Some of the advantages of debit cards include convenience, being able to save time, the ability to get cash back, and staying within a budget. Examples of disadvantages include having a harder time fighting charges, extra fees, not being able to improve credit, and minor fraud protection.Continue Reading
An individual who has a debit card doesn't have to worry about carrying around cash or a checkbook and pen to make purchases. There's also less hassle involved with using debit cards since they aren't viewed with as much scrutiny as credit cards or checks. A consumer who is on a budget can also benefit from using a debit card since he's only able to use the amount on the card. There's no need to worry about interest charges or late fees with debit cards.
One of the biggest drawbacks of debit cards is that the money is taken out of the individual's account as soon as a purchase is made, which makes it challenging to dispute faulty charges. An individual trying to improve his credit is unable to do so with a debit card since debit card use isn't reported to credit bureaus. Debit cards also aren't known to have the same level of protection as credit cards.Learn more about Credit & Lending
Making transactions with cash can foster good spending habits, reduce targeted marketing, and alleviate the risk of identity theft, but cash-based transactions may be harder to track, and some merchants only accept credit or debit cards. As with other aspects of finance, carrying cash and using it for transactions has its share of benefits and drawbacks. It can help to reduce consumer spending, but it leaves carriers vulnerable to robbery and is more difficult to track on personal bank accounts.Full Answer >
Preloaded debit cards tend to be safer to carry than cash, which is one major advantage. Other advantages include worldwide functionality and the ability to reuse the card as many times as the carrier wants.Full Answer >
Bank of America rewards earns customers rewards each time they spend money, including cash back, travel rewards and gift cards, says Bank of America. Customers should choose a reward card that fits their needs and lifestyles in order to benefit from the program.Full Answer >
MyVanilla debit cards can be purchased at Walmart, Walgreens, Family Dollar, CVS Pharmacy, Dollar General, 7 Eleven, Office Depot, SueprAmeica, Food City and many other locations. A complete list of retailers that offer the card and card reloads can be obtained by visiting the card’s official website at VanillaReload.com.Full Answer >