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Debit Card Benefits in the Neo Normal

Thu, 12/09/2021 - 14:06

Hi there!

If you’re reading this article, then you must be one of these types of people:

  1. You already own a debit card but want to enrich your knowledge on the different debit card benefits.

  2. You’re in the process of getting your debit card and can’t wait to finally enjoy your new debit card benefits!

  3. You don’t own a debit card but you’re up for some “debit card benefits” reading because… why not?

 

A, B or C, by the end of this article you will definitely be more knowledgeable on the following:

  1. Different debit card benefits.

  2. Leveraging debit card benefits to your financial advantage.

  3. The many ways debit card benefits can make your life easier.

Debit Card Benefits before the Neo Normal

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Did you know that before the debit card was created, people either carried a large sum of cash or issued checks to one another whenever they wanted to make a big purchase? Just imagine having to carry big bulks of bills or constantly writing checks, then waiting for days for the bank to clear the funds. Then, waiting a few more days for the seller to receive the money you transferred before being able to receive whatever you purchased. What a horrific hassle, right?

 

Well, good thing in 1978, the First National Bank of Seattle introduced the first debit cards to executives, which paved the way for the Debit Card history. This definitely relieved people from the pain of having to write too many checks. A caveat though. The bank only provided debit cards to executives who maintained a large savings account in their bank. Yes, the debit card was only given to the rich initially. But because of how much people wanted one, more banks started offering debit cards and began building upon its features to meet the growing needs of the people. Which is why today, we have so many debit card benefits!

 

The debit card today is the most advanced it’s ever been. And seeing that these debit card benefits keep growing, the need to understand them has become integral in every person’s life. Why? Well, it’s because knowing the different debit card benefits can help you leverage your debit card to your financial advantage. And since we’re now living the neo normal where almost every task is being done online, there isn’t a better time to read up on these debit card benefits and start your journey towards an easy financial life. That is why to make it easier for you to digest, we’ve listed down the top debit card benefits in the neo normal that’ll help you learn more about the various debit card benefits and how you can benefit from them. Let’s get it!

Some things come for free, like this debit card benefit!

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1. First and foremost, VIRTUAL DEBIT CARDS are FREE! That’s right! Getting a virtual debit card from most banks is free, as long as you have a savings account with the bank. There are some banks that do offer prepaid debit cards, also referred to as stored-value cards, which aren’t linked to a savings account but that’s a discussion for another time. The reason why this debit card benefit is just fantastic is because unlike other financial instruments, such as credit cards that require you to pay an annual fee, virtual debit cards don’t require such things. This means you have the advantage of opening a savings account and getting a debit card anytime you want to. Say for example, you want to get a virtual Tonik debit card. All you’ll need to do is Open a Tonik Account. And once you’ve successfully opened an account, you’ll instantly be issued a free virtual Tonik debit card which you can use for your online transactions. Can we get an amen?!

You don’t owe nothing with this debit card benefit!

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2. There’s no such thing as debt in the debit card realm. Yes, you read that right. Unlike credit cards that can grant you a credit limit above your monthly or annual wage, one of the debit card benefits in the neo normal is being bound to the limits of how much you have in your savings account. Now, you might be thinking, “Tonik, how is this a debit card benefit? Doesn’t that mean I can’t buy everything I want?”. Well, yes, you are correct. But let us explain why we consider this as a debit card benefit. Debit cards make sure that you only spend the money that you have. It helps prevent overspending that can eventually lead you to debt in the credit card world. But don’t get it wrong. There are some reasons why Credit Cards are Better than Debit Cards. It’s just that if your goal is to avoid being in the depths of debt, then using a debit card is the way to go. Plus, if you’re saving up to buy something, why not consider putting your money in a high-interest savings product first, such as our Stashes and Time Deposits? That way, you earn a little extra from your existing savings account. Isn’t that cool?!

The debit card benefit that’s quick on its feet!

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3. If speed is the game, then debit card is the name! What are we talking about? Well, another debit card benefit you might be familiar with is debit speed and efficiency. This means that when you swipe your debit card to make a purchase, the payment is instantly transferred from your savings account to the account of whatever store you’re purchasing from. Say for example, you want to buy this really cute bag using your Tonik physical debit card. Once your transaction is successful, Tonik will then instantly move the amount debited to you from your Tonik Account to the seller’s account. And why is this a debit card benefit? Well, like we mentioned, in the past, whenever someone needed to purchase something, they’d either carry a huge sum of cash (which was really inconvenient) or issue checks. And processing checks was a very tedious process back then. That’s why using debit cards to make purchases today is much more convenient. It’s instant, easy, and convenient. It’s a debit card benefit that just keeps on giving!

The debit card benefit that chases away fees

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4. A debit card today makes the fees go away. Sorry if that was too cheesy. But what we mean is that unlike other financial tools, like credit cards, debit cards don’t charge annual or late payment fees which is an awesome debit card benefit. Why so? Well, the thing is when you get an instrument like the credit card, there’s a deadline for you to settle your debt with the credit card company. And if you don’t pay your credit card debt by the deadline, your debt is charged with Credit Card Interest and that interest grows day in and day out for as long as you don’t pay for the whole amount or if you only pay the minimum amount. It’s a really scary world out there. But not to worry, as debit cards are here to stay. As we mentioned, a debit card benefit is its instant debit feature. This means that when you use your debit card to purchase something, you’re instantly debited from your savings account. And because you’re paying for your purchase instantly, you don’t incur debt and you don’t need to worry about incurring late fees and interest from your purchases. It gives you leeway to breathe and enjoy the other things in life, like your Tonik Account, you know?

Lock & Key is a debit card benefit priority

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5. Security is a necessity to avoid fraudulent activities. Phew! It sure took time to make that rhyme. On our earlier point, we mentioned how the debit card has evolved to accommodate the ever-growing needs of people. But of course, debit cards aren’t the only thing that’s evolving. This is the neo normal. People are constantly changing up the status quo. Now, there’s even a car that runs on electricity. How cool is that?! The things that were once thought to be impossible to achieve are now possible because of how knowledge and technology have evolved. Like Tonik 😉. And we hope it’s only going to get better from here. But of course, for every high, there’s a low. And with the technological advancement for debit card features, comes the introduction of hackers and scammers.

 

Hackers are known to be computer-literate individuals who have the capability to trespass online security systems to conduct illegal activities. While scammers are individuals who make illegal purchases using other people’s financial tools, such as their credit or debit cards. And it’s because of their emergence that has led banks to put more emphasis on their advanced security features as a debit card benefit. That is why today, whenever we make purchases, you either have to input your 6-PIN digit ATM or use the 6-digit OTP code your phone receives. The purpose for this debit card benefit is to add an additional layer of security to make sure that whoever is transacting using the debit card has the permission of the debit card owner. Plus, what’s great about this debit card benefit is that even if someone steals your debit card (which we pray doesn’t happen), they still won’t be able to use it since they’d need to know your 6-digit ATM PIN or receive the 6-digit OTP that’s being sent to your Tonik-registered mobile number. Always remember, your security is our priority. 😉

A debit card benefit that’s rewarding, literally!

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6. Spending has never been this rewarding, literally! Need more clarity? Don’t worry, we gotchu! To be more specific, neobanks, like Tonik, can provide you with rewards such as discounts, gift certificates, promos, and freebies whenever you spend using your debit card. And you might be wondering, “how is Tonik able to do this?”. Well, it’s all thanks to the partnerships we have established with different shops, sellers, and platforms. And the reason why we provide this debit card benefit is because it’s our way of saying “thank you” to the users who have put their faith and trust in the neobank. Plus, we believe that through this debit card benefit, we can also give our users a more positive financial experience whenever they’re using their debit cards to complete their transactions. But since the rewards we provide are only valid for a limited time, we recommend you do the following: Constantly check out Tonik’s Facebook page, read up on our email newsletters, and carefully read all the SMS or messages we send you so that you’re up to date with the latest promos that Tonik offers. The clock is ticking!

Easy, breezy, and efficient. The last debit card benefit

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7. The neo normal has changed the way people live. In this day and age, more and more people have shifted towards using online platforms to complete their activities such as shopping for clothes, electronics, groceries, and other necessities. And because of the ever-evolving debit card, adapting to this new environment has never been this easy, breezy, and efficient. How so? Well first, using your debit card to make purchases online saves you the hassle of needing to find an ATM, lining up, and withdrawing cash for your transaction. Plus, using a debit card to complete your transactions promotes eco-friendliness. This is because instead of the usual paper receipt you receive whenever you pay for something, a debit card transaction means that you’ll receive an electronic digital receipt instead. So, say for example, you want use Tonik’s virtual debit card to conduct an online purchase. Once your transaction is successful, you will immediately see the transaction reflected in the transaction history of your Tonik App. It’s just the debit card benefit that seals the deal!

 

Congratulations! You’ve made it this far. Here’s another hug for you!

 

So now, after everything we’ve discussed, you might be thinking, “Wow, Tonik. Learning about the different debit card benefits was really an eye-opener. Do you know where I can get one?”. Don’t worry, getting a debit card is easy, peasy, purple-squeezy. All you’ll need to do is Open a Tonik Account, undergo our fast and fun onboarding process, then voilà! You’ve just been approved for a Tonik account that comes with a FREE Tonik virtual debit card. Now, you can easily fulfill your transactions and get to enjoy our other products too!

 

Well, that’s it!

 

We really hope you enjoyed reading about the different debit card benefits in the neo normal. Although we only listed down the present debit card benefits in the Philippines, we hope that this article was still able to give you a better understanding of why debit cards have become an integral financial instrument in our lives. Not just in the Philippines, but all around the world. Cause just like you, debit cards are more than just what they seem. And just like what we mentioned in the beginning, the debit card will continue to evolve as time goes by. Who knows? New debit cards in the Philippines might come out soon that’ll contain features that’ll blow our minds. But until then, sayonara!

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