Debit cards are the new flex. How smart consumers are putting their cards to work.

This article was published in Hindustan Times, Philstar and The Star.

Who doesn’t love a good bargain or getting the most mileage for your money? The fact is most of us relish finding the best deal in town. So why do credit cards and mobile wallets often steal the spotlight when debit cards have so much to offer?

One reason is the many misconceptions about debit cards, despite their prevalence and perks. From security concerns to doubts about their benefits, these myths might be stopping you from getting the most bang for your buck. To clear up the confusion, we’re busting the top 7 myths that may be holding you back from reaching your money mastery potential. 

Myth 1: Debit Cards Are Mainly for ATM Cash Withdrawals

Some believe debit cards are just for ATM withdrawals, but that's like saying smartphones are only for calls! People use debit cards for everything—online shopping, dining out, and paying bills. Most debit cards from major Asian banks are linked to international networks like Mastercard, so you can use them almost anywhere in the world that accepts cards.

Myth 2: Debit Cards Only Work with Domestic Currencies

This idea is false. Debit cards work worldwide, converting your currency automatically. What’s more, many cards link to multi-currency accounts, letting you switch between currencies or lock in FX rates to stay on budget. Plus, they often offer perks like zero-fee conversions and free overseas ATM withdrawals. So, whether you're buying batiks in Bali or perfume in Paris, your debit card has you covered.

Myth 3: Debit Cards Don’t Offer Rewards

Think only credit cards have rewards? Think again! Banks across Asia now offer reward programs for debit card users too. Many provide cashback, discounts, and other perks. For instance,  BNI in Indonesia offers 1 mile per Rp 50,000 on debit card purchases, while Alliance Bank in Malaysia awards 1% cashback on overseas spend with its Alliance Hybrid Standard Debit Card. Check with your bank about their debit card rewards—you might be pleasantly surprised!

Myth 4: Debit Cards Don’t Offer Protection Against Fraud

Worried about debit card security? Don't be. Modern debit cards have advanced security features like EMV chips, PIN verification, real-time SMS alerts, 2FA, and biometric verification, significantly reducing fraud. In fact, Mastercard debit and credit card payments are processed on the same network, which means they’re protected by the same advanced security features and anti-fraud protection. Plus, most debit cards also offer liability protection, with banks often providing zero or limited liability on fraudulent transactions so you’re not on the hook for unauthorized charges. Some cards even offer protection for e-commerce purchases, in case issues arise such as non-delivery of your items.

Myth 5: Debit Cards Don’t Work with Mobile Payment Apps

Many believe mobile payment apps like Alipay, Samsung Pay, Apple Pay, or Google Pay only work with credit cards. However, most debit cards can be linked to these apps for secure, contactless payments with your smartphone or smartwatch, while still enjoying the same advanced security and purchase protections. In countries like South Korea and China, linking debit cards to mobile wallets is already the norm.

Myth 6: Debit Cards Are for People Who Can’t Get Credit Cards

There’s a common misconception that debit cards are just for those who can't get a credit card. The reality? Many people in Asia who have a credit card (or cards!) also use debit cards to manage purchases and stick to a budget. In places where financial inclusion is growing, debit cards are often the first step into the formal financial system. Since you can only spend what you have, they're great for managing finances responsibly.

Myth 7: Debit Card Have Hidden Fees and Annual Charges

Many avoid debit cards due to fears of hidden fees and annual charges, but these worries are outdated. While some banks charge for ATM withdrawals or currency conversions, these fees are usually transparent. In fact, most debit cards charge minimal or no transaction fees, making them accessible to most customers, while some even offer cashback or reward points. 

So there you have it—7 debit card myths, busted!

The bottom line: debit cards are safe, convenient, versatile, and even rewarding — especially if you know how to use them. If you want to make the most of your money, consider incorporating this simple yet powerful payment option into your financial toolkit.