Personal Debit Card Services

Americans, instead of spending their money on debit cards, prefer to use the funds of banks. That is why credit cards are popular in this country.

credit cardsDebit cards in the United States are not common among the local population. Americans are used to counting their money, so they often use credit cards. They don’t have much money left after each paycheck. Deposit rates in America are low, so people prefer to invest their free funds in stocks, on developing their own businesses, in pension savings, on modest travels, etc.

Most Americans get paycheck on bank accounts, from which they repay debts accumulated on credit cards at the end of the month. Credit cards are used everywhere. This is beneficial because many offers accrue cashback, offer some kind of insurance or other bonuses. Their significant advantage is the free use of money within the grace period.

Debit cards are often used to get cash. As a rule, several tens of dollars are withdrawn from them to pay for purchases where cards are not accepted (for example, at farmers’ markets or in small street stalls).

A person needs a Social Security Number (SSN) to obtain a debit card. You can get it at the Social Security Administration. Card issuing conditions vary depending on the bank. Somewhere, the service will be free, somewhere with a minimum balance of $100-200, somewhere you have to pay $20-30 a year. At the bank office, you need to fill out an application for a card issue. In some cases, after that, you will be given a checkbook, documents and a card for ATMs (cannot be used on the Internet). The debit card itself will arrive in the mail within two weeks.

Additional terms to remember:

  • Many shops and cafes have a minimum amount for using the card (usually $ 5-10);
  • ALL ATMs charge $ 3-6 for any withdrawal transaction;
  • Use ATMs from banks (rather than noname), they charge a minimum commission of $3 per operation.

Category: Online Loans

Tags: loans online, Micro loans, payday loans