The Benefits of a Debit Card

While debit cards have monthly fees which end up costing as much as a typical credit card annual fee, they still have their distinct advantages over credit cards.

Only Spend the Money you Own

For the irresponsible or inexperienced user of credit cards, it may be suitable to use a debit card if you lack the discipline to manage credit.
A debit card is only linked to your savings account(s) – while you can lose all your savings with irresponsible usage, it’s impossible to go into debt. However, the one thing you’ll need to wary of is overdrafting fees. If you make a $10 purchase and only have $5 left in your account which your debit card accesses, you’ll be hit with a common $5+ ‘overdraft’ fee.

All the Access of a Credit Card

Debit cards use Visa and MasterCard as payment processors – which means you the 100% access that any credit card has. Restaurants, magazine subscriptions, online purchases, the whole package is accessible from a debit card.

Advantages for Students

Like many financial products, some debit cards come with student benefits to compensate for their lack if income. The ANZ Visa Debit Card for instance features a very affordable $5 monthly account service fee.

Students should also start saving as much as they can while they are still young. There is no better way to do this than with the ANZ Access Advantage everyday bank account. This is the perfect everyday bank account for students as it is a simple and straight forward everyday bank account with no hidden fees or charges. Students who apply will also enjoy the benefits of debit cards and the freedom of making purchases. For a limited time students now receive a free ANZ Visa Debit Card linked to their savings account when they apply.

Click here to access the official ANZ Access Advantage Everyday Savings Account terms & conditions.

Related posts:

1. The Benefits Of A Debit Card As Opposed To A Credit Card
2. Credit Cards For Students: The Benefits & Drawbacks
3. Online Debit Credit Cards
4. Which is the best Debit Card? We compare the best debit cards
5. Visa Debit Cards
6. Student Debit Card
7. What is a Debit Card? Debit cards explained and how you could use one

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
St George Vertigo	Editor's Choice: Low Interest Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Coles Group Source MasterCard	The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points	19.74%	21.99%	0% for 6 months	$0	62
Bankwest Zero Platinum MasterCard	Editor's Choice: No Annual Fee Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers	16.99%	16.99%	1.99% for 9 months	$0	55