your debit card limits the amount you can deposit and charge on your debit account. You have to make sure that the maximum value gives you enough coverage, especially if for instance you plan to frequently use the debit card for traveling or everyday expenses.
Spending and withdrawal limits. Some cards allow you to spend your maximum card value in a day, others limits daily spending to a percentage of your maximum card value. The same thing gos with ATM withdrawals. You can compare debit cards according to the maximum amount you are allowed to withdraw on a daily basis. There are some that do not impose an ATM withdrawal limit and there are also cards that do not offer this feature at all.
Electronic capabilities. Check whether the bank or debit card provider offers online services. A lot of banks now have mobile apps that can be downloaded to smartphones and used to make electronic payments to service providers and product merchants anywhere, anytime. Online facilities bring a lot of convenience especially if you would like to avoid long lines and pay your bills instantly and without any fuss.
Transaction fees. Most debit cards today will not charge you a ringgit more than the amount of your purchase every time you make a transaction. You may, however, have to pay an additional fee if for instance, you opt to withdraw some cash on top of the amount of the product or services provided to you (if feature is allowed by merchant). ATM withdrawals using your debit card may also be subject to transaction fees.
Cash reloading. The reloading feature allows you to replenish funds in your debit card account from a savings account, another debit account, or by making a deposit over the counter. Some debit cards impose a limit on cash reloading features while others have no limit.
In summary, you would want a card that has the lowest/zero annual fees and as much as possible, no limits on cash reloading and withdrawals. Also, choose a card with no transaction fees for ATM withdrawals, especially if you plan to use the credit card on a regular basis. To keep yourself updated follow or subscribe to your favorite finance blog over the internet.
The above article has contributed by Gilbert to the finance corner.
Gilbert Bermudez writes for Compare Hero, associated with leading credit card comparison website. Loves fishing, swimming and a hobbyist.
The above article has posted by Amy Lewis, owner of the finance corner. For more details about Amy you can visit her social media profiles in below mentioned urls: