Debit or credit?

Which should you choose?

When you use your STCU CheckCard (debit), should you choose "credit" or "debit"?

Some features are the same. For instance, both are withdrawn from your free STCU checking account, contain fraud protections, and are tracked on your monthly statement. But there are important differences, as described here:

Choosing "debit" lets you...

• Authorize purchases by using a four-digit PIN (Personal Identification Number) password.
• Get cash back.
• Access self-service checkouts.
• Get out of the store quicker, in most cases.

Choosing "credit" gives you...

• Debit card purchasing power authorized with your signature.
• "Chargeback" protections -- if honored by the institution issuing the card -- that may allow you to get your money back if there is a dispute with the merchant.
• Zero liability for fraudulent charges.
• Access to more stores. Three times as many stores accept signature-based debit purchases, and self-service checkouts usually allow you to choose credit.
• Transaction history shows merchant name.

Merchants may encourage you to pay with a PIN because that lowers their costs for handling the purchase. Some may even charge you a fee if you enter your PIN.

Credit unions and other card issuers, however, often prefer signature-based purchases because "interchange income" gained from each transaction helps lower their operating costs for members.

The choice is yours to make. Debit cards are free to members of Spokane Teachers Credit Union, and many ATMs also can be accessed surcharge-free.