Many people are not aware that they may own more than one debit card. Not only is this allowed, it may work to your advantage. Read below for the explanation.
Most debit card users only have one debit card or in the case of having two or more debit cards, they usually only use one of them. The advantages of debit cards can make owning more than one benefit you.
Even though most people have more than one credit card, they usually don think of having two or more debit cards. This is because that traditionally, a debit card has been tied to a transaction type of account to take the place of a cheque book or to cut down on the number of trips to the ATM.
However, debit cards pay for themselves, as merchant fees paid by merchants who accept them pay for the card usage. This means that there is no cost to the financial institution or to the customer. Due to these advantages of debit cards, they are now offered in connection with home mortgages, personal loans, stock brokerage accounts and savings accounts. Among the advantages of debit cards in multiple places is the fact that if you do not have the available money on one debit card, you may have it on another one.
Having more than one debit card can be useful in other circumstances as well. If you are a small businessman, you make put all business expenses on one debit card and keep them separate from your personal debit card usage. This can mean that it is possible to keep track of all business expenses as well as tracking how well the company is doing.
Another use for a separate debit card is to keep up with expenses you incur on the job. Many employers reimburse their employees?job related expenses through the use of an expense account. Having all of these job related expenses on a separate debit card makes filling out an expense voucher much easier.
Having this job related debit card can also make it easier for you to be reimbursed for company related expenses. Although many employers like to see actual receipts of job related expenses, many will take a bank statement as proof of what you have spent for business. This also gives you a reason for having more than one debit card. When you hand your employer your debit card statement, if your personal spending is on an unrelated debit card, then you can keep that spending to yourself. There is no need for your employer to know what you are spending your personal money on.
There are many more advantages to having more than one debit card. These are just a few of the ways that they can be useful, and if you put your mind to it, there are certainly other ways. The days of owning only one debit card are going past quickly.
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