Experts in personal finance believe with credit cards we spend more and they have tried all possible best to discourage us from using one, many of us can’t do without our cards and at the end, we end up in debt that why people hate debit cards. In contrary credit cards is not like debit cards but has its downside, those who are good at keeping the personal finance rules may want to stay away from both cards.
Sometimes people are left with no choice than to use their cards because of benefits tied to cards.
Why people hate debit cards
- Card expiring fee notification
- Card monthly maintenance fee
- Overspending with a debit card
1. Card expiring fee notification
Sitting on the couch and mobile phone beep or walking to the gem centre and a call came through from the bank with a notification of a card renewal fee, it is always annoying to people because many times the card is not always in use.
2. Card monthly maintenance fee
To maintain your debit card, there is a deduction that comes with it, it pains when a debit alert of card maintenance fee lands on your phone, imagine having up to four debit cards from different financial institutions, then calculate your monthly cards maintenance fee. For someone like me who love to save money then I would rather stay without any debit card.
In a developed country, some benefits come with using your credits cards as long you pay your balance in full and on time, you can earn airline miles and cash back rewards. But I have not experienced this before in Nigeria, Even despite all these benefits research indicates you may end up spending more money with cards that aside let me focus on the debit card we are talking about. With a debit card, people tend to spend more. with the card in Nigeria, and as for me, I am closer to the bank and internet than anything with the card.
The most annoying aspect is entry debit cards into websites and apps that deduct monthly charges for unknown services, it drives people crazy.
These are the known reason why some set of people hate using a debit card.