A debit card is one of the most convenient and versatile payment methods available today. They are also a great alternative for the millions of people in the U.S. who don’t have bank accounts and may not benefit from using credit cards. But when it comes to choosing the right debit card for your needs, there are many factors and varieties to consider. Three basic types you’ll find on the market are:
- Prepaid Debit Card: Common for those lacking a bank account or checking account
- Standard Debit Card: Typically come with a bank account and can be used at ATMs
- Gift Card: Used to make purchases but can’t be reloaded with more cash
There are many types, however. For instance, Yes! Debit™ is a DDA (Demand Debit Account) that is widely available at CFSC currency exchanges throughout the country. It works just like other prepaid debit cards but has all the features of an online bank.
Using a plastic card to make purchases brings huge benefits. Carrying a wad of cash in your pocket has its moments, but it’s simply not safe or feasible for most folks. Meanwhile, most debit cards allow users to reload money onto them without extending lines of credit. In other words, they keep you from overspending and ending up in debt.
Here are some tips on what to look for when selecting your next debit card.
Prepaid or Regular Debit Card: What’s the Difference?
If you have a standard debit card then it is probably linked to a checking account. Generally speaking, prepaid cards can be obtained at a local currency exchange and are not connected to any bank account, making them ideal for people who don’t have an account (and may want to keep it that way). They simply require you to load a sum of money onto the card. One drawback is they don’t help users build credit, but they can help you manage your money in different ways.
Fees and Interest Rates
One of the most important factors to consider when choosing a debit card is the inclusion of any fees and interest rates. Many banks will offer additional services, such as overdraft protection, that come with fees and interest rates attached. Be sure to read all of the fine print associated with any services or features before signing up for any new card. It’s also important to note that not all debit cards have the same fees and interest rates, so shop around until you find one that’s right for you!
Some card services now offer rewards programs with their debit cards in order to entice customers. These rewards can range from cash back on purchases to discounts at certain stores, or even free flights or hotel stays. But beware of any offer that sounds too good to be true. Before signing up for a particular rewards program, make sure you understand all of its terms and conditions as well as how much value it will provide you over time.
Your safety should always be your number one priority when selecting a debit card. Look for a card that has multiple layers of security built in to protect your personal information from fraudsters. This includes things such as:
- Chip-and-pin technology
- PIN codes
- Text alerts
- Other identity verification measures
Be sure there are built in features that help prevent unauthorized access to your account. Additionally, make sure that the business issuing your card offers good customer service and convenient, flexible hours in case something goes wrong or if you have any questions about your transactions.
Yes! Debit™ & Other Personal Finance Services at Your Local Currency Exchange (CFSC)
Choosing the right debit card is an important decision – one that should not be taken lightly! Community Financial Service Centers (CFSCs) provide access to a wide range of day-to-day services – such as cashing your latest paycheck so you can load up your new prepaid debit card. Come by to pick up your new Yes! Debit card. You’ll get:
- Built-in security
- No credit check
- No hidden fees
- No minimum balance requirements
- Use wherever VISA is accepted
Call first to make sure you have all the information you need about ID and payment options.
To set up a prepaid debit card or take advantage of our many auto and financial services, find the nearest CFSC location to you and stop on by!