6 mistakes to avoid when using debit cards
With cashless payments being widely accepted, debit cards have become highly popular globally. These cards are convenient, can be used at almost all retail outlets, and help one withdraw money instantly whenever needed. Also, many debit cards do not charge annual fees and offer cashback for spending money on certain products and at specific stores. But, to maximize the benefits, here are some common mistakes to avoid when using debit cards.
Overlooking hidden debit card fees
Some debit card companies charge hidden fees for overdrawing one’s account, entering the PIN to make a transaction, and other scenarios. If cardholders are not aware of such additional charges, they may never understand where their money is being spent. So, one should carefully read debit card terms and scan the document for details on such additional fees.
Using multiple debit cards
Different banks may offer various deals on their debit cards. So, it is common for individuals to use multiple cards to avail of all such offers. But with such deals comes additional fees charged by each bank on their debit cards. These overhead charges can increase one’s spending in the long run. So, it is best not to have more than three debit cards.