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If you want to spend money without worrying about exceeding your budget, a debit card is a great option. When you use a debit card to make purchases, the money will be deducted directly from your bank account. For example, if you have 500,000 VND in your account, you can only spend a maximum of 500,000 VND.
5 ways to use a debit card wisely:
1. Know your account balance: Always check your account balance to avoid spending more than you have available. For example, if you have 100,000 VND, you should only spend within that limit.
2. Know your spending limit: Set a limit for yourself when withdrawing money or shopping during the day. For example, you decide to only withdraw 200,000 VND per day for shopping.
3. Get cash back when you shop: Some banks will give you a little money back when you use your debit card to make purchases, helping you save a little money.
4. Automatic alerts: You can set up alerts whenever you make a large transaction or exceed your spending limit, helping you control your spending easily.
5. Notify your bank when using your card abroad: If you are traveling, notify your bank to avoid fraud or blocking your card.
Prepaid cards:
A prepaid card is like a gift card that you can use to make purchases, withdraw money from ATMs, or pay bills. However, this card is not linked to a bank account, meaning you have to load money onto the card before using it.
For example:
Let’s say you receive a prepaid card with 200,000 VND. You can use this card to buy snacks, or withdraw money from ATMs. As you spend, the amount of money on the card will decrease. If you want to continue using the card, you can add more money to the card.
Benefits of prepaid cards:
* Easy to control spending: You can only spend the amount of money you have loaded on the card, helping you not to overspend.
* Educational value: Prepaid cards are a great tool for students to learn how to budget and spend money wisely, without worrying about getting into debt.
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