Benefits of a Debit Card vs. Cash or Check
When making purchases, millions of consumers are now opting to pay with a debit card instead of reaching for the more traditional payment methods of cash or check. Here’s why:
- Convenience. Debit card payments allow you to complete transactions without having to fumble for cash, dig around in your purse or pockets for exact change, write out a check or go to an ATM. And with more and more businesses now offering the option of debit card payments, it’s more convenient than ever.
- Security. Although some consumers might think that debit card payments are less secure than the paper variety, many experts suggest otherwise, pointing out that cash or checkbooks are easily lost or stolen. While identity theft remains a concern for debit card users, the experts note that they still provide more safeguards than paper, and you are not held liable for unauthorized purchases made if your card is stolen.
- Merchant appeal. Debit card payments also appeal to merchants who appreciate the assurance of payment. With checks, there is the concern of float time (the period until a check clears the bank). Float time can be expensive for merchants since the money doesn’t reach them immediately.
- Dual access. Can be used as both an ATM card and debit card. Transactions are automatically updated and recorded online, making it super handy to keep track of them.
- No bulk. Easy to carry in your wallet or purse without the extra bulk.
- No checks. Save time and the cost of purchasing checks every year by using your debit card.
While cash may always be the go-to means of payment for some people, debit card use is skyrocketing!
If you don’t have a debit card or checking account with National Iron Bank yet, contact us today!