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.
"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.
"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.
"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.
"Debit cards aren't as secure as credit cards." You may think that credit is the more secure method of payment, but this isn't exactly the case. One of the reasons for this is that, outside of where they're funded, they are identical from a safety standpoint. In fact, as greater security measures, including EMV chips, are implemented, you can rest easy knowing that your finances will be better safeguarded in the future as well.
"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.
"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.
"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.
"Debit cards aren't as secure as credit cards." You may think that credit is the more secure method of payment, but this isn't exactly the case. One of the reasons for this is that, outside of where they're funded, they are identical from a safety standpoint. In fact, as greater security measures, including EMV chips, are implemented, you can rest easy knowing that your finances will be better safeguarded in the future as well.
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For further information regarding credit and finance, in general, contact Bobby Jain today!
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