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IRS Trouble Solvers ™ ®
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INSIDE THIS ISSUE
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2022 Tax Season
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Get Healthy While Spring-Cleaning! What to Do if You Owe Back Taxes Easy March Madness Chili
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Win of the Month
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Should I Use Credit or Debit?
CREDIT OR DEBIT? When to Use Each Card
Credit Card
When it comes to purchasing items, you have a choice about whether you should use your debit or credit card. Although these rectangular pieces of plastic look the same, they are very different. With credit cards, you’re borrowing money, whereas a debit card takes money directly from your account. That being said, is there a better time to use credit than debit? Here are a few instances to help you determine when to use which card. If you need to access cash quickly, it’s best to use your debit card. If you use an in-network ATM, you can withdraw cash without a transaction fee. But if you use an out-of-network ATM, your bank and the ATM provider will charge a fee. Although you can use your credit card to withdraw money, the fees are usually even higher. Debit Card • • Debit cards can help you avoid merchant fees from businesses. Some online retailers, restaurants, and small businesses have a surcharge when you use your credit card, but debit cards are excluded from these fees.
Your credit card is preferred for safer online shopping to prevent your debit card information from being on the internet. However, check your browser and shopping apps to make sure your credit card is the preferred payment method.
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• If you have any subscription services or bills, your c redit card works great for recurring payments . Your fees will be paid automatically, and these regular on-time payments will help raise your credit score.
• If an emergency occurs , put it on your credit card. This will give you some time to pay off the expense if you need it.
Which card you use is a personal preference. Use whichever method you’re comfortable with and makes sense for you. Always check your balances and fees to ensure everything is in order and cost-effective. If you see suspicious activity on your account, contact your bank for assistance.
• If you make an international purchase , you may want to use your debit card if your credit card company charges foreign transaction fees.
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