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 lack reward programs that credit cards are known for." It's been said that debit cards don't have the same rewards that credit cards offer, but there are still numerous options to look into. These include, but aren't limited to, airline miles and cash back. What these do, hence the name, is reward you for the purchase that you make. A debit reward program benefits you, as such names as Bob Jain will attest, provided you take advantage of it.
"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.
"Your credit score can go down if you don't use your debit card wisely." While it may seem like debit card usage can, to some degree or another, impact your credit score, this is simply untrue. In fact, any debit card activity will not be sent to your credit bureau. This can be just as much of a positive as a negative, though, particularly for those looking to boost their scores. Focus on lowering your credit card balance or paying off outstanding debts if you have a lower-than-desired score.
"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 lack reward programs that credit cards are known for." It's been said that debit cards don't have the same rewards that credit cards offer, but there are still numerous options to look into. These include, but aren't limited to, airline miles and cash back. What these do, hence the name, is reward you for the purchase that you make. A debit reward program benefits you, as such names as Bob Jain will attest, provided you take advantage of it.
"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.
"Your credit score can go down if you don't use your debit card wisely." While it may seem like debit card usage can, to some degree or another, impact your credit score, this is simply untrue. In fact, any debit card activity will not be sent to your credit bureau. This can be just as much of a positive as a negative, though, particularly for those looking to boost their scores. Focus on lowering your credit card balance or paying off outstanding debts if you have a lower-than-desired score.
"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, as a whole, contact Bobby Jain today!
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