Benefits of Using Debit Cards

Debit cards = 29% of payments Credit cards = 31% of payments Cash = Less popular than debit cards Checks = Not as popular as credit cards

Funding a debit card = Making deposits into a linked account Withdrawal limit = Only allows purchases up to available account balance Networks used = Primarily Visa and Mastercard International usage = Accepted by merchants worldwide

Overdraft fees = Possible if account balance is exceeded Direct deposit = Method of funding a debit card ATM deposits = Way to make cash deposits into linked account Merchant acceptance = Acceptance by Visa and Mastercard merchants

<p>Financial independence = Getting a debit card as a teenager Spending control = Limited to available account balance Global usability = Accepted worldwide by specific networks Convenience = Making deposits through various methods</p> Signup and view all the answers

<p>Debit card = Linked checking or savings account Credit card = Short-term loan until statement due Prepaid card = Loaded with specific amount by user Gift card = Specific amount purchased for gifting purposes</p> Signup and view all the answers

<p>Convenience and security = Debit card Can help you learn money management = Debit card Avoid hefty interest charges = Debit card Secure non-cash payment option = Prepaid card</p> Signup and view all the answers

<p>Won't help you build credit = Debit card May not need a bank account to use = Prepaid card Potential account fees associated = Debit card More closely resemble gift cards = Prepaid card</p> Signup and view all the answers

<p>People looking to avoid traditional credit cards = Debit card Parents wanting to give kids money to manage = Debit card Households without access to a bank account = Prepaid card Individuals who need to withdraw money frequently = Debit card</p> Signup and view all the answers

<p>Draw from available funds and help stay within budget = Both debit and prepaid cards Linked to money already in your account = Debit card Don't require showing a history of owing money = Prepaid card Can't spend more than you have in your account = Debit card</p> Signup and view all the answers

<p>Could decline to open an account due to banking history = Debit card Associated with fees linked to checking or savings account = Debit card Can avoid ATM fees when used at in-network ATMs = Debit card Secure non-cash payment option for households without bank accounts = Prepaid card</p> Signup and view all the answers