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This question often comes up, especially in light of recent security breaches at various merchants. The short answer is yes, a Debit Card is just as safe as a credit card. However, there are differences that you should be aware of.
Each has their advantages, and possible disadvantages. This has to do with your intentions for using each card.
When using your credit card, if you intend to pay off the full balance each month then credit cards offer some notable benefits. First, you’ll be using the institution’s money until the balance is due, keeping liquid money in your account longer. Many credit cards also now have reward programs that provide more benefits such as cash back, and discounts on certain purchases. Third, using a credit card for larger transactions such as car rentals and hotel stays won’t tie up funds in your checking account when a hold is placed for the anticipated amount of your transaction.
When using your Debit Card, the funds are authorized and deducted from your checking account at the time the transaction takes place. The benefit to this is there is no payment due at a later date when you may not be able to pay the full amount. Additionally, you will avoid paying interest on the amount of your transaction. Debit Cards are also an alternative to carrying cash, and virtually all merchants today accept MasterCard branded Debit Cards, such as your Rhinebeck Bank debit card. The advantage here is if you lose your Debit Card, there is protection for your money, whereas if you lose cash it is gone.
This brings me to the “safe” part of this discussion. Rhinebeck Bank’s MasterCard branded Debit Cards provide the following protections for consumers:
For more information on these protection services, click here to be directed to our MasterCard Debit Card webpage, and scroll to the “BETTER PROTECTION” section of the page.
You will see that you can be confident that using your Rhinebeck Bank Debit Card is both convenient and safe.
(Rhinebeck Bank, Member FDIC)