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Debit Cards Compared

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Debit Cards Explained

Debit cards are particularly suitable for those people who struggle to pay off their outstanding credit card balance at the end of each month, or in severe cases add to their total debt.

Debit cards work in exactly the same way as credit cards and have exactly the same functionality. This means a debit card can be used to make purchases on the phone or online. Most importantly with a debit card, holders can only spend money they actually have.

Debit cards are a fantastic option for many consumers compared to credit cards and are growing increasingly popular.

How Do Debit Cards Work?

Debit cards work exactly in the same way as credit cards, so holders can make internet or over the phone purchases. Debit cards also let their holders access cash at overseas ATM’s and also allow owners to make purchases at credit cards only retail outlets. The only difference between a credit card and a debit card is when a debit card is used for a payment, the amount spent is deducted directly from the transaction or savings account associated with the bank rather than as bank credit. This means debit card holders do not get into or add to debt when they spend on a debit card.

Debit Card Features

Some debit cards also let their holders have access to a line of credit, which means the holder can overdraw up to a pre determined limit. Once overdrawn, debit cards start acting a lot like credit cards, except that overdrawn fees are also charged – which can be extremely high – so this should be avoided.

Many debit cards offer purchase protection in the same way that credit cards do. This means if a transaction is not completed, and goods were not delivered, or they were of substandard quality, the holder can claim a refund.

Many debit cards also offer internet transaction guarantees. This means that debit card holders are not liable for any fraudulent or unauthorized transactions, so long as the holder reports such transactions within a specified period of time.

If you are looking for a debit card deal then you should begin your search on the financial comparison site We aggregate financial products so that consumers can quickly compare a range different products and select the product that is most suitable for them.

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