Hello and welcome to Money Girls Quick and Dirty Tips for a Richer life.

I'm your host Laura Adams.

Having a debit card in your wallet is a great tool for making convenient purchases.

In this episode, I'll discuss the pros and cons of using them and share lots of tips on how to lower their associated risks.

Okay, let's start out with the major advantages of paying with a debit card instead of paying with cash, check, or a credit card.

Number one, convenience is certainly the number one advantage in my book.

You don't have to carry just the right amount of cash,

write out a paper check and enter it into a register, or make a credit card payment at a later date.

Number two, it takes less time to complete a purchase.

debit cards are accepted by merchants with less scrutiny than our checks or credit cards, and

swiping a card is much faster than writing out a check.

Number three, it keeps you within budget.

When you use a debit card, you're limited to spending the amount of money you have in the associated account.

This prevents you from accumulating debt or being charged interest

and those annoying late fees from a credit card company.

Number four, they're easier to get than a credit card.

Most bank checking and savings accounts offer you the option to have a debit card linked to

your account without having to complete a lengthy application.

Number five, you can easily get cash.

You can opt for cash back at most stores

or use your debit card as an ATM card at cash machines.

On the flip side, here are the disadvantages of using a debit card over other payment methods.

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