Debit cards are an easy way to pay with a bank’s own branded debit card, which can be used anywhere you see their logo on display.
Credit cards are also great for use in stores and online, but if you’re looking for a debit card that offers more security and convenience than standard credit cards, then this post is for you! We’ll explain what types of debit cards exist and how they work, so that when your next purchase comes up – whether it’s groceries or flowers – then you can easily choose the right one!
Debit card vs. credit card
- Debit card transactions are immediately deducted from your checking account.
- Credit card transactions aren’t immediately deducted from your checking account.
- You can get into debt with a debit card, but you can’t get into debt with a credit card.
Bank’s own branded debit cards
If you’re looking for a way to make purchases without having to pay ghost card fees, bank’s own branded debit cards are an excellent option. Many banks offer these types of cards because they can help customers avoid paying their exorbitant interest rates and other fees associated with using a credit card.
The best part about this type of debit card is that it doesn’t have any processing or transaction fees attached to them — no matter what type of purchase you make. That means if your balance remains low enough or if your bank has good customer service, then there’s no reason for them not being able to provide value-added services like overdraft protection or fraud monitoring services as well!
Visa and Mastercard debit cards
Visa and Mastercard debit cards are the most widely accepted types of debit cards. They can be used to withdraw cash from ATMs and make purchases online, as well as in-store at places such as gas stations, grocery stores and restaurants.
These cards are not tied to a specific bank; instead they allow you to choose which one you want to use when making payments online or over the phone (if your card has this feature).
American Express debit cards
Both American Express and Visa are great options, but they each have their own strengths.
- American Express is a good choice if you’re traveling extensively. The card can be used at ATMs worldwide and in most countries where Visa is accepted (more than 200 countries). Plus, AmEx offers its own travel insurance through the Card Protection Plan.
- If you want to earn rewards on purchases made with your debit card or credit card, then it’s best to choose Visa’s version of this product: Visa Signature® Card Rewards Program™. This option gives users 1% cash back on all purchases made with the card (as well as additional categories like gas stations), while also offering double points per dollar spent at restaurants and select hotels/resorts/cruises through December 31st 2020!
Pre-paid debit cards
Pre-paid debit cards are a great option for those who want to use their bank account as a source of funds. These cards can be used anywhere, including online and in stores. They don’t require any credit checks or paperwork, which makes them ideal for anyone who doesn’t want to deal with any of that hassle.
Pre-paid debit cards also have some other benefits:
- No fees charged for the reloading of funds—so if you’re looking to spend more than you have on your card, this might be an option for you (as long as it’s not too far over).
- The ability to withdraw cash at ATMs around town without paying any fees (this can range from $2-$5 depending on where in town).
- Using an online payment system like PayPal or Square Cash where there are no fees involved either when using these types of prepaid accounts!
Choose a debit card that meets your needs.
Before you decide on the type of debit card that’s right for you, it’s important to consider the features and benefits of each. A good rule of thumb is to choose a card that meets your needs and wants in terms of fees, rewards, and services offered.
- Low fees: The less money you have in your account at any given time, the better off you’ll be because it means fewer charges from overdrafts or ATM withdrawals will hit your balance (and thus lower how much interest will be charged). You can also check out how much money is being charged by each bank by looking at their website or calling them directly.
- Rewards for using it: Some banks offer bonuses when customers use their debit cards at certain retailers or online sites like Amazon Prime Day sale events where new products are available for free shipping for orders over $25! This could help offset some costs associated with paying bills online versus having those amounts added directly onto them via paper checks which may incur additional fees from processing companies like Western Union or Money Gram when transferring funds between countries around world.”
We hope that this article has helped you get a better understanding of the different types of debit cards and how they may fit in with your financial goals. If you’re still not sure which one is right for you, try looking at our list of best debit card options as well as our breakdown on choosing between Visa or Mastercard debit cards. Happy shopping!
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