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Debit and credit cards each have advantages, and
each is better suited to certain situations. Since a
debit card is a direct line to your bank account,
you might want to consider these 5 places where
it can pay to leave your debit card in your wallet:
1. Phone orders or online
Although the Federal Reserve's Regulation E covers
debit card transfers, it sets your liability for fraudulent
purchases at $50, provided you've notified the
bank within two days of discovering that your
card or card number has been stolen or misused.
2. Big-Ticket Items
A credit card offers dispute rights if something goes
wrong with the product. In addition, some credit
cards offer extended warrantees and property
insurance coverage.
3. Deposit required on rentals
If you use your credit card to secure a rental, the
store has its security deposit, you still have access
to all the money in your bank account, and if all
goes well, you won't actually have to part with any
money beyond the actual cost of the rental.
4. Recurring Payments
Repeating charges can really mount up when
they're linked by your debit card to your bank
account especially as it can take months to
resolve the dispute.
5. Future Travel
If you're booking travel that you won't use for a
while, or making a reservation for a few weeks
ahead, you'll be out the money immediately.
Better to use the credit card and only pay for the
travel when you've used it.
Some people even keep a separate bank account
for their debit card to have more control over their
money, making deposits or transferring funds only
to cover their debit card transactions.
New Law Shows Credit Union
Cards Still the Best
The Credit Card Accountability
Responsibility Disclosure Act of
2009 (CARD Act) limits changes for
interest rates, fees and other significant
terms on credit card accounts. It also
requires a longer notice when certain
terms are changed, bans certain
deceptive practices, and provides
additional protection to consumers.
However, some credit card issuers are
still doing all they can to boost profits,
even gouging consumers who maintain
good credit.
Credit unions largely conform to the
new rules already. And even though
credit unions weren't involved in
abusive and deceptive practices --
such as high over-the-limit fees and
huge interest rate hikes -- it's important
to know how and when components
of the law will affect you. If you have
a credit union credit card, you already
know about the low-interest rate, low
fees, reasonable grace period and great
member service that are standard
operating procedure at a credit union.
If you don't have a credit union credit
card, now is the time to get one.
At
APGFCU, you get a better card
and a better financial institution
because we operate in our members'
best interest. We answer to our
members not stockholders. As a
result, you receive better rates and
service.
APGFCU, still offers the BEST
credit card around! For a complete list
of benefits, call 1-800-225-2555
(toll-free),
press four, visit
www.APGFCU.com, under Loans
& Visa, or stop in any branch.
Source: Credit Union National Association, Inc.
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