Debit Card vs Credit Card
While debit cards and credit cards seem similar, they are very different in terms of how money is acquired and spent. Credit cards entrust a certain amount of money to the card holder up front. This money can be repaid according to the terms of the credit card. Usually, an interest rate is applied to the funds used, which is not a requirement of debit cards. Debit cards, also known as check cards, provide information about the amount of cash that a person has stored in a bank account. When the amount of money deposited is depleted, the debit card is no longer usable.
The Benefits of Using a Debit Card
Debit cards will prevent most people from accruing debt. With a debit card, you’re only allowed to spend what you’ve deposited in the bank. This helps most people avoid debt and manage their finances better. Debit cards provide the convenience of cash, but protection of a credit card in that you can track every transaction. You can dispute purchases just like a credit card, and there’s less worry of misplacing or losing cash that cannot be recovered or recouped.
If you’re interested in getting a debit card, understand that not all debit cards are made the same. Members of FCACU get to enjoy the perks of our credit union debit card – the Visa Check Card. Our card comes with many useful features.
FCACU’s Visa Debit Card Features
- You can use your Check Card to make purchases or get cash wherever credit cards are accepted around the world.
- A Check Card is a debit card! This means purchases and cash advances are deducted from your First Class American Credit Union Checking account when you use your Check Card.
- Your Check Card earns you Cash Back Rewards on Point of Sale Purchases.
- Your Check Card lets you avoid the hassles of writing checks, showing your identification and waiting for approval.
- Your Check Card transaction works much like a credit card transaction in that receipts are given at the time of purchases or cash advances, approvals are electronic and transactions are listed on your monthly checking statement.
- Your Check Card lets you make purchases and obtain cash in many places where checks aren’t accepted.
- For even more security, your Check Card comes with a personal identification number (PIN), which is known only to you, and a daily authorized maximum spending limit and cash advance limit.
- You can use your Check Card everywhere credit cards are accepted. So, leave your checkbook at home, and carry your Check Card instead.
If you’d like to enjoy the convenience and security of the First Class American Credit Union debit card, contact us and we’ll get you one!