You are standing in the checkout lane and asked to insert or swipe and to select debit or credit. These options play a role in your shopping experiences every day. You may not think about them much, but as times change and technology continues to evolve, it is important to reflect on these decisions and how they can affect your shopping experiences.

Credit Vs. Debit

The major difference between choosing credit or debit is how the money is taken out of your account. A debit card is linked directly to your bank account; therefore, as soon as you make a purchase it is only a matter of hours before the charge is deducted from your account. When you pay with a credit card you decide when you wish you make the actual payment on your card, usually when your bill comes due in a few weeks.

Using your debit card as debit the funds are transferred automatically from  your Health Advantage CU debit account. You must make sure you do not overdraw your account and use more than you have available to spend. Take advantage of Health Advantage CU’s mobile banking app, Touch Banking, to check your balance before you head off shopping.

When you use a credit card, or even a debit card as credit, it is an offline transaction. The difference is that with an offline transaction on your debit card the funds usually take a few days to transfer which gives you time to confirm the balance in your account. In addition to using debit, when you enter your PIN number all your banking information is at a higher risk of being compromised. Credit transactions which are typically signature-based are more secure.

What if I Don't Have a Credit Card?

Generally, when given the option, sign instead of providing your PIN number. If you do not have a credit card and are interesting in getting one HACU offers a VISA Rewards Credit Card. With our VISA Rewards card you not only work on building your credit but have the peace of mind knowing your transactions are more secure all while earning yourself rewards!  

If you have any further questions about Debit vs. Credit or our VISA Rewards Card feel free to reach out to one of our Credit Union Experts!

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