In current global market financial transactions are no longer limited by geographic boundaries, social constraints or even fund availability. Coins and paper money have given way to plastic money and the market is flooded with credit cards, debit cards and now solid debit cards. Different from credit cards in that there is no credit involved and different from a debit cards in that a bank account link is not required, Solid Debit Cards are being promoted as the latest secure transaction mantra.
A Solid Debit Card has several advantages and is a very convenient medium of making payments for purchases be it in person, over the phone or over the internet. A solid debit card scores over a conventional debit card because of the greater acceptability of the card even at places where only Credit Cards are accepted. Besides, a Solid Debit Card is not linked to a bank account and hence one can do away with the formalities associated with opening and running a bank account. This comes with the added advantage that unlike a bank account were one is required to maintain a minimum balance of some or the other amount, on a Solid Debit Card, no minimum balance is required. One can top up the card to as much as one wants and spend his or her own money as per requirements.
The solid debit cards are better than credit cards while offering all the convenience of a credit card in terms of security, ease and acceptability. Credit Cards invariably draw huge interests on the amount spent along with transaction fees and taxes. Unmonitored use of credit cards does eventually lead to a debt trap which many are unable to overcome. Unlike this, a person using a solid debit card is essentially spending his or her own money. Thus the person is well aware of the limits available and avoids overspending and is at the same time able to make secure transactions which are not possible using the bank account linked debit cards.
A person may opt for additional services like having their pay transferred straight to the Solid Debit Card, having additional cards for family members and topping the card above its limit for future usage if needed. These features coupled with the security offered by a secure PIN number and acceptability at millions of merchant outlets worldwide make solid debit cards a sought after medium for making transactions. Procuring the card is said to be a very hassle free process where neither is one required to fill a lot of forms or go through a lengthy credit history r background check. On completing a simple application form one can expect to have a solid debit card within four to five working days of the application. On receiving the card, one must just activate the account and the card is ready to use.
In short Solid Debit Cards combine the advantages of a credit card in terms of security and acceptability along with the harness of a bank debit card in terms of limiting the spending. The convenience offered is a huge draw for many.
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