The word Debit Card is very popular among persons who own Bank account around the globe. According to survey carried out by Mntrends, in Nigeria Debit Card is the most popular among all three types of Cards.
Aside from this type of card,there is Credit Card and Prepaid Card all performing different functions. In this article, our focus will be on Debit Cards, what it means, its use and how you can keep it safe.
What Is A Debit Card
Simply put, a Debit Card is type of card issued by your Bank or any financial institution that allows you to withdraw money from your Bank account. This means that Debit cards perform one job and one job only, Withdrawal of funds or cash.
It might be withdrawal through the use of ATM(Automated Teller Machine), POS or even through some payment gateway on the Web. Anytime you use Debit Cards there is always a withdrawal of cash from the related account.
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Debit Cards are directly linked to your Bank account. This means that if you have no money in your bank account you can’t use your debit Cards. For your Debit Cards to be useful, you must have money in your the related Bank account.
Major Issuers Of Debit Cards
There are different financial institutions that issues Debit Cards across the globe. Most debit cards can be used anywhere in the world but some can be use within a geographical region. Below are top Debit Cards issuers.
- Master Card
- Visa Card
- Velve Card
- America Express
- Bank of America
- Capital One
Importance Of Debit Cards(Why Use Debit Cards)
There are various use of debit cards and we have a list of few important ones below
- Quick Cash withdrawals
- Easy to use
- Access to cash almost anywhere
- Online payment
- Internet transaction is much easier with your debit cards
- Money transfer is much more faster and easy
- Airtime Top Up and Bills payment.
- Control over how to spend your money.
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Major Threats Facing Debit card Users
Truth be told, Debit cards users have been target of identity theft and various online scam. Below are some major threats that faces those who uses debit cards
- Theft: Sometimes people target those with Debit cards and steal their card. With your bank link to your card this is a major problem as you might lose lots of money if not properly handled.
- Carelessness: People are sometimes careless and this is not good. Your card is protected by a security PIN and once someone have access to this PIN and your debit card there is no telling the number of damage he can do.
- Internet: Using your debit cards in any website you see is not such a good idea. Some websites save data of your debit cards and that can be used against you.
- Unprotected Debit Cards: The four most important parts of your debit cards are, the Serial Number at the front(14-16 numbers), the Expiry Date of the Card(validity date), the Name of Card Holder and the CVV 3 digit behind the card(in some card it is 4 digit and its located at the front).
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Now that you have seen that there are lots of threats facing users of Debit Cards, you might get scared. Well it’s okay to be scared but we also have some major tips to help you secure your cards.
How To Keep You Debit Card Secure
- Keep your debit cards safe.
- Take it along anytime but only use it when it is necessary.
- Always keep on the look out when its been used for POS payment.
- Your Debit card serial Number, Expiry Date, Holders Name and CVC is very vital. Make sure no one person get all four details from your card.
- The PIN associated with your debit card should be kept confidential. Strictly to be used by you, close family members and trusted friends.
- Report to your Bank or Financial institution the moment your card is stolen.
- If you notice a suspicious activity in your debit card contact your Bank or financial institution ASAP.
- Ask your Bank or Financial Institution to block any card that you feel is expose to threats.
- Never take a photo of the back and front of your debit card and send to someone you met on the internet.
Mntrends can not possibly cover every area as it relates to Debit Card. But we hope this information of ours help you understand and stay safe as you make use of your Debit Cards. What is your experience using Debit Cards please feel free to use the comment section below and tell everyone about it. Please use the share button below to share our posts on Facebook and Twitter.