Debit Cards

The minimum age required to get a debit card is 18. This will allow you to register and activate the card in your name. However, many debit card issuers allow children aged 13 and older to be added as authorized users on their parents' cards. This is applicable to both prepaid debit cards and debit cards attached to checking accounts.

You can check your debit card balance in multiple ways:

• Log in to your online account on your bank's website;
• Use your bank's mobile app. Use the same User ID and password you use to access the bank's website or register for one if you haven't already;
• Call your bank. You can find the number on the back of your debit card;
• Text your bank. Not all banks offer this feature, so ask your bank if there is a number where you could send an SMS to obtain your latest balance;
• Check your account balance at one of your bank's ATMs. Insert your card in the ATM and navigate to the balance option;
• Ask a bank teller by going to one of your bank's branches.

To use an ATM, insert your debit card or credit card into the machine, input your PIN, and select the type of transaction you want to make from the menu. You can check your balance, withdraw money or deposit money. You also may be able to transfer money from one account to another or pay a bill, depending on the ATM.

Unless you use an ATM owned by the issuer of your card, you will likely have to pay multiple fees when withdrawing money from an ATM. There could be an ATM-owner surcharge as well as a fee charged by your card's issuer.

Using an ATM with a debit card is far better than doing so with a credit card. You should actually avoid credit card ATM withdrawals whenever possible. This type of transaction – called a cash advance – is very expensive. The average credit card charges a fee of more than $8 or 3% of the amount withdrawn, whichever is higher. Plus, the average cash advance APR is over 21%, and interest takes effect immediately.

But whether you're using a debit or credit card, the steps of how to use an ATM are pretty much the same.

How to use an ATM:

Step 1: Insert your card. Insert your debit card or credit card into the machine to begin the transaction.

Step 2: Type in your PIN. This is typically 4 digits but can be longer. With a debit card, you get this number with your card or soon after by mail. With a credit card, you may have to call the issuer to request a PIN.

Step 3: Choose a type of transaction. You should be able to make a deposit or withdrawal (debit card only), check your balance, or take out a cash advance (credit card only). You may also be able to transfer funds between bank accounts or pay your credit card bill.

Step 4: Enter the transaction amount. Input the amount of money you are depositing, withdrawing, paying, etc. when prompted.

Step 5: Select your receipt preference. Choose whether or not you want a paper receipt. You may also have the option of receiving a receipt by email. Depending on the ATM, you might be asked this right when you put your card in.

Step 6: Take your card. Remove your card if the machine held it during the transaction. And don't forget to take your money if you made a withdrawal or cash advance.

If you find yourself struggling with how to use an ATM at a bank, one of their employees should be happy to help you. And if you're unsure which ATMs, if any, are free to use with your particular card, you can give the issuer a call. If you do use an ATM with a fee, it won't be more than a few dollars, but that can add up if you make a lot of transactions.

The main difference between debit cards and credit cards is that a debit card is linked to a checking account, while a credit card is linked to a line of credit. When a purchase is made with a debit card, the funds immediately come out of the bank account. When a purchase is made with a credit card, it is “charged” to the credit line to be repaid later.

There are plenty of other differences between the two payment methods. Here are some of the biggest differences between credit cards and debit cards:

1. Using a credit card builds credit; using a debit card won't. Credit cards report account information to the major credit bureaus each month, allowing users to build a track record of responsible borrowing. Debit cards are not included on credit reports.
2. Credit cards give rewards; debit cards generally don't. Many credit cards give cash back, points or miles in return for each dollar in purchases charged to the card. Some credit cards even have initial rewards bonuses for spending a certain amount within a few months of opening an account. Most debit cards don't give rewards for purchases – though you can get some nice checking account signup bonuses.
3. Debit card fraud is more of a headache than credit card fraud. All four major credit card networks – and all 3 debit card networks – have a $0 fraud liability guarantee. But credit card users have time to spot and handle the fraud before they pay the bill, while debit card users pay for fraudulent transactions at the time of purchase. So even though cardholders usually aren't liable for fraud on either type of card, it may take a while for debit card users to get their money back, while credit card users won't ever lose the money. Plus, debit card protections are not as favorable if a PIN is used to complete the fraudulent purchase.

Credit cards and debit cards may not look very different. Both debit and credit cards have a card network logo – and these days, both come with an EMV chip on the front for an extra layer of security when making transactions. But they are quite different in practice.

In fact, the differences are big enough to make an impact in the lives of those who use them. Generally, credit cards are better in fraud cases and to build credit, but they also have their downsides. Debit cards give users peace of mind knowing they won't spend more money than they have, but they also won't earn rewards or build credit.

If you lost your debit card, the first thing you should do is contact your bank and report the loss. The bank will block it, and this will ensure no unauthorized transactions are made. A new debit card will be issued and sent to you. In the meantime, you can still use your checking account number and bank routing number to make payments or purchase things online.