Debit cards were first promoted as a replacement for cheques and so it’s quite natural to compare the two or to use them interchangeably. However, debit cards are most suitable for certain circumstances and cheques for others.
One of the great advantages of debit cards is that the card can be used to buy goods and services over the internet. Because a debit card uses the same payment mechanism as credit cards, it has the same great flexibility without running up a balance or being charged high interest rates.
Debit cards are growing in importance and are now used more frequently than credit cards by Australians, and this trend is likely to continue. Often they are seen as simply an alternative to other payment methods, such as cash from an ATM or cheques. However, some people do use a debit card as an alternative [...]
Regular payments on debit cards are useful tools to either pay for an item via instalments or to pay for a regularly provided service such as a utility. However many people don’t like using this service because regular payments using debit cards have the reputation of being hard to cancel.
Debit cards are now commonplace with mortgage accounts, giving the account holder the ability to withdraw funds or make purchases through the mortgage account. This makes sense for the bank, and it can make sense for the mortgage account holder, as well. However it is a good idea to be aware that a debit card [...]