A Tale of Financial Independence

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Let's Talk: Debit Cards

What is it? We use our debit cards regularly for our everyday transactions like getting our morning coffee or for shopping online. It's a pretty convenient way to carry around money without the risk of carrying physical cash. There are some important characteristics to remember about debit cards though. They not only serve as a way for you to access your money but also as an ID for your bank. Each person that has an account with their bank will be given a debit card and a pin code. For some in-store transactions, you will need to enter your pin code each time to make a purchase. Limits of a Debit Card Did you also know that your debit card has daily limits on how much you can spend? You're actually limited in 3 categories, to a maximum of about $5,000 per day. You may change these limits to fit your spending needs but remember there is maximum to how much you can use regularly. If you try to exceed your limit, your card will be declined. If you need access t...

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