What Is The Most Important Thing About Debit Cards?

By Author: Anne Fy
Total Articles: 1
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With the recession in full swing, many people are finding themselves in a difficult financial situation. Between the loss of jobs and the increase in bills, people are finding that it is difficult to make ends meet. This is where a credit card comes into the picture. A debit card allows consumers to use their credit cards to pay for purchases, thus gaining the benefit of spending money instead of paying interest. This allows people to pay for everyday necessities and buy the things they want with cash or a credit card, without having to worry about late charges, over-limit fees, and damaging interest charges that can accrue.
Banks would like to have everything; including debit accounts. In fact, many banks would like nothing more than to take all of the payments that are currently handled by debit accounts. Consumers would benefit from such a struggle between credit card banks and retailers for their own means of payment. On one side would be the credit card banks, on the other would be the retailer and eventually the consumer, as they both rack up points on their accounts by using a debit account instead of a credit card.

Debit ...
... and credit cards differences

This struggle between debit and credit cards can be resolved if we stop allowing banks to dictate what is good for us. We can work towards changing this attitude by demanding that our elected representatives to institute laws that require that any ATM with a debit card service allow credit card transactions at a charge only to the debit card user. This would be a major step towards eliminating the interchange fees that charge from debit accounts. We can also change our spending habits to limit ourselves to using only cash for purchases and not using a credit card. Only by doing this will we begin to undo the damage that the credit card has done to our economy. It is time for consumers to stand up for themselves and for their rights.