Every person will have a unique financial journey that they will experience during their lifetime. This doesn’t just come down to the kind of job or education that a person has, but even the unique ways that different people relate to the concepts of finance and stability. Culture, family, experience, age, and a multitude of other factors all play a role in shaping how a person relates to their wallet and bank account. 

The good news, is that when it comes to learning how to improve your financial literacy and stability, there is never a point in time when it’s too late to start. With a lot of great tools and services on the market to help encoaurge and empower people into more financial stability, there’s never been a better time to begin the next step of this journey.

One tool that can help a person grow financially, especially in key aspects of responsible spending, is a debit card. If you have been wondering about what the perks of a debit card are and why you should have one, here is everything you need to know. 

Debit Cards Help Control Spending

If you have ever been confused about the difference between a debit card and a credit card, it’s probably because the physical cards themselves can look nearly identical, and they are used in similar ways. A credit card represents a line of credit that is lent out to an individual and must be paid back in full and on time by the person who uses it. If that person falls behind in payments or is late to pay off the amount of credit used, incredibly high-interest rates are applied to the money still owed.

A credit card can have some great advantages, but for the person who may not have the best control over spending, they can become opportunities to ammas debt rather quickly. A debit card, on the other hand, has no potential for acquiring debt because it only allows a person to use the money they actually own.

A debit card itself is linked to a savings or checking account and is a means of access to the money in that account. If the account runs out, the card itself cannot be used. This can be a powerful tool for helping people understand how to spend wisely and not overspend, as the option for overspending is not available. 

Learning how to spend money responsibly has a leaerning curve, and no one should feel ashamed or embarrassed because it’s a skill that everyone has to acquire somehow. If someone has been struggling with learning how to budget and spend their money sustainably, a debit card could be a much better option than a credit card. 

Incentivised Debit Cards

One reason that people love to use credit cards, is that credit card companies incentivize spending lines of credit through offering programs that provide cash back and or travel points. The good news is that Yotta offers an incentivized program that allows people who have a Yotta debit card to win free money. 

The way Yotta does this is through their checking and savings accounts. These accounts are free to open and require a minimum of 25 dollars to hold. The interest that is generated from these accounts is placed in a lottery system that is played every week. The more money a person has in their account, the better chances they have at winning up to 10 million dollars in lottery winnings each week. Because the money actually in a Yotta checking or savings account is never used for the lottery, any money that is won is truly free money!

On top of that, Yotta also incentivizes spending because all purchases made with their free debit card also increase the chances of winning! This system rewards people with free money for wise saving, as well as wise spending. 

Use Your Debit Card Anywhere

Another perk to debit cards is that they allow a person the freedom to access their money online, or at any retailer that accepts card payment. This is a huge benefit in the digital age, as the alternative for accessing money held in your savings or checking accounts would be physical withdrawals or checks. 

With a debit card, you can make purchases online, as well as use these cards for popular peer-to-peer payment apps liek Cashapp. You can also engage automation features with a debit card to pay recurring payments like your utilities, rent, or even gym membership. 

Conclusion

For those looking for ways to strengthen their financial stability and intelligence, a debit card can be a great tool to help with controlled, sustainable spending. It offers access to the money that you work hard for, without the tricky opportunity to acquire debt like you could with a credit card. 

With companies like Yotta incentivizing debit cards, there are now more ways than ever to benefit from using a debit card for all of your daily expenditure needs.