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Get a Credit, Debit or EBT Card

Image of a credit card transaction

Using a debit or credit card has now become the standard for buying everything from airline tickets, a tank of gas, to a cup of coffee. These cards are convenient, safe, and easy to use. It’s very important to understand how these cards work and to use them responsibly. Misuse can lead to overdrafts and unnecessary fees.

There is one big difference between these cards: debit cards deduct money immediately from your account and credit cards allow you to spend money you might not have with the promise you will pay it back later.

There are different types of cards available:

A debit card looks like a credit card but acts like an electronic check or cash. This card allows you to use an ATM or money machine to withdraw funds directly from your bank account.

A credit card lets you buy things now and pay the money later to the card-issuing bank usually within a month. If you don’t, you will pay extra interest and late fees.

A prepaid card lets you “load” your own card with cash, like a gift card and spend it like a credit card, but with your own money.

A secured card can help you build up good credit by using your money in a deposit account as “security.”

An EBT card (electronic benefits transfer card) allows the government to provide you benefits without paper checks.

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Great article! With a credit card comes the interest payments. Unless you pay off the total amount of your credit card each month you will end up paying interest. This interest will mean that the cost of paying for items end up being much more than they originally cost. In my opinion, all have disadvantages involved because all debts are needed to be repaid in the future. In connection with credit cards, I remember an article about it. Please do allow me to share some information. It said that, the interchange costs charged on debit cards and credit cards is beginning a fight among financial institutions, stores and the government. Interchange charges are charged to stores each time a customer utilizes a card, and the debate over the charges is leading businesses to rebel against the way things have been done for years. I actually read it here: Merchants moving away from debit and credit cards.You can check that out for a detailed information.
Posted by keenaX on Jun. 20, 2011 1:03 am.
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Thanks for the link! The article is really interesting and useful to small business owners who are probably the worst hit by credit card interchange charges.
Posted by Alison Pezanoski-Browne, Beehive Producer on Jun. 21, 2011 4:49 pm.
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Credit cards are a well known source for managing your finances. If you link it to your income and or mortgage it can be a simple method of using your own cash. The key is to pay in full at the due date. If your income is not guaranteed or if you are at risk of overspending a debit card is a brilliant option for easy access to your money. Regards, Simon ID Cards
Posted by simoniddings on Apr. 10, 2011 7:18 pm.
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Posted by martinpoal on Mar. 13, 2011 3:00 am.
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Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may say if he has any Global Visas Complaints to make to the bank where he has the account .
Posted by alexxamica on Jan. 24, 2011 5:43 am.
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I agree but credit cards brought lots of danger. Well I guess its because of the credit card user attitude. An Rushcard is basically what almost half of the states in the US use to deliver payment to citizens which are issued from the state. These repayments often result from things like unemployment, welfare, child support, or any other means. Though the Eppicard is incredibly useful for the state, and very useful for many of the citizens, you will find scams about them. Eppicard holders have grown to be easy targets to con artists. These cons are robbing customer's information by sending those emails stating their pin has to be reset, and people are giving their information only to have their accounts cleared.

Posted by Logan M on May. 24, 2010 9:35 pm.
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