Are you looking for the best debit card for students and teen 2022? If yes, then let me carefully guide you with this interesting information.
In this article, I am going to explain deeply on information that relates to choosing a debit cards, the importance of debit cards and as well for credit cards.
In this modern world, student needs to know what’s best for us and is also student friendly. Student need the best debit card because of the ability to spend less.
What is a Debit card?
A debit card is a card use for transactions for payments options in which money is been deducted from the consumer’s account.
Platinum card, master’s card, visa and verve are all forms of major payment processors. A debit cards is well known for transactions either online or offline.
The problem is that most people cannot differentiate the difference between debit cards and credit cards.
A debit card is use for transactions for payments options while a credit card is simply use to borrow funds from the bank or institution. But there are still more differences in which you need to know about.
Differences between Debit and Credit Cards
Listed below are some of the differences between Debit and Credit cards.
Although they have differences but also have similarities, it’s not easy to spell out the differences much since both debit and credit cards are also made for transactions.
Money is been deducted directly from your savings during transactions while with credit card, money is been deducted directly from the bank and institutions.
It is more safer with credit cards than with debit cards because credit cards have more secure consumer protection against fraud than debit.
Most credit cards no longer charge annual fees while debit card does.
Credit cards holders can receive cash rewards, travel point, discounts and many other available rewards while debit cards holders cannot.
Credit cards has an act backing it which is the FCBA (Fair Credit Billing Act) in which it’s protect the consumer from unauthorized purchases, damage goods and lost during shipping while consumer’s using debit card cannot be protected that is the goods purchase cannot be reversed.
Similarities Between Debit and Credit Card
Debit and Credit cards has some certain similarities, but the basic similarities is that, they are been made for transactions.
But they possessed some specific numbers of identity which are;
- Debit and Credit cards has the same similarities on the surface of the card, for example; expiration dates, EMV chips, sixteen (16) digit card numbers and Magnetic Strips.
- They are easy and convenience to use for transactions.
There are some series of things you need to know about debit cards, we have already discussed about the meaning of debit cards earlier, but we are yet to discuss more deeply about how debit cards work.
So we are going to discuss how debit cards works.
Check also: how to choose a student credit card
About Student Debit Card
We all know that debit cards makes transactions easy and convenient but online and offline.
Some certain things we need to know about debit cards which are mostly merit and demerit of a debit card and they are;
Disadvantages of using a Debit Card
- No Rewards; Unlike credit cards, debit cards has no reward except as a customer of any bank that has a reward checking account.
Debit cards are merely used for transactions that is, it is specific on businesses and savings there are no earning point, travel points or either cashbacks and so on.
- Can’t be used for lending or borrowing purpose; Unlike using a Credit cards for loans, Debit cards are not designed for that, that means it’s can’t build a good credit.
You can only takes loans from your bank in which your bank can deduct money from your account, there are some ways of collecting loan from the bank without collateral, which is joining the cooperative in your working in which can be deducted from your account to pay your debts.
- Debts; Debit cards makes you secure more debt because the money being spent on your account are yours, unlike credit card which the money being spent are from the organizations or bank in which they lend to you.
- Bank Charges; Most bank Charges at high rate especially when you used another ATM machine and also some debit issues may occur.
Advantages of Using a Debit Card
- Protection from Fraud; Unlike credit cards, some debit cards such as master’s and Visa’s card now offers more advance protection to their customers.
Note that Fraud or lost of your debit card should be reported fast to the bank for quick action.
- No Annual Charges; When a customer of a bank uses his or her own debit card on the ATM machine of their bank, charged will not incurred but one thing you need to note that there are maintenance charges.
Beat Debit Cards for Students 2022
As we have discussed some certain things about debit cards which may be beneficial to you as a student, let’s go to the main deal which is to list out the best debit cards to use as a student.
The best debit cards for students are;
- ICICI [email protected]
- AXIS BANK YOUTH DEBIT CARD
- HDFC DEBIT CARD
- IDBI BANK
1. ICICI [email protected]
The cards is the best because it has some many benefit that is being render to student. The benefits are;
- It is more safer for security reasons
- It’s makes transactions easy and convenience
- Student also benefit by using free internet and also free mobile banking, but it specific to some certain cities
- There are also free transfer from parents to their child, for the payment of tuition, living expenses, etc. Note that the child must be above seventeen years.
2. Axis Bank Youth Debit cards
- It’s easier to generate card pin
- They offer premium brands for your daily withdrawal
3. HDFC Debit Card
- They provide millennia debit card to student
- They also offers loan, mobile recharge, movies etc.
4. IDBI Bank
- The debit cards can be is for easy transactions
- They are also free transfer, if it is the same bank.
This is specific to only student in India. It is necessary as a parent to open account so that it will make things ease and convenience.