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Benefits of debit cards in financial planning

JAKARTA. Debit cards can also be used to control your spending. By using a debit card, you can review all expenses in one month, whether they are appropriate or there are some expenditure items that are not really urgent.

Ina Suwandi, Head of the Funds and Services Development Division of BCA, agrees that there are several benefits of using a debit card.

First, practical and comfortable. Customers don’t have to bother carrying cash. In addition, there is no need to go to an ATM first to get cash. Even when transacting with a debit card, customers can simultaneously withdraw cash at the cashier, if only a few hundred thousand rupiah are needed.

Second, secure. Transacting with a debit card that uses a pin is also safer, than a credit card whose transactions can be legalized with a signature, because it is prone to being misused by non-card owners.

Third, customers do not bother receiving change in the form of denominations.

Fourth, support government programs, namely cashless society, thus reducing the money supply in society. If the conditions cashless society achieved then the government can save costs of printing money, reduce the risk of counterfeit money.

Apart from these practical benefits, sometimes debit card issuing banks have programs for customers, like programs on credit cards, such as discounts at certain outlets or cash back.

Just an example of a promotional program that is being held by HSBC until April 30, 2016, namely Weekend Debit Dining and Groceries Cash Rebate. According to Steven Suryana, Senior Vice President & Head of Wealth Management HSBC, every Saturday and Sunday HSBC debit card users will receive cashback 15% of total transactions at restaurants and 5% of total transactions at supermarkets or minimarkets that participate in this program.

Meanwhile, BCA is still holding on to the lottery program. “Every purchase on merchants those who participate will receive points drawn to get prizes, “said Ina.

However, Eko Endarto, a financial planner from Financia Consulting, warned that the promo program would be useful if it was something that was needed. “So don’t at first do not need it, because there is a promo you will instead be shopping,” said Eko.

In addition, pay attention to whether the promo program is accompanied by certain terms and conditions. For example, the HSBC promo above. Maximum number cash rebate which can be given to Advance customers is IDR 250,000 per month and for Premier customers is IDR 500,000 per month. Cash rebate this cannot be accumulated to the next month.

In order to get cash rebate, Premier and Advance customers must meet the minimum overall average balance criteria alias total relationship balance (TRB) in the month of the transaction. The minimum TRB for Advance accounts is IDR 50 million and IDR 500 million for Premier accounts.

So you must pay attention to these provisions and consider the minimum and maximum requirements cash rebate that you can get.