This time we want to tell you about the different types of cards available on the market. Since there are many options, we will focus on the most common ones: debit and credit cards. Currently, both are very useful tools, and if you do not already have a debit card, after reading this article, you might want to get one with MyBambu. It is easy and secure.
Let us start by understanding what a card is. It is an instrument made of plastic or metal, and in some cases, it is also digital, used for making payments and money transactions such as online and in-store purchases, ATM withdrawals, online subscriptions, and even hailing an Uber or Lyft. Each card contains the owner’s name, a card number, an expiration date, and a three-digit security code.
Cards are issued by financial institutions, and they all have one thing in common: they aim to simplify financial life as they are convenient, easy to use, and more practical than cash.
Next, we’ll tell you about the two most used types of cards and how each one works.
- Debit Card: This is linked to an account, and its main feature is that the account balance is automatically deducted as you use it. This type of card is the most popular in the market and is used for making payments both in physical stores and online, withdrawing cash from ATMs, checking your balance, and keeping track of all your transactions. It’s the best alternative for controlling your money, managing your expenses, and handling your budget. You can automatically get one when you open an account with MyBambu.
- Credit Card: This card stands out because it offers credit payments, not immediately and even with money that is not in your account, but rather the financial institution lends it to you, and you can pay it back in installments. Using a credit card requires responsibility because you will need to repay the money to the financial institution within their established terms, usually with interest. To obtain one, you typically need a clean and organized financial history. It’s recommended to first handle a debit card before applying for a credit card.
We also want to remind you why you should have a MyBambu VISA® debit card and some of its benefits:
- Ease of Payment: A debit card will help you pay for your purchases more quickly.
- Free Cash Withdrawals at AllPoint ATMs.
- Expense Control: One of the biggest advantages of having a card is that your usage is recorded in your account. This doesn’t happen with cash, as it’s more challenging to track every expense.
- Credit Profile: One of the best benefits is that you can have proof of your money movements, which can open doors to a future loan.
Remember that with MyBambu, when you open your bank account, you can get a VISA® debit card at no cost. Don’t forget that your card will help you better manage your financial life.
Thank you for reading our blog. We hope you’re learning with us and that you’ll be encouraged to join the MyBambu family. Don’t be left behind—create your account and get your debit card right away. You’ll also have a digital card in case you forget your physical one or haven’t received it yet; you’ll find it in your app.
See you in the next article!
