If you're looking to get a hold on your finances, you must have the right information on hand. Robert Jain, as well as other names in this industry, will be able to share ample insight on debit cards. This is a common method of payment, trusted by many people, but not everything that you've heard about it is true. For those that would like to learn more about debit, in general, here are a few myths and the truth behind them.
"Debit cards don't offer rewards as credit cards do." A simple Google search will show that there are quite a few debit cards that offer rewards to their consumers. Are you looking to travel in the future? It's entirely possible to sign up for a debit card that offers miles on your purchases, which can be used to help balance the expenses associated with air travel. Additional research is recommended by names like Bob Jain if you're interested in signing up for a program like this.
"If I choose one PIN, I don't need to change it." Just because you have a PIN that you can easily remember, while others can't, doesn't necessarily mean that it should be the only one you have. It's worth noting that your PIN should be changed every few months. There are many banks that require their clients to routinely update their information, mainly for security purposes. When it comes to finance, including debit accounts, one can't be too careful.
"Using a debit card can impact one's credit score." As you may have already guessed, your debit card and credit score are separate entities. Any activity that you undertake, as far as your debit is concerned, will not be sent to credit bureaus. In other words, your score won't be affected. If you're planning to improve your score, focus on more effective methods, ranging from paying outstanding debts to more mindful credit card usage in general.
"It's safer to use a credit card than a debit card." When it comes to financial security, believe it or not, credit and debit cards are practically identical. Simply put, it's not inherently safer to use one method as opposed to another. In fact, they have similar security measures implemented, perhaps the most recent being EMV chips. When it comes to safety, as far as your bank account is concerned, one method isn't necessarily better than the other.
"Debit cards don't offer rewards as credit cards do." A simple Google search will show that there are quite a few debit cards that offer rewards to their consumers. Are you looking to travel in the future? It's entirely possible to sign up for a debit card that offers miles on your purchases, which can be used to help balance the expenses associated with air travel. Additional research is recommended by names like Bob Jain if you're interested in signing up for a program like this.
"If I choose one PIN, I don't need to change it." Just because you have a PIN that you can easily remember, while others can't, doesn't necessarily mean that it should be the only one you have. It's worth noting that your PIN should be changed every few months. There are many banks that require their clients to routinely update their information, mainly for security purposes. When it comes to finance, including debit accounts, one can't be too careful.
"Using a debit card can impact one's credit score." As you may have already guessed, your debit card and credit score are separate entities. Any activity that you undertake, as far as your debit is concerned, will not be sent to credit bureaus. In other words, your score won't be affected. If you're planning to improve your score, focus on more effective methods, ranging from paying outstanding debts to more mindful credit card usage in general.
"It's safer to use a credit card than a debit card." When it comes to financial security, believe it or not, credit and debit cards are practically identical. Simply put, it's not inherently safer to use one method as opposed to another. In fact, they have similar security measures implemented, perhaps the most recent being EMV chips. When it comes to safety, as far as your bank account is concerned, one method isn't necessarily better than the other.
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For further information about credit and finance, in general, contact Bobby Jain today!
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