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.Know More
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
Customers can use an ACE Elite pre-paid debit card in the same way they do a bank debit card; however, the ACE Elite card is not attached to a checking account. Customers often pay more in fees with a pre-paid debit than a bank debits, states Bankrate.Full Answer >
PayPal’s official website offers information on its debit card, including the associated benefits, how to use it, and how to apply for it. The card allows PayPal account holders to use it all over the world, wherever MasterCard is accepted, to access funds in their accounts.Full Answer >
Some credit cards that offer cash back rewards include the Chase Freedom card, the American Express Blue Cash Preferred card and the Citi Double Cash card, according to NerdWallet. All three cards offer different cash back rewards for different purchases, including groceries, gas, Starbucks and Amazon.com.Full Answer >
Prepaid debit cards that have a Visa, MasterCard or other major issuer's logo on them work for online bill payments, according to CreditCards.com. Those cards work anywhere that any other type of credit card works. Some even come with routing and account numbers, allowing reloading via direct deposit.Full Answer >