How does a Debit Card work?
This is a question that plagues everyone when they get their first card!
Don’t feel embarrassed or dumb if you don’t know. You are about to find out!
If you are a young person or you have just opened your first bank account, this Mominar is going to help you out!
It is a VERY clear and simple explanation about how to use it. I also explain what the numbers on the card mean. You need to know this so you can buy things online.
You Might Also Find These Other Topics I Have Covered Helpful
Here are a couple of very easy Mominars to explain some other questions regarding finances:
How To Calculate a Tip. Watch this to learn an easy way to tip people for good service.
How to fill out a W-4 or W-9 Form. You will need to know how to fill these forms out when you get a job.
Learn about credit, credit scores, and how it affects your life. Click Here.
Money Smarts- learn terminology and smart ways to save and grow your money. Click here.
You might enjoy these podcast episodes:
What the heck is a 401K? Click Here.
The NO-Fear Guide to Investing. Click Here.
How to get scholarships and grants for college. Click Here.
Real Estate Investing made easy. Click Here.
More About How a Debit Card Works
A debit card is linked to your bank account. It allows you to spend the money that is in that account.
It is NOT a credit card.
The difference is that with a credit card you have been extended a certain dollar amount to spend if you choose. If you don’t have the money to pay for something right away, a credit card allows you to purchase that item and then you pay the credit card company back a month or so later.
How a debit card works is that you can use it to buy something instead of writing a check (so old-fashioned!) or withdrawing the cash from your account.
You can only spend the amount that you have in the account.
If your purchase is more than what you have available, your purchase will be denied.
You can use your debit card to buy things at a store or online.
You will learn the different ways to swipe, insert, or tap your card for payment in a store, or what information from your card you need to know to buy something online.
Resources
I found a wonderful short tutorial that does a great job of showing this. CLICK HERE to watch it.
Learn how to use debit card at ATM, Merchant outlet and for online shopping – YouTube
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