4 reasons on why you need a debit card
Everyone’s heard of a credit card, but do you know what a debit card is? Simply speaking, debit cards deduct money directly from your bank account when you make the purchase, whereas credit cards borrow the money from your bank. There are many benefits of using a debit card – we list out some of the main ones below!1.Staying within budget One of the benefits of using a debit card is that you don’t have to worry about overspending! That’s because the money of each purchase is directly deducted from your bank account, so you only get to spend what’s available. Even if you have trouble controlling your spending, the worst thing that can happen is that you spend all the money in your bank account, but nothing more than that – unlike a credit card, you will not go into debt. 2.Easily obtainable Unlike credit cards, the process of applying for a debit card is easier! Applying for debit cards generally do not require any minimum credit score, and as a result the application process is much simpler and shorter. 3.Avoiding additional fees and service chargesCredit cards often come with late fees, annual fees, and interest charges. On the other hand, debit cards typically have few or even no costs associated, as you’re only spending what’s available in your account – that way, your repayments will always be on time and you’ll never overspend. 4.Earning rewardsSimilar to credit cards, debit card have competitive rewards too! They reward users with cashback, points, or miles, without encouraging them to overspend to the same degree as credit cards do. For some people, the debit card spending model may be more suitable for those with an unstable income or those who do not want to spend in excess.What is a WeLab Debit Card? How can I apply for one?The WeLab Debit Card is a (very shiny & trendy) vertical numberless debit card for all your shopping and cash needs!👉🏼 Instant issuance of a virtual debit card for you to use immediately for online purchases – while your physical one is being prepared👉🏼 One card for all spending and cash withdrawal needs – use your card anywhere that accepts Mastercard and JETCO ATMs👉🏼 Instant spending notifications whenever you use your card 👉🏼 Cashback and perks whenever you spend with your WeLab Debit Card👉🏼 Security and control at your fingertips – set transaction limits, reset card PIN, and access your WeLab Debit Card details at your complete discretion through the click of a buttonTo get a WeLab Bank Debit Card, simply download the WeLab Bank app and apply for a bank account with us. Your virtual WeLab Debit Card will be ready in your app once your account is successfully opened, so that you can start using it immediately! At the same time, your physical card will be prepared and delivered to you in around 5-7 working days. If your card has been lost, you can simply hit the “Report Lost Card” button in the mobile app to get a new virtual debit card instantly! For more information about applying for a WeLab Debit Card, check out this video: https://www.youtube.com/watch?v=OeXzX2_EyZI