4 Reasons Why Debit Cards are Better Than Cash

debit card vs cash
Credit Score, Credit Card, Paying, Banking, Loan
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  1. How Debit Card is Better than Cash:

Debit Card is better than cash – Purchasing goods and services are adored by many of us today. Teens love everything, from fashion to electronics and video games. However, shopping today is miles different from two years ago. As Covid-19 continues to grip the globe, many shoppers have now turned their heads to online shopping. 

Due to this, purchasing goods online is a breeze for most adults, but unfortunately, teens find it rather inconvenient. A typical NETS or EZ-link card has to be topped up now and then. In addition to this, they can’t be used for online transactions whatsoever!

Buying that next video game or even ordering food requires parents to spare time from their busy schedule. Teenagers who live alone have no choice but to step outside their house to buy essential appliances and groceries. Making transactions online isn’t the only problem.

Picture yourself dining in a restaurant with your friend, and both of you realize that you don’t have enough cash and have no card on you. Your parents are absent and you’re awkwardly stuck at the cashier with zero money to pay. Awkward situations happen and you will have to rely on others for help (most likely your parents).

Losing money is another huge problem. No matter how responsible you are, unfortunate events occur to everyone. Money can get stolen easily, and carrying an enormous wallet around is a hassle. Keeping track of your spending is also very complex and inefficient if you’re paying by cash. 

Here’s where debit cards come into play; a solution for all seemingly inevitable problems.

How Debit Card is Better than Cash:

All of Your Cash in One Small Card

Debit cards are linked directly to your deposit account, which can be topped up easily with bank transfers, PayNow, or credit/debit cards. So you can worry less to never have to worry about running out of money as you or your parents can easily top up your account even if they’re not with you (especially in times of emergency).

Avoid Theft by Using a Debit Card

Anyone can steal cash from your wallet or pick up the cash you lost and spend it according to their will. However, with a debit card, it is nearly impossible to steal your hard-earned money. When you lose your card, you can immediately freeze it using the GET app. This way, not a single thief can find his way around robbing you. Download your GET APP now!

Organized and Convenient Payments

Debit cards allow you to complete transactions without rummaging through your wallet, borrowing cash from your friend, or going to an ATM. In fact, debit cards act as portable ATMs, and making transactions is a breeze. Also, you won’t have to touch cash at all (Hygiene during covid-19). All you have to do is tap your card on the POS machine and your payment is made! 

Improving Your Teen’s Money Habits

Teens are most unwise when it comes to money. Although most of them already know that money has to be saved and managed appropriately, they find it near impossible to apply that knowledge practically. The main reason is that everyone at that age is attracted to visually appealing objects and this psychological behavior pulls them away from doing the honors. So, they take years to learn this basic and equally crucial skill that every teen needs to learn!

An outstanding solution is to use a debit card. Along with safety, convenience, and debt-free spending, using debit cards improve teenagers’ money management skills. You can learn how to keep your spending habits in check, spread awareness about the habit of saving (in a practical way), and put them a step ahead of the other teens in terms of budgeting.

Useful Insights on Debit Card

Affordassets shares a wonderful insight on debit cards by saying: 

When you buy something with a credit card, the amount you charge is considered debt until you pay off everything you owe. That’s not the case with debit cards. You can make instant transactions from the money you already have. This keeps users aware of their financial situation and keeps their spending habits in check. Debit cards also don’t charge any annual fees, unlike credit cards.” – Affordassets.com

Pro tip: Track your spending.
when you track your spending, you know where your money goes and you can ensure that your money is used wisely. You can achieve this by using the GET prepaid Visa debit card and receiving instant transaction records and notifications in the GET app. With GET, you can also check every transaction you made in the GET app and be more mindful of your spendings, without incurring any fee.

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For additional tips on how to manage your money and, I recommend reading Budgeting 101.

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