Like anything, credit and debit cards have their advantages and disadvantages. While debit cards can be a great convenience and do not involve accumulating debt, they are tied directly to your checking account allowing charges, authorized or not, to immediately debit your balance. With a credit card however, you do not have to pay the balance immediately, allowing you and your institution time to research or dispute the charges. Online purchases frequently add on services that may not be openly disclosed to you, charging you for a service you may not know you agreed to. With a debit card, these charges will debit your checking account immediately, leaving you with a decreased balance. This is why we recommend limiting the use of your debit card online and using an alternative method of payment such as direct ach debits, credit cards, gift cards or pre-loaded cards.
Here are some helpful tips on keeping your cards safe:
- Avoid using public internet for financial transactions
- Protect your card numbers and PIN
- Check your bank statements often
- Report card problems/fraudulent activity immediately
- Consider using a credit card or pre-loaded card online
- Download the MyCards app found in the e*teller app
- Look for the secure symbol (unbroken key or padlock) in the browser URL
