The holiday season is officially upon us! And as you begin to compile your naughty and nice lists, many of you are likely beginning to experience the all-too-familiar stresses that come with this time of year. We get it. The crowds, the traffic, the budgeting – it’s a lot to manage. We want to ease the burden by suggesting a better way to complete your holiday spending this year: managing it all through debit. After all, using debit to make your holiday purchases might have benefits you hadn’t considered. Below are a few of our favorite reasons to make your holiday purchases with your debit card.
Budgeting made easy
When you have many people on your holiday shopping list, a budget is essential. Before you begin shopping, determine how much you can afford to spend for each person on your list. Then, use your debit card for all of your transactions. This allows you to easily stick to the budget that you determined by tracking each purchase online. After all, watching your checking account dwindle with each purchase encourages spending discipline in a way other payment methods can’t. And, because you’re only accessing funds currently available in your checking account, you don’t have to worry about exceeding your budget.
A debt free start to the New Year
Nobody wants to begin the New Year with newly acquired debt from holiday spending, and yet, this is the case for so many. In fact, recent research suggests that 57% of American adults will take on new debt from this year’s holiday shopping. You can avoid this by completing all of your holiday spending using your debit card. Managing your purchasing through debit means you’re only spending the money currently available in your checking account.
Plus, all your debit card purchases are interest-free. By using your debit card for this year’s gift buying, you avoid borrowing funds or taking out a line of credit to cover your expenses. There are no interest rates associated with using your debit card.
Secure purchasing power
Research shows that fraudulent activity increases during the holiday season. But with PIN-protected debit, you can feel confident that your purchases are secure. Using your PIN-protected debit card means that only you have access to your money. And, debit allows you to easily track your purchases instantly online, so you can catch suspicious activity quickly. Just make sure to keep your PIN private and secure. Many financial institutions also have zero-liability protection policies. This means that if your card is stolen, you are not responsible for unauthorized purchases. Contact your financial institution to find out how you are protected from fraud.
Convenience, Convenience, Convenience
It’s hard to beat the ease-of-use of your debit card. Signature debit is accepted at any retailer that also accepts credit cards, so you can use your debit card for just about any in-store or online purchase. And with the added bonus of being able to withdraw cash from an ATM, your debit card can be your go-to piece of plastic this holiday season!