6 debit card myths, busted! Here’s how to enjoy your Mastercard perks

MANILA, Philippines — Who doesn’t jump at the opportunity to get the most mileage for one’s money? The fact is, most of us get excited about finding good deals or discounts, so why do credit cards and mobile wallets often steal the spotlight when debit cards also have much to offer?

One reason is that despite their prevalence and perks, there are still many misconceptions about debit cards. 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 six 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 banks in the Philippines are linked to international networks like Mastercard, so you can use them almost anywhere in the world that accepts cards.

Myth 2: 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? In the Philippines, many people 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 3: 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.

Shopping online? It’s fast and secure with Mastercard Debit!

Myth 4: Debit cards don’t offer rewards

Think only credit cards have rewards? Think again! Many banks across Asia now offer reward programs for debit card users, too, providing cashback, discounts and other perks. For instance, in the Philippines, the Mastercard Priceless Specials program offers exclusive deals on shopping, dining and travel.

Debit cardholders can unlock a variety of rewards, from dining discounts to travel upgrades. Be sure to check your debit card’s reward offers—you might be pleasantly surprised.

Myth 5: Debit cards don’t work with mobile payment apps

Many people believe that mobile payment apps are only for credit cards, but in the Philippines, debit cards can also be used for wallet payments and online purchases. You can link your debit card to digital wallets for secure transactions, or save your card details for faster checkouts on popular e-commerce platforms. Debit cards offer flexibility for both online and in-store transactions.

Myth 6: Debit cards 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.

Brunch with your barkada, paid with ease—just TAP & GO (TM) with Mastercard Debit! 

So there you have it—6 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.

Editor’s Note: This branded content is sponsored by Mastercard. It is published by the Advertising Content Team that is independent from our Editorial Newsroom.