Function

• Debit cards can be used to buy merchandise online or at local stores that accept cards with the Visa or MasterCard logos.
  
  

Benefits

• Debit cards can be used to withdraw cash at ATMs or at some retail stores at the time of purchase (called "cash back").
  
  

Fees

• There are no finance charges, over-limit or late fees when using a pre-paid debit card.
  
  

Features

• Use a debit card to pay recurring charges, such as monthly bills, or use them for one-time bill payments.
  
  

Considerations

• Debit cards cannot be used for deferred billing purchases. This means that you cannot use your debit card to buy something that will be charged to your credit card at some point in the future.
  
  

Warning

• If a debit card is connected to your checking account, and the card is stolen, your checking account may be depleted of funds.
  
  

Limits

• Debit cards have pre-set spending limits. The financial institution that issues the debit card sets the spending limit.