Using your debit card has several advantages. When using your debit card, you can buy items that exceed the money you have, enabling you to own expensive items and pay for them later. However, the privileges of using your debit card can cost you a fortune. That’s because swiping your debit card exposes you to different frauds. Debit cards take money straight from your bank account, and you don’t have time to confirm your transactions. That is why you should avoid using your debit card at every cost. But if you have to use it, avoid the following.
An independent ATM
Thieves use advanced techniques to get whatever they want. And getting your identity is the first step towards stealing your hard-earned cash. Mostly, they wait for you to stick your ATM card in an ATM. Then, they sneak a skimmer inside the machine, which they use to get your identity.
That is why you should only use an ATM in emergency cases. If you don’t need money urgently, withdraw your cash inside the bank instead of using the ATMs, especially those on the streets. Withdrawing your cash inside the bank ensures your money and details because security officers and cameras secure the bank around the clock. However, using an ATM poses a risk because thieves take advantage of ATMs without security to rob innocent clients.
At gas stations
When you use your debit card at a gas station, the attendant requests you to swipe your card before filling your tank. So, they never get to know your debit card balance. If the station does not have proper security measures, it could be the perfect place for fraudsters to steal from people visiting the station.
To protect themselves, gas stations set the maximum limit of the money each client should spend when filling their vehicle at a particular visit. After swiping your card, the money you spend does not leave your account immediately. It’s only after the gas station deals with your bill that the transaction goes through, which might take between 24 to forty-eight hours.
For travel plans
When planning an upcoming trip, you might opt to use your debit card, mostly when several vacancies are left. That will enable you to book a place before it’s too late. However, you could also lose your money in the process. If you book your trip with a small or independent travel company, you could lose your money if the company closes down before the trip day.
Besides, if you change your travel plans, the companies might be reluctant to refund the money you had paid. And if they finally agree to refund the money, it might be less than what you had paid.
Regardless of the advantages you could get when you shop using your debit card, you should also be wary of its risks. If you have to use your debit card for whatever reason, avoid using it for any of the above transactions. That might inconvenience you, but it will save you a fortune.