Bank cards are very important as they make it portable for us to move around with money. The implication is that if you have a million dollars in your card and you have a card, your one million dollars is with you as good as in cash but with little variations. You can easily pay for goods with the bank card as you would with money in most stores across the world. If you need access to physical cash, you can visit any ATM close to you and withdraw cash in the local currency of the country you are in. The implication is that you won’t even have to start looking for where to convert the money to the right currency before you can spend it considering you can only spend local currencies to buy goods and services in most countries of the world.
There are two major types of cards available. There is the debit card and there is the credit card. The debit card means you can only spend the money you have in your account. The instant your account goes to zero or the minimum amount your issuer expects you to leave in the account, you stop spending till you refund. Credit cards, on the other hand, allow you to continue to make purchases until you reach a particular loan limit. Thus, for a credit card, it is just like you have already been pre-given some loan you do not have to use. If you ever need it, it is there and if you never need it, you don’t have to touch it. This is considering that credit card makes it easier for you to get indebted since you might sometimes mistakenly spend beyond what you have in your account without knowing. With a debit card, however, that can never happen as you would have to manually apply for any loan before you can spend a dime beyond what you have in your account.
A lot of banks give debit cards, some at a particular price and others for free. For example, Transferwise gives debit cards for free. Thus, we would use the company as an example of how you can get free debit cards. To get a free debit card from Transferwise, you would have to first open an account with the banking platform. Opening an account with the platform can be carried out online as all you have to do is install the app of the platform on your phone and follow the process on the app to open an account. Once you open the account, you would be able to apply for a free debit card. Within a few days, your application will be processed, and the debit card will be shipped to your location. Transferwise debit card is a mainly borderless debit card, which makes them more interesting to use in any country. As opposed to normal debit cards where conversion rates in other countries could make you lose money and probably lead to extra charges, with Transferwise, your withdrawal will be carried out with the normal exchange rate and without currency conversion charges.