Great reasons to get a debit card

Jet, May 10, 2004

You're standing in an extremely long checkout line, you're running late for work and you desperately need to use the restroom. Suddenly, out the corner of your eye, you spot a woman struggling to fish something from the dark abyss of her purse. She pulls out a pen, a wallet, and an I.D. from the wallet. Tension fills the air as the patrons anticipate the inevitable. The woman plunges her hand into her sinister bag a final time and produces the horror of all checkout line horrors--the checkbook!

A collective moan escapes from those in line. Everyone except you, that is, because you're first at the cash register, that sadistic lady is behind you, and most importantly, you own a debit card! You swipe it, enter your PIN, grab the receipt and hit the street while all others grit their teeth.

Indeed, debit cards make checkouts a breeze, but the benefits don't end at the cash register. A debit card can be a potent financial tool, and if you don't already own a card, here a few reasons to slip one in your wallet:

* Provides quick and painless purchasing power. Condense a checkbook and an ATM card and you have a sleek, small plastic powerhouse known as a debit card. Because it's linked to your bank checking or savings account, you can use your debit card at ATM machines to get cash or make deposits.

And you can use your debit card instead of using cash or writing checks to buy goods at places equipped to accept debit cards--most are these days--and the cost of your purchase is subtracted directly from your account. Also, if your debit card bears a credit card logo on the bottom corner, you can use it in places that accept charge cards. But remember, it's still a debit card, so if you buy now, you pay now.

* Leaves a detailed paper trail. Never again will you utter the query, "Gee, where did all my money go?" since every latte and late night pizza you purchase with your debit card will be laid out in black and white on your monthly bank statement. And once you have that track record of your spending, it's easier to expose those hidden budget busters.

* Curbs careless spending. Got champagne tastes on a soda pop budget? No problem if you only carry your debit card. Unlike its credit card cousin, which makes it easy to impulse buy now and pay dearly later, a debit card can help reduce episodes of fiscal frivolity since you can only spend within the limits of your account. And you can't spend it if you ain't got it.

* Keeps your money safe. If you lose your cash, or even worse, someone steals it from you, there's little you can do. But if your debit card is missing or stolen, you can call your financial institution and have the card canceled, which prevents anyone else from using your card. And depending on your debit card terms, you may not have to pay for any unauthorized charges.