9 Banking Myths You Need To Stop Believing.’/
9 Common Banking Myths And How You Can Avoid Them
Banking is something that is not just limited to depositing money in your account. It is also to help you in paying your bills or in managing your financial status. But as much as banking has become very common to everyone, there are some myths that people believe.
Here are some common myths that people use to do banking:
1. Cash is King
It is true that cash is king but people still prefer to pay by debit card.
2. Debit cards can’t be hacked
Well, it is true that the debit cards cannot be hacked but it is very common to see that there are cases where someone uses debit cards for fraudulent activities.
3. Debit cards aren’t safe
Debit cards are not as safe as credit cards but it is possible to make it more secure. It is not always true that the person is stealing your card information but there are cases where you might lose your money to hackers.
4. Debit cards can be cancelled
Debit cards can be canceled in case of fraud or if you have to change your PIN code. But it is not possible to cancel a credit card.
5. Credit card is more secured than debit card
Both the debit and credit cards can be secured if you use it responsibly. Credit cards come with the additional features which make it more safe.
6. Using credit cards will increase your interest rate
The interest rates are different for the credit and debit cards.
7. Credit cards are easy to use
Not all debit cards have the same features as credit cards. Some of the debit cards don’t have the feature of online transactions.
8. You can’t use a credit card for ATM withdrawal
Credit cards are useful to withdraw cash from the ATM.
Also read this What you should know about taking loans from banks?
In this blog post, I have listed down the most common myths related to banking. You need to stop believing these myths because it can create problems for you in the future. Now, it is time for you to read the remaining posts.