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:: Featured Credit Card Blue Cash® for Business Credit Card Earn up to 5% cash back 0.0% APR No Annual Fee
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Debit vs. Credit How to use both to improve your financial situation. While the world of pay-at-the-pump and as-you-go is convenient with debit cards or credit cards, you need to understand the differences between each type of card. They may look and feel the same, but there are a few important distinctions. Earn interest while you can The most obvious difference between debit cards and credit cards is that the charges you put on your debit card come directly out of the checking account to which it’s linked. The good thing about using your debit card is that it’s similar to using cash. You never pay interest on your charges. However, if you make a purchase using a credit card and wait 25 days to pay it off in full with the money in your checking account, you’ll have earned more interest on the higher balance in your checking and/or savings account. As long as you remember to make a payment on your credit card in full before interest kicks in, you’ll be making some money on your purchase. Take advantage of credit card rewards Many banks are now offering credit card rewards and cash back on debit card purchases. They are still not as numerous as credit card offers, because you are limited to using the money in your checking or savings account. Credit cards usually provide you with a higher limit to make larger purchases and accumulate more points, rewards or cash back. Credit cards also allow you to spread payments out over a long period of time, while debit cards require you to pay in full up front, making credit cards an easier option for more substantial purchases. Plus, you’ll be earning more rewards on your larger purchases! Learn more about credit card rewards programs. Use both debit and credit cards wisely. Sometimes debit cards can seem like credit, but be wary of their convenience. If you don’t keep a careful watch on your checking account, using debit cards can easily deplete funds you thought you had available.

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