Debit cards are a great way to get more financial freedom without the risk of falling into debt. While most people probably have a debit card from their bank, knowing more about them can make it even more useful for everyday spending.
Some of the most common features of debit cards include transaction options, account management features and security measures, all looked at in further detail below.
Debit cards can be used in a range of different ways and are often described as just like credit cards, but with the advantage of having your own money on the card. Most debit cards will enable you to access your money in the following situations:
- At ATMs
- In stores or restaurants
- Over the phone; and
Forgotten your PIN? Many debit cards have the option of signing for a purchase, you just have to hit “credit” on an EFTPOS or similar machine, and show the signature on the card for verification. These options give you even more freedom with how and where you use your money.
Account Management Features
One of the biggest advantages of debit cards is that they allow you to financial flexibility while also encouraging better financial management.
There are a number of debit cards that offer greater access to banking services, like the ANZ Access Advantage debit card which gives cardholders unlimited access to ANZ ATMs, phone and internet banking, branch, cheque and EFTPOS facilities without any extra fees.
For people likely to travel overseas, a debit card like the St George Complete Freedom will give you a Visa debit card for access to your money any time, anywhere in the world. It also offers unlimited branch, cheque and electronic transactions, which could be handy if you need to transfer funds while on the road.
Like credit cards, debit cards have a range of security features. Physical features include a unique debit card number (which can be used for electronic transactions), a signature panel and a three-digit card security code that ensures no one can simply copy your details off the front of the card then use them to buy things online.
Visa debit cards, which you can get through a range of banks including ANZ, Citibank, Westpac and Suncorp, also offer a zero liability policy so if there are unauthorised transactions on the card you will not be held responsible for the charges.
While it is easy to take anything convenient for granted, the features of debit cards can make a difference to your financial management and lifestyle. Plus, with so many different debit cards available, the possibilities are endless.