Useful Debit Card Safety Tips

In today’s world, a debit card is a must. Even though debit and credit cards are often used synonymously, there’s a difference between them. A credit card would be issued to you against a certain amount of money in your term deposit account. A debit card on the other hand doesn’t require you to have a fixed deposit account.

If you use debit card, you’ll have to pay the money later. In a way, using a debit card is like taking a loan. Almost every purchaser is US has debit card. Using debit card guarantees convenience and safety.

Useful Debit Card Safety Tips

However, we often forget that debit card safety is a vital issue. If you don’t know how to ensure safety of your card, follow the tips below:

Check the terminal


Debit cards are often being skimmed. To prevent this from happening, check the terminal first. If the terminal is chip enabled, insert the card. If the terminal is not chip enabled, swipe the card. If you don’t swipe, your card will not be skimmed. So by checking the terminal, you could avoid swiping unnecessarily.

 Beware of the liability policy


If a bank has zero liability policy, it means you will not be held accountable for any fraudulent charges or theft. But this policy holds only for signature debit card purchases. Signature debit cards are those which have the payer’s signature on them like MasterCard and Visa. If your debit card is not a zero liability card, money could be stolen from your account yet you won’t be able to do a thing. So check the card’s liability policy.

Don’t use the card


Sounds funny? Well, you need to understand when to use your card and when not to. For example, when you are buying something from the internet, it’s better not to use your debit card and use the credit card instead. First, you get better online security if your credit card is being used and secondly, online purchases may create a hold of fund in your account. So use the debit card solely at your discretion.

Check balance statement


To ensure the safety of your debit card, check the balance statement frequently. If you use net banking, you could see your balance statement sitting at home. Review your bank statement every day and in case you find an anomaly, report it to the bank. If you report late, you may have to pay penalty.

By following the tips above, you could increase your card’s security. Other than following the tips, keep your card in a safe place and don’t ever share the PIN number with anyone. Many forget the basics; you shouldn’t make this mistake.

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