We may take debit cards for granted but a bit of awareness can still go a long way in getting the most out of this payment option and your finances.
Whether it is paying for groceries, shopping online or setting up direct debit payments, debit cards are used by people on a daily basis.
But the risk with something so familiar is that it is often taken for granted, so here we look at three things you may not know that could help you get even more out of your debit card.
They Come With Security
With both MasterCard and Visa introducing contactless payment technology and waiving the need for a PIN or signature for smaller debit card purchases, many people have started to worry about losing money.
Fortunately both processors offer Zero Liability Policies, which means any unauthorised transactions will be covered so you get the money back if fraud or theft does occur.
Some Come With Extras
Debit cards may not have the prestige of some credit card options yet, but many are heading that way by offering premium extras.
The NAB Gold Visa, for example, offers complimentary purchase protection, extended warranty and international travel insurance to all cardholders, while Citibank’s Citigold members get a slew of extras including access to business centres all over the world and preferential foreign exchange rates.
They also get enrolment in the Citibank Dining Program, as do people with Citibank Plus debit cards, which allows them to get a complimentary bottle of wine when dining in participating restaurants around Australia.
You Can Use Overdraft Services Instead of Credit Cards
Many debit cards offer an overdraft service that can be accessed at any time, extending funds beyond what may be in the bank.
For people who want to reduce credit card use, but feel the convenience may be hard to give up straight away, this feature offers a bit more wiggle room.
While everyone with a bank account has a debit card, features vary between banks and other issuers.
By reading up on what your current card offers and looking at different account options, you will be able to get as much as possible out of your debit card in any situation.