Did you know that approximately as many as 98 percent of all Americans distrust information on the Internet? One of the reasons for this is that, while there is plenty of accurate information, there are numerous details that simply don't hold up well. This is especially true when it comes to finance, which brings us to the topic of debit cards. Here are some of the most common myths about debit cards, debunked by Robert Jain.
"Unlike credit cards, debit cards lack reward programs." As reputable names in finance, Bob Jain included, will tell you, there are many debit card reward programs out there. Some will offer miles, which go a long way for those looking to fly. Others will provide cash back based on purchases made at specific locations. It's important to weigh these options carefully, as some will prove to be more valuable to you than others.
"There's no need to change my PIN." If you have the same PIN that you originally selected years ago, it may be time to change it. In fact, did you know that a PIN should be changed every 3 months? Not only does this help you stay on top of your finances, but it will reduce the likelihood of your bank account being put at risk. As long as you select a PIN that can be easily remembered, at any moment, your account will be fine.
"If I use my debit card too much, my credit score will be affected." If you're looking to improve your credit score, it's possible that you'll be more careful about using your debit card. On the contrary, the aforementioned score won't be negatively affected. What this means is that, for example, if you make a huge holiday purchase, you won't have to worry about your score going down. This is a great comfort that financially-conscious individuals should keep in mind.
"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.
"Unlike credit cards, debit cards lack reward programs." As reputable names in finance, Bob Jain included, will tell you, there are many debit card reward programs out there. Some will offer miles, which go a long way for those looking to fly. Others will provide cash back based on purchases made at specific locations. It's important to weigh these options carefully, as some will prove to be more valuable to you than others.
"There's no need to change my PIN." If you have the same PIN that you originally selected years ago, it may be time to change it. In fact, did you know that a PIN should be changed every 3 months? Not only does this help you stay on top of your finances, but it will reduce the likelihood of your bank account being put at risk. As long as you select a PIN that can be easily remembered, at any moment, your account will be fine.
"If I use my debit card too much, my credit score will be affected." If you're looking to improve your credit score, it's possible that you'll be more careful about using your debit card. On the contrary, the aforementioned score won't be negatively affected. What this means is that, for example, if you make a huge holiday purchase, you won't have to worry about your score going down. This is a great comfort that financially-conscious individuals should keep in mind.
"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 info regarding credit and finance, in general, contact Bobby Jain today!
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