Debit cards allow you to use the money that you already have in your bank account. They are similar to credit cards in the sense that they allow you to travel cash free but are different in the form that you are not taking any credit from the credit card company and thus are safe from overstepping your budget. If you don’t use your debit card fearing misuse, follow these 5 tips and keep it safe to enjoy hassle free shopping:
1. Keep a track of your account information: Almost all banks allow their customers to access their account information online. Make a habit of logging into your account every few days and notice all transactions. Don’t forget to check the amount in your account before you go out shopping as overdrawing may cost you a certain fees. If you have given your debit card to your teenage child, you can ask your banker to fix a certain limit on the card usage as he might be prone to overspending.
2. Keep your PIN on your tips: Memorizing the pin is the best way to avoid misuse of a debit card. Avoid jotting it somewhere which is accessible to any and every one. The PIN should be unique and should be known only to you. Unless the hacker has the access to your PIN, the card is unusable to him and this gives you enough time to realize its theft and thus report to the bank. Writing the PIN on the debit card itself is a nightmare that can cause you great losses.
3. Report lost or stolen cards: If ever you happen to misplace of lose your debit card, make a point to give the first call to your bank and get it locked or canceled. It is very difficult to trace the fraudulent transactions taking place through a debit card as money is directly deducted from the account and you can’t claim it from any third party. To be on a safer side, you can use credit card for making online purchases or transactions of higher value and then pay off the bill by using your debit card.
4. Get rid of old cards: There can be nothing as bad as storing old debit cards even when you have got new ones. These are still usable and can be misused if any unauthorized element gets hold of them. Destroying them is the best way to keep them safe.
5. Store your card at a safe place: You must realize that your debit card needs the same protection as your hard cash. Keep it safely tucked in your wallet while you are out and when you are at home, it is locked inside a drawer or a safe. Keep it outside the sight of any domestic maids or other outsiders.
These safety tips might at first seem to be the usual instructions, but we tend to miss on them. It is really important to keep the debit cards safe to avoid unnecessary mental and financial harassments.