Protect your finances by getting rid of your debit card.
While you may think that you have your finances under control, have you thought about your financial protection? Monetary success and security go hand-in-hand, and you could be making the simplest of mistakes that could hinder your own funds.
One sole culprit of funds can be boiled down to debit cards. Many people believe that there is little harm in carrying a debit card, after all, it is tied to real funds in your bank account, rather than credit available on a credit card. However, debit cards can destroy your funds within minutes while credit cards offer protection and perks.
Debit cards come by default with savings and checking accounts. While this is the standard procedure, consider not using your debit card at all. Unknown ATMs, gas stations, and hacking of other systems are a daily occurrence. When a debit card is used on these hacked machines, this entitles the hacker to access all of your immediate funds and, more often than not, the debit card holder finds that their accounts have been drained within minutes. You could be left penniless for months until your bank sorts it out. With credit cards, you do not have this risk.
Credit cards are known for perks. From 0 percent interest, to reward points, to cash advances, to discounts on your purchases, these cards offer it all! More importantly, credit cards help you to build credit. As long as you use your credit card often and pay bills on time, your credit score is likely to grow. This score is vital for borrowing money in car loans, home loans, mortgages, student loans, and more. Credit cards also offer protection against any hacking and unauthorized use of your card, and you can use these cards abroad with minimal fees now.
Overall, credit cards tend to provide more tangible benefits than debit cards. For those who can manage money well, opt for credit!
For information on how to spend wisely and save money on your insurance policies, contact Kurt Rolf Insurance Agency. Located in Hopkins, Minnesota, we aid you with finding the right insurance to suit your needs and your budget.