Our pick for a debit card: HSBC Premier Checking

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- Up to $700 in cash back
- Earn 3% cash back on qualifying direct deposits
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Our pick for a debit card: HSBC Premier Checking
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Deposit to Open
Debit cards give you a secure and convenient way to access your money without carrying cash. But because they're tied to checking accounts, the best way to find a debit card that works for you is by comparing checking account features first.
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While most debit cards do the same thing, features may vary based on the bank or credit union and the type of account it’s linked to. How you plan on using the card will determine which features are most important:
Some debit cards offer cash back on Visa payWave or Mastercard PayPass purchases under $100. You normally need to make a minimum deposit, usually $1,000 or $2,000, into your transaction account every month to get the cash back reward on eligible purchases. In the case of joint accounts, either account holder can make the deposit requirements for the cash back to apply.
Debit cards are linked to a bank account and allow you to shop in stores or online, withdrawing purchases from your own balance of funds.
To use a debit card, you need a linked account to draw money from and a PIN.
In some cases, the cashier or card reader may ask if you want to use your card as a debit or credit card. If you use it as a credit card, you may need to provide a signature to verify your identity.
Whichever option you choose, you need enough money in your account before you can use your card. (A debit card doesn’t give you a line of credit, even if you use it as a credit card.) For the most part, there’s not much of a difference between using your card as a debit or credit card.
When you buy something in-person, you have the option to run your card as credit or debit. If you run it as debit, you’ll enter your PIN and the money will be taken out of your account immediately. You’ll also have the option to getcash backif the merchant allows it.
If you use it as credit, you’ll sign for the purchase. The payment is then processed through the credit card network and withdrawn from your account within a couple of days. Running your card as credit usually gives you the same anti-fraud protection that comes with credit cards, but check with your bank to be sure.
Because your debit card is linked to another account (often a checking account), it’s a safer alternative to checks or cash that are easy to misplace or lose. Debit cards issued by major credit card providers — like Visa or Mastercard — can be used everywhere credit cards are accepted, including online.
Use your debit card to withdraw cash from your account at participating ATMs:
With your debit card, you can also deposit checks, review your account balance or transfer money from linked accounts.
Back to topThis table showcases the major differences between debit cards, credit cards, prepaid cards and ATM cards.
Type of card | Best for | Earns rewards | Can use at ATMs | Builds credit |
---|---|---|---|---|
Debit cards | Those who want to use money from their checking account | Sometimes | ||
Credit cards | Those who want to build their credit score using a revolving line of credit | |||
Prepaid debit cards | Those with no credit, bad credit or a bad banking history | Sometimes | ||
ATM cards | Those who want to withdraw cash from their savings accounts |
To get a debit card, open achecking accountat a bank of your choice. Some banks will automatically send you a debit card; with others, you’ll have to request your card.
Once you receive your debit card, follow the included instructions to activate your card. Your bank will provide you with a pre-selected PIN and instructions on how to change it.
You can link almost any everyday transaction account to a debit card. You need an account and routing number and the account must be in the same name as what’s on the card. It can also be a joint account if desired.
The Card Verification Value (CVV) is a three digit number found on the back of your debit card. On American Express debit cards, the CVV is four digits. This number is used to verify your debit card and helps to reduce fraud, by proving to the merchant that you have the physical debit card with you when making a purchase online or over the phone.
Back to topOne way for debit card companies to make money is to charge fees. Keep an eye out for the following:
A surcharge is an additional amount a business charges when you pay for a purchase using your debit card rather than another payment method — for example, cash. When you buy goods or services using a debit, credit or prepaid card, the merchant typically incurs its own processing costs on your payment. Many merchants consider these fees the cost of doing business, while others pass along the fee to the customer by imposing a surcharge on card-based transactions.
No. Surcharges and minimum purchase requirements are legal for credit cards only. And even then, only under specific conditions. This restriction applies even if you use a debit card after selecting “credit” on a point-of-service terminal.
Businesses are unable to get around the law by giving surcharges a different name, like handling or service fees. Report merchants charging you a surcharge on a debit card purchase to the card-processing networks.
Debit card fees are inconvenient, but it’s possible to avoid them by following these tips.
Fee schedules, amounts and charges vary by bank and account. Compare multiple options to find an account with reasonable or no fees.
Switch to e-statements to reduce fees, help the environment — and avoid paper statement fees.
There’s a good chance you’ll be charged for using an out-of-network ATM, so try to stick with your bank’s ATMs. Or find an account that doesn’t charge out-of-network ATM fees.
If possible, leave your card at home when traveling abroad. Instead, take out cash before you leave for a trip, use a prepaid travel card or sign up for a credit card that rewards you for worldwide travel.
Many banks waive monthly and other fees if you meet certain conditions, like maintain a minimum account balance. Narrow down an account by searching for conditions you can meet.
Fees for overdrafts and nonsufficient funds can be expensive. Keep an eye on your balance to avoid transactions that will take it below zero.
Surcharges on debit cards are illegal. Don’t be afraid to tell the retailer that it’s not allowed and you’ll take your business elsewhere.
If you wait to report a lost or stolen debit card, you increase your chances of fraudulent activity, and you could be held liable for some charges because you waited to make a report.
Debit card fraud happens when someone illegally obtains your card information and uses it to make purchases. You usually don’t know it’s happened until you see unusual activity on your bank statement. It’s important to notify your bank as soon as you see fraudulent charges, so they can deactivate your card and send you a new one.
This depends on your bank and the situation. Many of the bigger banks offer a 100% money-back guarantee on fraudulent transactions if you comply with the card’s conditions of use. For more information, speak to your financial institution.
You will need to contact the bank or financial institution that issued the card as soon as possible to find out why the card has been blocked.Back to top
Debit cards are a convenient way to make purchases and manage your cash. But depending on your bank, you could end up paying a fee to use yours. Keep an eye on your balance and understand the terms and conditions for your card to avoid paying more than necessary. To find a card with lower fees or better convenience, compare your debit card options against your needs and lifestyle.
This could be the result of a direct debit that posts at the same time as a purchase or credits to the account not clearing as quickly as you thought. You can avoid paying overdrawn account fees by applying for overdraft protection.
You must be at least 18 years old to get a debit card, although you could get one sooner if you open a joint checking account with a parent or legal guardian.
Typically, you will need to link your savings account to the transaction account that your debit card is linked to. In most cases you will need to transfer the money into your transaction account first before you can use the debit card to withdraw it.
Yes, you can ask for additional cards (typically up to two cards) for family members or business associates, but as the primary account holder you will still be responsible for any actions taken using those cards.
That depends on the financial institution that issues the card, and should be one of your points of comparison when looking into various banking accounts.
There is no simple answer to this question. A debit card is better than a credit card in some ways, while a credit card is better than a debit card in other ways. When you use a debit card, the money comes from your checking account immediately and you don’t have to worry about paying anything back. You save money on interest and other credit card fees and eliminate the risk of a late payment.
With a credit card, you have a grace period to pay back the amount of credit you’ve used. Credit cards also come with stronger fraud protection. And, depending on the credit card, you may have additional perks like extended warranty or purchase protection that can benefit with major purchases like electronics or appliances.
These types of cards can be limiting in your ability to make purchases. You’ll have to look specifically for the network that supports your card in order to access your account using an ATM.
You can use most debit cards overseas, but be mindful that fees and charges can apply so check the Product Disclosure Statement.
Minors who have a transaction account in their name can still get a debit card, but it may not be a Mastercard or Visa.
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
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I want to know which one of the three debit cards is best to have:
-Paypal Mastercard
-Greendot Visa
-CashApp Visa
I have all 3 with my name engraved on it because I was with a friend and we didn’t know what to look for to compare since I had my Greendot for over a year and the other 2 a few months apart. And now I’m like, which should I keep so I can close the accounts and shred the other 2 cards?
Hi Timothy,
Thank you for getting in touch with Finder.
Having Paypal and CashApp doesn’t cost you additional charge as they are both debit cards. It depends on your needs if you should keep them or not. Say for example, having Paypal Mastercard would let you receive your money from Paypal instantly even on holidays unlike sending your Paypal money to your bank’s debit card, which basically takes 2-4 business days. You may call these providers to help you decide in cancelling or keeping them as well as assisting you on how you may cancel your account with them.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
I use RBC Visa credit and debit cards
I don’t see them listed anywhere in the info
Can I use them in India?
Hi Judy,
Thank you for leaving a question.
Yes, you can use RBC Royal Bank Visa credit and debit cards in India to pay for goods and services in person, online or via mail order/telephone order. It can also be used to withdraw cash at any ATM machines where the Visa or Plus symbols are displayed.
Outside of Canada, many financial institutions only accept 4-digit PINs. If you use a PIN longer than this, you should change it before you travel to reduce the chance of having problems at foreign ATMs. You can visit any RBC Royal Bank branch to update your PIN.
Hope this helps.
Regards,
Val