Wednesday, November 14, 2012

Union Bank's EON Visa Debit Card, a Convenient Tool to Shop Online

I have an EON Visa Debit Card which I acquired from Cagayan de Oro Union Bank branch which is near my residence. By linking it with my PayPal account, I find this debit card a handy tool to do online transactions which are mostly purchases of goods at eBay.  

An EON Visa Debit Card in the Philippines is a plastic card that provides the cardholder electronic access on his bank account at a financial institution such as bank. It is similar to credit card because it can be used to buy goods and withdraw cash at ATMs that are linked to interbank network such as MegaLink and Plus. The difference between a credit card and a debit card is that the former can purchase goods on credit such as buying TV on installment while debit card cannot. Charges on debit card are drawn directly from the cardholder’s savings account for the transactions that he made. In other words, expenses incurred through debit card are essentially cash transaction.                                                                                                                                              

It would be more practical for people to buy goods that are available in the local stores than in the internet. But some goods that are not available locally, and there are others that are not in circulation anymore. Or it may be that the cost of a brand new item is too prohibitive for a person to buy so that purchase of conditioned second hand or used items is a good option. eBay is a venue where a person can buy brand new, used or hard-to-find items of any kind. The downside of online shopping is that it is riskier than physical shopping. It will take a long time for the goods to arrive. And there are risks that the goods may not arrive at all or the goods received are not in accordance with what was posted in their descriptions in the internet. However, online shoppers could put their trust on big online establishment such as eBay because it has security measures to protect its customers from scheming vendors.                                                      

Debit card comes in handy when one shops online and he does not have a credit card. In this connection, Eon Visa Debit Card is a convenient tool to buy or sell goods at eBay, the biggest online auction and shopping website in which people and businesses buy and sell broad variety of goods worldwide. Most online merchants accept payment only through PayPal. And for this reason it is the world’s most loved way to pay and get paid. And therefore it is also desirable for one who does online transaction to register and become member of eBay and PayPal which are sister companies. Membership in them is for free.                                                                                                                                                                

Since most online merchants accept payment only through their PayPal account, it is a good reason for one who transacts business online to be a member of PayPal. Linking one’s Eon Visa Debit Card with his PayPal account will facilitate his online transaction since he can receive and send money through the internet with the use of that card. The linking process is very simple and just takes a few minutes to finish. He just follows what he is instructed to do and when he is done he is now ready to do his online shopping at eBay. He must however be sure that the balance of his savings account is sufficient to cover for the cost of the purchase taking into consideration the current local currency and the US dollar exchange rate if the item is from another country. For every purchase PayPal automatically deducts a payment from one’s bank saving account that is associated with his debit card. He does not even have to worry to convert his local currency into dollar because it is PayPal Who will automatically do that online.

Generally, credit card is more acceptable and more convenient way of making online transaction than the debit card. The advantage of debit card is that there is no interest on goods that are bought which means that the purchase is at a lower cost. And one is not likely to buy goods on impulse because he has to spend only the money that is in his savings account.  With a debit card instead of a credit card, the cardholder is not likely to be burdened with unmanageable debt.