Debit cards and credit cards certainly appear to be quite similar. They both carry a Visa or MasterCard logo, they both allow purchases of products and services without having to carry around large amounts of cash or hassle with a checkbook, and both contain some degree of protection against fraud or unauthorized account use.
But there are also some significant differences between the two types of cards. In fact, there are some situations where using a debit card comes with a higher degree of risk than using a credit card.
Here’s a list of some of the riskiest places when using... Articles Tagged ‘Banking Advice’
Risky Places to Use a Debit Card
Debit cards and credit cards certainly appear to be quite similar. They both carry a Visa or MasterCard logo, they both allow purchases of products and services without having to carry around large amounts of cash or hassle with a checkbook, and both contain some degree of protection against fraud or unauthorized account use.
But there are also some significant differences between the two types of cards. In fact, there are some situations where using a debit card comes with a higher degree of risk than using a credit card.
Here’s a list of some of the riskiest places when using...
Tuesday, April 16th, 2013
Debit cards and credit cards certainly appear to be quite similar. They both carry a Visa or MasterCard logo, they both allow purchases of products and services without having to carry around large amounts of cash or hassle with a checkbook, and both contain some degree of protection against fraud or unauthorized account use.
But there are also some significant differences between the two types of cards. In fact, there are some situations where using a debit card comes with a higher degree of risk than using a credit card.
Here’s a list of some of the riskiest places when using... Time to Open a Money Market Account?
When you open a new savings or checking account at your local bank or credit union, you may be asked if you also want to open a money market account. Money market accounts are similar to savings accounts except that they generally offer higher interest rates, have a higher minimum balance requirement, and only allow you to make a few withdrawals each month.
If you’ve never had a money market account before, then you might not be familiar with the situations in which having such an account makes good financial sense.
Here are some instances in which it might be...
Wednesday, April 10th, 2013
When you open a new savings or checking account at your local bank or credit union, you may be asked if you also want to open a money market account. Money market accounts are similar to savings accounts except that they generally offer higher interest rates, have a higher minimum balance requirement, and only allow you to make a few withdrawals each month.
If you’ve never had a money market account before, then you might not be familiar with the situations in which having such an account makes good financial sense.
Here are some instances in which it might be... The Pros and Cons of Giving a Child an Allowance
Starting to raise a child will involve a number of changes to your financial world. Your budget will change, your spending priorities will change, and your long term financial planning will change as well.
Another aspect of your financial responsibility towards your children is teaching them about money and personal finance. There are different techniques for doing so, but many parents have found that a direct approach – actually getting children to make financial decisions for themselves – is the most effective. This has traditionally been done by giving the child an allowance each week or month.
Here are some...
Monday, March 25th, 2013
Starting to raise a child will involve a number of changes to your financial world. Your budget will change, your spending priorities will change, and your long term financial planning will change as well.
Another aspect of your financial responsibility towards your children is teaching them about money and personal finance. There are different techniques for doing so, but many parents have found that a direct approach – actually getting children to make financial decisions for themselves – is the most effective. This has traditionally been done by giving the child an allowance each week or month.
Here are some... Tips to Manage Bank Transfers Between Accounts
Long gone are the days when we could effectively run our households with the cash from just wallets or purses (after cashing our weekly paycheck), or perhaps by using a simple checking account. Instead, consumers now have multiple financial accounts, likely including one or more checking accounts, bank accounts, and brokerage accounts. And we probably end up having to spend time and effort transferring money back and forth between these accounts.
Even if one doesn’t have a large number of different financial accounts, it’s still important to make sure that you are doing these transfers as efficiently as possible, without...
Thursday, March 7th, 2013
Long gone are the days when we could effectively run our households with the cash from just wallets or purses (after cashing our weekly paycheck), or perhaps by using a simple checking account. Instead, consumers now have multiple financial accounts, likely including one or more checking accounts, bank accounts, and brokerage accounts. And we probably end up having to spend time and effort transferring money back and forth between these accounts.
Even if one doesn’t have a large number of different financial accounts, it’s still important to make sure that you are doing these transfers as efficiently as possible, without... 10 Money Mistakes that Hurt Young Adults
It’s easy to make financial mistakes when just starting out. Even after graduating high school, trade school or college there are still going to be a lot of things that must be learned, particularly in the area of personal finance.
Money mistakes that a person makes when they are young can be some of the most devastating, even if the financial value of the mistake is relatively small. We’re constantly being evaluated through the activity on our credit reports, so mistakes that are made early in life can have a negative effect for many years.
Also, not focusing on saving...
Tuesday, February 12th, 2013
It’s easy to make financial mistakes when just starting out. Even after graduating high school, trade school or college there are still going to be a lot of things that must be learned, particularly in the area of personal finance.
Money mistakes that a person makes when they are young can be some of the most devastating, even if the financial value of the mistake is relatively small. We’re constantly being evaluated through the activity on our credit reports, so mistakes that are made early in life can have a negative effect for many years.
Also, not focusing on saving... How to Use Cash Flow to Plan for the Future
Cash flow analysis is an underutilized but extremely important element of personal financial planning. In its most basic form, cash flow is a measure of an individual’s total income versus their total expenses over a certain period of time. By incorporating a number of different financial measures into a single number, cash flow can help an individual plan for their future.
If a consumer never calculated cash flow before, they shouldn’t spend countless hours making sure every last cent for every account is in their budget. The point of a cash flow analysis is simply to gain an understanding of...
Monday, February 4th, 2013
Cash flow analysis is an underutilized but extremely important element of personal financial planning. In its most basic form, cash flow is a measure of an individual’s total income versus their total expenses over a certain period of time. By incorporating a number of different financial measures into a single number, cash flow can help an individual plan for their future.
If a consumer never calculated cash flow before, they shouldn’t spend countless hours making sure every last cent for every account is in their budget. The point of a cash flow analysis is simply to gain an understanding of... What is APY?
With interest rates on savings accounts and bank CDs at long term lows, it’s important for savers to make sure they’re getting as much as possible on their accounts. But it can be difficult to figure out which account pays the highest effective rate, since there are different ways to compound interest, as well as different deposit terms for things like bank CDs. This is why it’s important to know the “Annual Percentage Yield” (or “APY”) for each type of account.
What is APY? Annual Percentage Yield is a way of calculating a standardized rate that enables savers to compare...
Wednesday, January 30th, 2013
With interest rates on savings accounts and bank CDs at long term lows, it’s important for savers to make sure they’re getting as much as possible on their accounts. But it can be difficult to figure out which account pays the highest effective rate, since there are different ways to compound interest, as well as different deposit terms for things like bank CDs. This is why it’s important to know the “Annual Percentage Yield” (or “APY”) for each type of account.
What is APY? Annual Percentage Yield is a way of calculating a standardized rate that enables savers to compare... What is a Debit Card?
With the prevalence of online banking and electronic funds transfers, as well as the large number of automated teller machines that are available, there are more ways than ever for us to access the funds in our checking accounts. One of the most common ways for people to gain access is through the use of a debit card.
Debit Card Basics. A debit card is a banking card that provides direct and immediate access to the cardholder’s funds. The most common type of debit card is one that’s linked to a checking account. This allows the account owner to spend...
Tuesday, January 22nd, 2013
With the prevalence of online banking and electronic funds transfers, as well as the large number of automated teller machines that are available, there are more ways than ever for us to access the funds in our checking accounts. One of the most common ways for people to gain access is through the use of a debit card.
Debit Card Basics. A debit card is a banking card that provides direct and immediate access to the cardholder’s funds. The most common type of debit card is one that’s linked to a checking account. This allows the account owner to spend... How to Make the Most of Banking Account Alerts
In many respects we’re now more connected to our bank and checking accounts than ever before, even though we’re doing less and less of our banking in person at the local branch. With online banking we can perform many basic banking tasks from home, regardless of the time of day or day of the week.
Banks and credit unions continue working to give us additional ways of connecting with our accounts. In addition to online banking, banking alerts are on their way to becoming a standard way of doing business.
Here’s some advice on some of the most common types...
Wednesday, January 9th, 2013
In many respects we’re now more connected to our bank and checking accounts than ever before, even though we’re doing less and less of our banking in person at the local branch. With online banking we can perform many basic banking tasks from home, regardless of the time of day or day of the week.
Banks and credit unions continue working to give us additional ways of connecting with our accounts. In addition to online banking, banking alerts are on their way to becoming a standard way of doing business.
Here’s some advice on some of the most common types... How to Create Banking Habits That Support Financial Security
Friday, January 4th, 2013
We can count on a certain degree of assistance from our banks and brokerages to help us keep our finances secure. Long gone are the days when we could simply access our accounts online by logging in with our account numbers and a simple five or six digit password, as more of these institutions are now demanding multi-factor logins, and that we change our passwords at least every 90 days.
We can also protect our finances by creating a few positive banking habits. It might seem like a lot of work to implement some of them, but doing so will...
Loading ...
