|Take Advantage of the Benefits of Credit Cards and Debit Cards|
|Written by Administrator|
|Monday, 06 August 2012 14:03|
(NAPS) – While consumers have become savvy when it comes to managing their money, many could take greater advantage of using either a credit card or a debit card by better understanding the benefits of each.
Below are considerations to help individuals choose for themselves when the benefits of using a credit card outweigh those of using a debit card, or vice versa.
Benefits of Debit Cards:
• Withdraw Cash When Making Purchases – Debit cards not only allow access to
cash from ATMs, but also the ability to withdraw money when making a
• No Balance Due at Month’s End – Charges made using a debit card are pulled
directly from a checking account and not added to a credit card balance. Some
consumers like the freedom of not worrying about a balance at the end of the
month and are able to better establish a monthly budget.
• No Due Dates – To avoid interest charges, credit card users must pay close
attention to due dates and pay off their balance. Debit cards, on the other hand,
pull money from a checking account immediately, eliminating worry about when
a balance will be due and any interest that could result from missing the
payment due date.
Benefits of Credit Cards:
• Earn Rewards on Daily Purchases – Many credit cards earn rewards. And if
consumers pay off their credit card when the payment is due, no interest will
accrue on everyday purchases such as gas and groceries.
• Building Credit History – Using a credit card responsibly may help to build
good credit, which may make it easier to get loans and better interest rates.
• Funds to Make Large or Unexpected Purchases – Whether it’s a large
purchase, such as new furniture, or an unexpected expense like a last-minute
home repair, credit cards offer access to spending limits typically greater than
one’s checking account balance.
• Security Benefits – Credit cards offer the security of funds not being tied
directly to a checking account, as they are with debit cards. So if fraudulent
activity occurs, the funds in a checking account are not depleted. However, Fifth
Third Bank’s new DUO Card, which is the first and only option available to
combine the benefits and features of both a credit card and a debit card into one,
allows consumers to use a debit card without sacrificing this security feature.
With this card, only transactions made using a security PIN are tied directly to a
checking account (i.e., debit purchases), which adds an additional layer of
The decision as to when to use a credit card versus a debit card is a personal one, as there are benefits to both, and no two people manage their money in exactly the same way. With options like Fifth Third Bank’s DUO Card, these personal decisions are that much easier-with the security, convenience and flexibility of both a credit card and a debit card all in one.
For more information, visit www.my53card.com/DUO or a Fifth Third Banking Center in the following states: Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee and West Virginia.
Use one card to make purchases more convenient and secure.