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Young adults take to debit cards

Cards offer credit card perks, minus risk of running up debts

Published on Aug 17, 2014 8:11 AM
 
Some debit cards are also FlashPay cards that can be used for contactless payment at food courts and supermarkets and for MRT and bus rides. -- PHOTO: DIOS VINCOY JR FOR THE SUNDAY TIMES

Packed with perks,rebates

Credit cards can be lethal weapons in the hands of anyone, but young people can be especially prone to the lure of easy money.

For them, opting for a debit card might be a safer option.

While a credit card can leave you stretched by living on "future money", a debit card works by immediately deducting cash from your account, so you can spend only what you already have.

 
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Card safety

“Cards, sales slips, billing statements and other documents containing card details should be kept safely. When being discarded, these items should be shredded to prevent information theft.”

MR DENNIS KHOO, Singapore head of personal financial services at UOB, on using debit cards safely

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