What is a Debit Card and How Does it Work?

If you're wondering what is a debit card, you're in the right place!
While a debit card doesn't get as much attention as a credit card, it can be a very useful tool. In this video, I explain what a debit card is, how it works, and some frequently overlooked benefits of using one.
What do you use more, a debit card or a credit card? Let me know in the comments.
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How to Create a Monthly Budget: • Zero Based Budgeting
More Episodes of Personal Finance Minute: • Playlist
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[@sircrookie115]

They should play this in schools for sure 🦔

[@fififinance7469]

I like the 60 second concept - you take the defnitions for granted but I like the cheque analogy :)

[@PracticalPersonalFinance]

Thanks!! Some things are best kept short and sweet! Plus it helps with being able to upload a little more often. ;)

[@louisomalley1394]

Great idea on the 60 second training. Thank you

[@onickislam4089]

You are very good at articulating how debit cards work and what they can do

[@savagebeastking8703]

Debit cards are great it’s like a direct line to your money with having to carry it around

[@thatwasmethere3526]

Hmm, I've see worse reviews I don't if I should trust..

[@chockitkat3776]

Thank you so much for this video. I opened a new account and I was worried that it was a credit card since it looks exactly like one and was worried about the debt. I am still unsure whether it's dangerous to open a debit card account since you don't need to input any amount for some banks and this confirms it. Thank you 😭

[@hfdhgfjhmhvbmnbn4214]

I'll get a debit card soon, I'm not ready for a cc probably bc I'm broke. Thanks for explaining it. Can you explain cc in your next video?.

[@hpr_amin9713]

This may be old but I liked!

[@michelleschear4458]

I really like these 60 second videos!

[@PracticalPersonalFinance]

Thanks!!

[@xeyutipe]

Great video bro.
Can you explain briefly how to get cashback rewards?

[@PracticalPersonalFinance]

Absolutely! It'll depend largely on your financial institution. Some offer it for debit cards, and others don't.

[@melodynoevere2985]

Didn't know that some debit cards offer cashback rewards!

[@PracticalPersonalFinance]

It is a little known fact!

[@justwatching2006]

Can you explain what happens when I purchase something on debit card on a Friday or Saturday and it’s not until Tuesday that I see it taken from my account?

[@TrainerPicasso]

thanks for the tips. i’m potentially getting my first ever debit card tomorrow

[@PracticalPersonalFinance]

Hope it went well!! Make sure you use it responsibly!

[@travellmcintosh]

@@PracticalPersonalFinance Or Else?

[@colinjagiel8983]

What happens if I cancel my old debit card and activate a new debit card will I have the same checking account number as from the old one and replaced with a new debit card

[@CannedHorse]

Thank you

[@ultradan9233]

Thank you for help

[@PracticalPersonalFinance]

You’re welcome!

[@ateperiodt946]

I'm getting my first one next year

[@Clark_Kent_ZA]

In South Africa, we have Cheque Cards but they function as Debit Cards.

[@tulip3376]

thanks im almost 13 years old soon my parent are thinking that i can get one cause i been good at sving my money up for things i need to buy also so its esier than cash

[@PracticalPersonalFinance]

Heck yeah!!! It’s a great way to access your money! Good for you getting into this stuff at a young age.

[@sploofa6980]

Getting mine later today!

[@PracticalPersonalFinance]

Heck yeah!!! Hope you're finding it useful!!!

[@sploofa6980]

@@PracticalPersonalFinance its amazing

[@kylesinkovich8332]

So, if I get a debit card, it uses the money I have in my bank account?

[@PracticalPersonalFinance]

That's correct!

[@zom8808]

if i set up my debit card to apple pay, is it safer for me to use it for online purchases? i only turned 15 and i want to buy stuff when i get money during the summer

[@stonyreichmedienproduktion]

Bruh

[@MrMIND-lk1sy]

putting your debit card with apple pay doesn't make it safer or dangerous. It depends on how the card owner uses it. If you're concerned about security then put it in a wallet and hold on to it. If an online dispute occurs with your debit card. It's most likely to be resolved since it happened electronically via apple pay. Always check your card balance every time your make a transaction or when money comes in.

[@kalel311superman9]

this is great, when i got my first debit card a few years back i was not sure how to use it and struggled with and i went to my bank and they let me know what to do

[@NazriB]

Lies again? DBS CBS

[@ironlake8944]

Can you explain what is visa and mastercard ?

[@PracticalPersonalFinance]

Thanks for the question!!! VISA and MasterCard are payment networks. I plan to make a video talking about what they are!

[@grassytramtracks]

They are the networks that allow the shop to communicate with your bank to accept a card payment. It doesn't matter at all which one you have - both are just about equally widely accepted and the act of making the payment is exactly the same

[@mehrdadakbari1721]

Thanks

[@PracticalPersonalFinance]

Happy to help!

[@themagiccookie2614]

So I've been using debit cards all this time XD

[@blackshortsi.n.c3447]

The way this vid was I figured this guy had At least 500k subs

[@PracticalPersonalFinance]

Someday! :)

[@thomaslouie7385]

Pershinal

[@YakMotley]

Lol, never use a credit card.... if you do I wish you well! Hackers will have a field day with you....good luck.

[@andreidandu3799]

Aplicatia Google Pay😮

[@FrankStJohn-xw2wu]

Andrew I'll do anything to make you famous

[@PracticalPersonalFinance]

Haha thank you Frank!! :D You are my number one RUclips fan!!