We’ve all done it. We’re out shopping, ready to use our debit cards, and the sales clerk asks “debit or credit?” We really don’t know what the difference is. It is a debit card, so we say “debit,” right? Wrong.
By choosing “debit” and entering a PIN (personal identification number), your transaction is treated as an ATM transaction-which quickly could put you over your free monthly number of ATM transactions. Instead, when you’re making retail purchases with your debit/ATM card, choose “credit.” You’ll bypass any potential fees-and the funds still come out of your share draft/checking account. Another good reason: Credit transactions require a signature, which helps against fraud.
So save your PIN for ATM use (or if you need to get cash back) and say “credit” when you’re at the mall, gas station, or grocery store. For more information about debit cards contact First New York FCU. We’ll explain the differences between debit and credit cards and how debit cards can work for you.
