Debit Cards

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Debit Cards

Debit cards take money directly from a checking account whenever you make a purchase or pay a bill. In other words, the transaction is completed using funds you already have.

For example, your checking account has $3500 in it. On Tuesday, you purchase a new phone for $1100, removing that amount from your checking account. Your new balance is $2400.

Later that week, you purchase a TV for $2500. Unfortunately, your checking account is short $100, so the purchase declines.

Whenever your checking account balance runs low, it can be funded by bank transfers or check deposits.

Debit cards are a great way to control your spending and can help with managing debt because they do not rely on borrowed funds.