Debit Cards offer quick cash access but at a price

The debit card option

For consumers with bad credit, getting quick cash access from debit cards is a priceless advantage. Credit lenders are stricter these days. After having faced the lending crash of the recession, many lenders are closing their doors to even moderate-level scorers. That leaves few options for people with bad credit and many turn to the debit card option for purchases. The debit card is useful because it has the "Visa" or "MasterCard" logo and ! is accepted by merchants who accept credit cards. Using a debit card also helps consumers manage a budget. By limiting purchases to the total in the funding account, consumers don't have to worry about going over limit or incurring fees. It's a great safeguard against more fees that can eat away at savings.

The downside of debit cards

There are some downsides to using debit cards, though. First of all, there are annual fees charged to consumers. An annual fee is normal, but some debit card providers charge more fees than others. There can be start-up fees that eat away at money. For example, the GoNow debit card offers the services of a bank account on a debit card, but charges $14.99 monthly and a $49.99 start-up fee. That means that if a consumer deposits $100 to the card, 65% of it is gone in the first month. … click here to read the rest of the article titled “Debit Cards offer quick cash access but at a price“