3489 Davie Blvd Fort Lauderdale, FL 33312
Are debit cards still a good deal? How do they compare to other ways of getting cash, such as credit cards, payday loans and auto title loans?
Financial experts have reported that debit card fees have been increasing. Each time a debit card holder uses an ATM outside of their network there is a charge by their own bank and the host bank also. According to the experts, that fee has risen almost 76% in ten years. Overdraft fees which are charged for insufficient funds are increasing too. Recently, the Federal Reserve has required banks to get customer approval for debit card and ATM transactions that are bigger than the balance in their checking account. Many banks initiated campaigns to get customers to opt in to overdraft protection for a fee. And overdraft fees are up almost 6% from last year. One way to avoid ATM fees is to use your own bank’s ATM network when you take out cash. Many consumers have chosen to steer away from high bank fees and instead turn to payday cash loans and auto title loans when they need emergency cash. There are also more alternative solutions for getting cash. In the State of Florida, the interest rates for payday and auto title loans are regulated by the Florida Office of Financial Regulations.
Free checking has become a thing of the past in part because of debit cards. Banks are making up lost revenues because of new debit card regulations, and raising their checking account fees. The reason for this is because new regulations cut the fee by about 45% that merchants are required to pay to banks per debit card transaction. This is called an interchange fee. Monthly maintenance fees have increased as have minimum balance requirements for checking fees as banks continue to try and make up for the loss of revenue due to new government regulations. Many consumers throughout the State of Florida have turned to other ways of getting extra cash. Consumers who apply for a cash advance or a car title loan receive their borrowed funds by the next business day. Applying online is an easy, fast, secure, and confidential way of having cash deposited directly into your checking account.
Debit card rewards such as cash back and airline miles are becoming less common, decreasing by about 30% this year. On the other hand, credit card rewards have increased due to competition. And also because credit cards are not subject to reduced interchange fees merchants have to pay banks. Clearly, regulatory changes have influenced banks to change their policies and pass them on to the consumer. However, if you have elected to have your paycheck deposited directly to your checking account and the account is used to pay bills online, many banks have opted not to charge additional maintenance fees. Banks have resorted to using introductory rate offers on purchases to encourage consumers to switch from debit to credit cards. This year, it was reported that credit card mail had increased by about 78%. One of the reasons banks are providing incentives for consumers to use credit cards instead of debit cards is that fewer people are missing payments on credit card debt making it a less risky business than in the past.
Those consumers who have had damage to their credit because of late or unpaid bills due to unexpected expenses might not have a large enough credit limit to have their financial needs met by banks or credit card companies. There is usually no credit checks required to obtain a payday loan or auto title loan. Payday loans are short-term loans that are re-paid on your next pay date. A car title loan is paid back in convenient installments while you continue to have use of your automobile so don't hesitate to Apply Now!
So, it can make good sense to consider a Florida payday loan or Florida auto title loan when you need cash. When you check out your options, you might find that car title loans and fast cash advance loans work the best when you are experiencing a short-term financial crisis. Call us today at 888-573-0132 and have cash in your pocket tomorrow.