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Get it on debit

Who needs cash when you have technology?

New technologies are changing the way we live. Email connects people all over the globe, mobile phones provide communication convenience and flexibility, and the internet gives us access to information at the touch of a button.

These technologies haven't eliminated traditional methods of communication, but they certainly make life easier! The same goes for payment habits. For many years, putting cash or a cheque on the counter was the only known, and trusted, form of payment. Today, however, more South Africans are moving towards electronic payments.

And when it comes to managing your money debit cards are definitely the smart way to pay. Unlike credit cards, debit card purchases are listed on your bank statement, making it easier for you to track where you spent the cash you withdrew from the ATM.

While a credit card is a way to "pay later", a debit card is used to "pay now". When it's presented, money is immediately deducted from the user's cheque or savings account. Any consumer with a bank account can apply for a debit card through their bank and there's no need to qualify for credit eligibility. With debit cards, cardholders can only spend within the limits of what's in their bank accounts. Below are some of the benefits debit cards offer:

Convenience
Unlike cash, payment cards take up minimal space and can be carried with you wherever you go – even abroad. Payment cards allow you to pay for things anytime, anywhere and in times of emergency. Furthermore, payment cards provide 24-hour access to your money, even when the banks are closed.

Speed
Using cash can take up your time, whether in terms of managing bills, making payments or queuing at the bank or ATM to withdraw money. Card payments do away with all these time-consuming aspects.

Safety
Unlike cash, which can be stolen from you, payment cards can only be used by yourself, so they're useless to thieves. Your debit card will display your signature on the reverse and is protected by a personal identification number (PIN) that you choose and keep confidential. Your card can only be activated when you input this PIN. If your card's lost or stolen, you can report it to your bank without losing any of your savings.

Service
It's easy to lose track of cash payments. With payment cards, you always know exactly where, when and how much money you've spent from examining your monthly statements.

Flexibility
Cards allow you to make purchases over the phone or the Internet. Or, if you have to pay in cash, you can use your card to draw money from the ATM machine.

Previously published in True Love, Subscribe now and save