What’s the deal with MSCU’s debit cards?

Debit and credit cards look like identical twins. But once you get to know them, you’ll realize that debit cards are nothing like their plastic look-alikes. Credit cards can lead you to debt, but a debit card can help you keep track of your purchases and avoid that obstacle. To clarify what makes a debit card different, here’s your introduction.

Nice To Meet You
Debit cards work differently than credit cards. Purchases on debit cards are processed by either entering a personal identification number (PIN) or signing a receipt — credit cards don’t use PINs. Also, debit cards are issued by financial institutions and link directly to your checking account. Because of this, it’s important to know the benefits of your Mutual Savings Credit Union debit card.

Strengths
- Budgeting. Track your spending with a debit card — go online to check your account statement, and see how much you’re spending on those caramel macchiatos. If you get used to not spending more than you have in your account, then you might not have the urge to go crazy with your credit cards.
- Convenience. You can use your Mutual Savings Credit Union debit card where you use your credit card, withdraw cash from ATMs, and get cash back from some stores.
- Rewards. Make purchases with your debit card and earn rewards from Mutual Savings Credit Union.

When you make a purchase with a debit card, the funds are usually withdrawn within 24 hours. You don’t have the luxury of waiting for your credit card bill before paying for the Wii you just bought, but you don’t have the worry of accruing debt (and the interest that comes with it) either.

This article was written by Jennifer Linne for brass|Media.

brass|MEDIA Inc. licensed content is provided with the understanding that the publisher, copyright holder and organizations distributing the magazine are not rendering investment, financial or other professional advice. Investment and other financial decisions depend on each reader’s individual facts and circumstances. You should not make decisions based on information contained in licensed brass content without the advice of a qualified professional.

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