If you're looking to get a hold on your finances, you must have the right information on hand. Robert Jain, as well as other names in this industry, will be able to share ample insight on debit cards. This is a common method of payment, trusted by many people, but not everything that you've heard about it is true. For those that would like to learn more about debit, in general, here are a few myths and the truth behind them.
"Unlike credit cards, debit cards lack reward programs." As reputable names in finance, Bob Jain included, will tell you, there are many debit card reward programs out there. Some will offer miles, which go a long way for those looking to fly. Others will provide cash back based on purchases made at specific locations. It's important to weigh these options carefully, as some will prove to be more valuable to you than others.
"I only need one PIN." The truth is that many finance experts recommend that debit card holders change their PINs every 3 months or so. Keep in mind that a PIN is only 4 digits long, meaning that it's surprisingly easy for an attacker to guess it, which puts your bank account at risk. Make sure that you routinely change your PIN, ensuring that it's easy enough to remember. Needless to say, this will keep your account safer.
"Your credit score can go down if you don't use your debit card wisely." While it may seem like debit card usage can, to some degree or another, impact your credit score, this is simply untrue. In fact, any debit card activity will not be sent to your credit bureau. This can be just as much of a positive as a negative, though, particularly for those looking to boost their scores. Focus on lowering your credit card balance or paying off outstanding debts if you have a lower-than-desired score.
"Debit cards aren't as secure as credit cards." You may think that credit is the more secure method of payment, but this isn't exactly the case. One of the reasons for this is that, outside of where they're funded, they are identical from a safety standpoint. In fact, as greater security measures, including EMV chips, are implemented, you can rest easy knowing that your finances will be better safeguarded in the future as well.
"Unlike credit cards, debit cards lack reward programs." As reputable names in finance, Bob Jain included, will tell you, there are many debit card reward programs out there. Some will offer miles, which go a long way for those looking to fly. Others will provide cash back based on purchases made at specific locations. It's important to weigh these options carefully, as some will prove to be more valuable to you than others.
"I only need one PIN." The truth is that many finance experts recommend that debit card holders change their PINs every 3 months or so. Keep in mind that a PIN is only 4 digits long, meaning that it's surprisingly easy for an attacker to guess it, which puts your bank account at risk. Make sure that you routinely change your PIN, ensuring that it's easy enough to remember. Needless to say, this will keep your account safer.
"Your credit score can go down if you don't use your debit card wisely." While it may seem like debit card usage can, to some degree or another, impact your credit score, this is simply untrue. In fact, any debit card activity will not be sent to your credit bureau. This can be just as much of a positive as a negative, though, particularly for those looking to boost their scores. Focus on lowering your credit card balance or paying off outstanding debts if you have a lower-than-desired score.
"Debit cards aren't as secure as credit cards." You may think that credit is the more secure method of payment, but this isn't exactly the case. One of the reasons for this is that, outside of where they're funded, they are identical from a safety standpoint. In fact, as greater security measures, including EMV chips, are implemented, you can rest easy knowing that your finances will be better safeguarded in the future as well.
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For more information about credit and finance, in general, consult Bobby Jain today!
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