There are many reasons why a lot of people consider the debit card to be an essential financial tool for managing their daily expenses. This type of card provides cardholders with a convenient, secure, and direct way to access funds, allowing them to make purchases and withdraw cash with ease. Moreover, many debit cards also come with associated digital apps that allow users to set their spending limits and monitor their account balances in real time, making it easier to track their finances.
Thanks to these features, a debit card can benefit individuals who are looking for a straightforward way to manage their finances. In this article, we’ll explore the types of users who can maximize the advantages of debit cards and how they can use this financial tool to improve their money management.
First-Time Cardholders
For individuals who are new to managing their finances, debit cards offer a simple and effective way to start. These cards can serve as an introductory tool for responsible money management by helping users build good financial habits. For instance, if you’re a young adult who has recently entered the workforce and are receiving your first steady paycheck, you can use your debit card to track your monthly expenses.
Since debit cards are usually connected to their associated banking or e-wallet app, you can set a weekly budget for groceries, transportation, and utilities, all while monitoring your spending through the app. This helps you make smarter choices, like cutting back on non-essential purchases or saving a portion of your income for long-term goals. It also gives you a better understanding of how to manage their money on their own.
Debit cards are also easier to obtain than credit cards. Unlike credit cards, which require you to have a good credit history or to undergo a credit check, getting a debit card often only requires that you also have a wallet account or savings account to keep your money in. For example, to obtain a Maya Card, you just need to create a Maya account, upgrade your account, and activate your card int he app. Follow these steps:
- Download the Maya app
- Tap Start an Account
- Enter the necessary personal information
- Tap Agree
- Wait for the verification SMS that will be sent to your registered number
- Enter the verification code on your app
- Tap Proceed
After you’ve created an account, you can then proceed to upgrade your Maya account. To do this, simply follow these steps:
- Log in to your Maya account
- Tap your profile then select Upgrade Your Account
- Fill out the required information and make sure you have at least one (1) valid primary ID
- Record and submit a video selfie
- Review your application and tap submit
Once your account has been upgraded, you’re eligible to order a physical Maya Card. Here’s a step-by-step guide on how to get a Maya Card.
- On the Maya app, go to Cards
- Under Get a New Maya Card, select the Maya Card Style you want
- Tap Add My Username if you want to personalize your card
- Enter your delivery address
- Review your order details
- Pay using your Maya Wallet or Maya Easy Credit (if available)
If you live in Metro Manila, your card will be delivered to your registered address within 4 working days. For other areas, it’ll take around 8 to 10 working days. When you receive your physical card, you can link it to your account and start using it for purchases, withdrawing cash from ATMs, and managing your finances seamlessly.
Smart Spenders
If you consider yourself a smart spender, then you’re the type of person who prioritizes making thoughtful, strategic financial choices to maximize your money’s value. You understand the importance of budgeting and living within your means, and as such, a debit card can be an ideal tool for you. This card offers a practical way to control your spending while still providing the flexibility to make necessary purchases.
As a smart spender, the most valuable feature of a debit card is that it allows you to spend only what is available in your account. This reduces your risk of overspending and going into debt—concerns that are often attributed to credit cards. Additionally, some debit card providers offer benefits that help users get more out of their financial activities. If you regularly pay using your Maya Card, for instance, this can help boost your Maya Savings account’s interest rate by up to 15% p.a, allowing you to earn more on your savings while completing everyday transactions.
Frequent Shoppers
Using cash to pay for your purchases can be a hassle. This method requires you to carry physical money, which can be a hassle to bring around. Debit cards can simplify things by acting as a versatile payment tool that you can use whether you’re paying in-store or paying for online or cashless services. Instead of carrying cash, you can use a debit card for everything—from grocery runs at the supermarket to snagging online deals during flash sales. Debit cards also provide a straightforward way to track spending, as every transaction is automatically recorded and is accessible through your mobile banking app.
What’s more, using a debit card is also safer than paying with cash. Since there’s no physical money involved, there’s less risk of losing cash or having it stolen. If you’re on the lookout for a secure debit card you can use to pay for purchases in-store and online, make sure that it’s issued by a trusted provider. Maya–the #1 digital bank in the Philippines–employs robust security measures, such as two-factor authentication (2FA) and advanced fraud detection, to protect your account from unauthorized access. Maya is also a Bangko Sentral ng Pilipinas (BSP)-accredited bank, which means our bank adheres to strict regulations and best practices set by the BSP to ensure the safety of your money.
Travelers
A debit card can also be a helpful tool while traveling, as it offers a convenient, cost-effective way to manage finances abroad. Debit cards linked to major networks like Visa or MasterCard can be used worldwide for both purchases and ATM withdrawals, eliminating the need to carry large amounts of cash. Also, debit cards typically have lower international ATM withdrawal and service fees compared to credit cards, saving you money on each transaction.
Beyond the convenience afforded by debit cards when you’re shopping and when you’re withdrawing cash, many debit cards can be locked or deactivated via their respective apps. This way, you can freeze your card or account should your card get lost or stolen while you’re traveling, enabling you to rest easy knowing your funds are protected while your situation is being resolved.
People with Limited Credit
Individuals with limited or no credit history often face challenges when applying for traditional credit cards. As mentioned earlier, if you don’t have an established credit history, you might have difficulty qualifying for a credit card. You might also face higher interest rates or even outright denial. Thus, if you think that you fall into this category, a debit card offers an excellent alternative. Since debit cards don’t require a credit check, they are accessible to almost anyone, regardless of their credit history. Debit cards also offer some of the same benefits as credit cards, such as the ability to make purchases online or in stores, but without the risk of going into debt.
What’s more, debit cards can serve as a stepping stone toward better credit management. By using a debit card and keeping track of your spending habits, you can build up a better understanding of personal finance, establishing the habits necessary to improve your creditworthiness over time.
Debit cards offer a versatile and practical solution for a wide range of users. These financial tools provide convenience, security, and control over one’s spending. When you use your debit card strategically, you’ll be empowered to make smarter financial choices and navigate your financial journey with confidence.
