Frugal Living

I just got this unbelievable news through the Consumerist that a man was over charged $81,400,836,908 by Paypal for $26 for gasoline! Juan Zamora was so shocked when he was informed his Paypal debit card has been maxed out when he knew he had $90 fund in his account! Who would have guessed this kind of fuck up, hiccup to happen?  

Until now, Paypal has not explained the reason for the computer glitch…  $86 BILLION !  Unbelievable!

I have two debit cards. One from BDO and one from BPI. As a long time consumer, I was quick to recognize the advantage of debit cards as oppose to credit cards. The advantages simply outweighs the usual headaches that credit cards brings.

Here are some of the advantages of having debit cards.

• In terms of Money Managment and Control. Debit transactions are deducted directly from your savings or checking account and recorded in one monthly statement. This allows cardholders to easily track their spending. Meaning, if you do not have the money to spend, obviously the use of debit card would be out. In my case, I only allocate the fund for groceries for the month into my debit card. Nothing more, nothing less .
• When it comes to Security, debit cards are more secured than credit cards since the cardholder is required to input their PIN for transaction to go through.
• Debit cards can be used worldwide, ATMs and can be used over the phone and on the internet.
• Rewards wise, debit cards are beginning to give rewards. Discounts and other promos are usually given to cardholders. Like in BDO, both debit and credit cardholders are given discounts in various stores in SM. And in BPI have their own discount and promos. Just check out their site for ongoing promos.

Do you have any debit card related story? Email them to me : frugal.pinoy@gmail.com or make a comment below.