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You are relatively flush, financially speaking. Your debit accounts all have funds in them, and your credit card payments are up to date. There are no notices on your credit report that would cause any transaction to be dinged by your credit card company or your bank.
But, your debit card got declined last night when you tried to buy pizza. Or, worse, you were hosting a party of notable size and your credit card got declined, even though you knew you had enough available credit to pay the bill.
In those situations, you experience a host of emotional responses. You are either worried that some nefarious hacker has gotten into your debit or credit account, or you are embarrassed in front of that group of people you are hosting for that party.
What happened? Why did it happen? What do I do now? And how do I make sure it never happens again?
Let’s look at two situations — debit card vs. credit card — and examine the explanations for when those cards are declined.
Add the customer service numbers for your bank and credit card company into the contacts on your phone. This way, you can contact them immediately if a debit or credit card is declined.
Why is My Debit Card Being Declined?
There are several reasons why your debit card might be declined. Among them: You don’t have the money in your account to cover the charge; the card has expired, there are technical issues with the company; you have reached daily transaction limits; your banking institution finds the charge suspicious, or a business has put a hold on your account for a pending charge.
You Don’t Have the Funds
The problem with debit cards is that we use them to pay automatically for various things, including mortgage, utilities, digital newspapers, TV streaming apps or charitable donations. If you have any subscriptions attached to your debit card, and you don’t keep track of when the subscription payments are debited from your account, your account balance can…
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