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Debit Card Tips in UK
With most credit card companies are fleecing their customers with high interest rates, debit cards have become the safe alternative to the cashless world. Wise people that wish to lead a trouble free life prefer debit cards these days. Unlike credit cards that induce you to spend more than your income, debit cards cannot be used beyond what you have in your account. With the debut of chip and pin debit cards are becoming safer to use.
The latest trend in the banking sector is to encourage the use of debit cards for purchases. Some of them even offer cash back offers, gifts, points and the like for using your debit cards. Although debit cards are the best way to safe spending of your hard earned money, there are a few things that you need to know in order to enjoy the benefits of your debit cards in a safe manner.
The most important thing concerned with debit cards is the personal identification number (PIN). It is important to choose a PIN that is easy to remember however, not too obvious. Guessable numbers like your birth date, city code, phone numbers or car registration numbers should be strictly avoided. This comes a long way in protecting your hard earned money even if your debit card is stolen or lost. The common thieving methods of debit card details include skimming, shoulder surfing, card trapping, and obtaining details of the card from fraudulent scam sites. If the loss of debit card is reported immediately to the concerned institution the card can be deactivated from being used by others.
When it comes to purchasing goods over the internet, debit cards are an excellent alternative to credit cards. Most online vendors accept debit cards with visa or master card logos on it. You can also place orders over the phone using your debit card. However, reciting your debit card number over the phone or giving out the details over the internet should be done with utmost care. Provide these details only after you confirm that the vendor you are dealing with is a genuine one. There are hundreds of scams that steal such sensitive information for fraudulent practices.
Although many of the debit cards come free of charges, some of them still have many hidden charges. This is why it is important to read the fine print before you apply for a debit card. Some of the common fees charged by the banks include surcharges for mere usage of the debit card for purchasing over the internet or even withdrawal of cash in ATMs of other banks and institutions. Some banks even charge for using your debit card more than the prescribed number of times in a month.
There are also other precautions that could help you use your debit cards in a trouble free manner. It is wise to have alternate payments, such as cash, checks, or credit cards when you are out on a shopping spree. Not all of the shops in UK accept cards and here cash and checks will be of great help. In case your debit card lacks funds or you purchase is beyond the daily limits, credit cards can come handy in saving your face at times of need. While physical loss of debit cards can be easily detected and reported, information loss takes some time to be detected and this is why you need check your bank statements regularly for errors and discrepancies or unauthorized purchases and withdrawals. It is a good idea to retain all the receipts of your debit card transactions to compare and cross check it with you bank statements.
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