Introduction to Debit Cards

Debit cards are electronic current account cards that offer a safe, convenient alternative to cash and cheques when you wish to make payments. Unlike a credit card, these cards are linked to your current account and you can only spend money that you have; regardless of the type of transaction you make using your card, the funds are always deducted from your current account balance. Debit cards can be used to purchase goods and services in shops, restaurants, garages and supermarkets, as well as online. Debit cards can also be used at Automated Teller Machines (ATMs) to withdraw cash from your account.

For most transactions that you make, you will not be charged for using your debit card. However, if you use your debit card abroad, or withdraw cash from certain cash machines, there may be a small percentage fee. As with most financial products, certain terms and conditions will apply to the use of the card. Protecting your debit card from fraud is paramount, if you wish to safeguard the money in your current account. A debit card essentially gives a criminal unlimited access to your current account funds if they wish to make online purchases; you should be aware of the potential drawbacks of using debit cards, so that you can manage and secure your finances appropriately.