Here’s Exactly How to Master Debit Card Management

You’re at the checkout, ready to pay, but your card is nowhere to be found. 

A wave of panic sets in. 

You search your wallet, your pockets, your tote bag—nothing. 

In that moment, the last thing you want to do is scramble to find a phone number, wait on hold, and cancel your card. With the right tools and habits, this scenario doesn’t have to be a source of stress! 

Your debit card is a powerful financial tool. By taking control of its features, you can turn it into a security guard, a spending coach, and a money manager all in one.

Secure Your Spending With Real-Time Control

Debit card management tools—otherwise known as your personal security guard—can help you lock your finances down…which can be wildly helpful in a variety of scenarios. 

If your card is ever lost or stolen, you can instantly freeze it to prevent unauthorized purchases. This feature offers peace of mind and can save you the hassle of immediately canceling your card. Alternatively, maybe you think your debit card is lost, but it's just hiding at the bottom of a gym bag or a jacket pocket. Before you cancel your card and wait for a new one to arrive, you can instantly freeze it. 

And if you find it a few minutes later? Simply turn it back on.

Freezing your debit card with a mobile app or online banking platform gives you real-time control and instant peace of mind. 

This feature can be extremely helpful for a handful of real-life scenarios. Let’s say:

• You're visiting a new city for a concert. You can turn your card off while you’re walking around town and only turn it on when you’re ready to buy a t-shirt or a snack.
• You’re traveling for a long weekend and want to leave your physical card in your hotel room. You can turn it off and use your phone for contactless payments, knowing your physical card is secure.

Use Account Alerts to Become a Savvy Spending Coach

Ever looked at your bank statement and wondered, “Where did all my money go?” 

One of the easiest debit card management tips is to stay on top of your transactions by setting up alerts. You can get a real-time notification every time your debit card is used, allowing you to spot any unusual activity or unauthorized purchases the moment they happen.

Alerts can be sent by text or through the mobile app, giving you a clear view of your spending. This feature also serves as a built-in budgeting assistant, helping you stay accountable.

Here’s how alerts can help with effective debit card management:

• Catch duplicate charges. If a coffee shop accidentally charges you twice for a latte, an alert helps you notice it right away.
• Prevent unauthorized use. If your card information is stolen, you’ll know instantly when a fraudulent purchase is made.
• Stay on budget. When you see a notification for every purchase, you become more mindful of your spending habits.
• Avoid overdraft fees. Real-time alerts can help you keep track of your balance so you don't accidentally overdraw your account.

Become a Money Manager With Spending Limits

Setting spending limits is a smart financial strategy, and many debit cards allow you to set daily or weekly caps on purchases and ATM withdrawals. (You can easily change these settings to match what’s going on in your day-to-day life!) 

Some tools for debit card management allow you to:

• Set daily purchase limits.
• Restrict ATM withdrawals.
• Turn off card access for specific merchants or categories.

This feature is especially beneficial for parents who want to give their teens a debit card on a joint account. You can set a reasonable daily limit that affords them financial freedom while preventing accidental overspending. These tools can also be helpful for people helping to manage their parents’ money, and may help in protecting their parents against elderly fraud.

Practice Smart Debit Card Safety Tips

Sometimes the most effective way to protect your money is to use common sense. A few simple steps can help you reduce the risk of fraud:

• Be a detective. At gas stations and ATMs, check the card reader for anything that looks loose or suspicious.
• Shop on secure sites. Only enter your card information on secure, reputable websites that use “https” in the URL.
• Never share your info. A legitimate company will never ask for your full debit card number, PIN, or other personal information via text or email. Don’t click on suspicious links.

A great way to add an extra layer of protection is to use a digital wallet such as Apple Pay or Google Pay. This digital wallet technology increases safety by not sharing your actual card number with the merchant. Instead, a unique, encrypted token is used for each transaction, making it more difficult for thieves to steal your card information.

Be Your Own Financial Detective

Even with alerts, it’s a good habit to manually review your account activity via online banking at least once a week. Take a few minutes to check for unfamiliar purchases, duplicate charges, or subscriptions you may have forgotten about.

Beyond looking for big, obvious purchases, you should also be on the lookout for a few key red flags. Check for small, recurring charges of a few dollars. Thieves often test stolen card numbers with tiny purchases, such as a $1.29 charge for an online game, to see if the card works before making a big purchase. Also, look for weird-sounding vendors. If you see a charge from "PXL*H2O," but you don't recognize the company, it's worth a second look.

By regularly checking your account, you can quickly catch any errors and prevent potential overdrafts. Secure online banking platforms and mobile apps provide 24/7 access to your account activity so you can review it anytime, anywhere.

Put Your Financial Peace of Mind First

Taking a few minutes to implement these habits can make a big impact on your financial well-being. 7 17 Credit Union’s debit card management tools make it easy to put these habits into practice. We encourage you to log in to your account today and explore the available protections.

Looking for a checking account that gives you more control and security? Open a 7 17 checking account today!