If you have a checking account, using a debit card is a great and convenient way to manage your spending and protect your finances. Credit cards are convenient because they allow you to pay for things when you don’t have money immediately available to pay for something, but the fees and interest you have to pay on them, causes you to end up paying more interest over time.
As of 2020, 79% of Americans use a credit card, while 67% percent use a debit card. Credit cards may have the edge in terms of usage, but there are still several perks to using your debit card. In addition to avoiding the fees associated with credit cards, debit cards provide better control over your spending and budget, rewards for making purchases, and more. Learn more about the benefits of using a debit card below!
Fewer Fees and Service Charges
When you use your debit card, you can say goodbye to the annual fees, interest fees, and late payment fees that credit cards entail. You may still have to pay an ATM fee when using your debit card, but these fees typically only apply when you use an ATM outside your bank’s network. And with Landmark, you can use any ATM in the MoneyPass network with no fees!
While debit cards don’t require the same service fees as credit cards, it is possible to incur an overdraft fee or low balance fee if your funds drop below a certain amount. However, you can easily avoid these fees by keeping an eye on your spending and developing a budget.
Immediate Access to Your Money
Unlike credit cards, debit cards provide a direct line to your bank account—anytime you want to make a purchase, you can do it right away. Credit cards do allow you to spend so much with a credit limit, but you also have to get approved for that credit card.
Additionally, debit cards don’t require approval for you to spend money that’s already in your account. This feature is helpful when you want to make a large purchase that isn’t within your credit limit, but have sufficient funds in your bank account. For fraud prevention purposes, your debit cards do often have a daily limit, but if you need to make a large purchase, you can simply give the bank a call to have your limit adjusted.
Better Management of Your Budget
When you have immediate access to your account through a debit card, you can manage your money directly. Rather than allow you to rack up a large balance on your credit card—or worse, rack up a larger balance than you can pay off at the end of the month, adding debt to your credit report—a debit card immediately takes money out of your bank account.
By using your debit card in lieu of a credit card, you can create a live report of how much money you actually spend—and the amount that’s available in your checking account.
Enjoy Bank Rewards with a Debit Card
It’s fairly common for credit cards to offer rewards or cashback returns on certain purchases, but did you know some debit cards now offer rewards? Depending on your bank and the rewards program your card uses, you can earn points or cash back on travel, shopping, gas, groceries, and other everyday purchases.
When you open a personal checking account with Landmark National Bank, you’ll receive a Landmark VISA® Debit Card. With your debit card, you can enjoy our free Landmark National Bank Rewards program. Each time you make a purchase with your card, you earn points for a variety of rewards, such as apparel, electronics, and gift cards.
Interested in a personal checking account with Landmark National Bank? Visit a Landmark National Bank branch near you to learn more about our products and services today!
Manage Your Cards with CardManager from Landmark
If you want to manage your finances, keep track of your budget, and protect yourself against fraud all in one place, Landmark National Bank has the solution for you. Our new CardManager app allows you to take control of your debit card usage with a few taps on your phone.
Simply link all of your eligible Landmark National Bank cards, and even the cards of your authorized users, to the CardManager app and start tracking your finances in seconds.
From our new app, you can easily turn your linked cards on and off in an instant for any reason and set controls and alerts on cards, perfect for managing your children’s spending when you can’t be with them. Controls can be set based on transaction location, type, and amount. You can also set up travel plans, which alert the bank that you will be traveling outside your normal area and want to use your card on those trips.