Month: June 2017

credit and debit cards

The Difference Between Credit and Debit Cards

The cards in your wallet may look the same, but there actually are some major differences between credit and debit cards. Understanding the difference between these two payment methods can help you avoid financial issues and even earn some extra money in the process.

Application

A debit card or check card is, essentially, a digital checkbook. It is tied directly to your financial account. When you make a purchase, it is subtracted from the amount you have. Most banks and credit unions will give you a debit card to access the funds in your checking or savings account. You can also purchase prepaid debit cards with a specified amount that you can reload, as needed.

Credit cards allow you to borrow money from the card issuer, which means that your application for a card must be approved by the financial institution. If you have bad credit or no credit, you might not be able to get a credit card, or your interest rate could be higher. Credit cards also influence your credit score — for better or for worse.

Utilization

Most debit cards require a PIN to make a purchase. This is a special code that authorizes the merchant to deduct money from your account. Normally, the only fees you have to worry about with a check card are overdraft fees — which occur when you try to spend more than you have. America First offers a free line of credit with our checking accounts to help you avoid costly overdraft fees.

Larger purchases with a credit card require a signature. And since a credit card is a loan, you will sometimes have to pay annual fees, over-limit fees or late-payment fees. However, credit cards also come with perks such as cash back, discounts and travel points. In fact, because of those types of reward programs, if you use your credit card wisely and pay the required balance each month, you can actually profit from your purchases.

Protection

A debit card offers less temptation to spend more than you have because it’s linked to your bank account. However, this also means that if if your card is stolen and your PIN is compromised, someone could have direct access to the funds in your account. It is important to report lost or stolen credit and debit cards as soon as possible.

If you are responsible in your spending and pay off your balance regularly, a credit card is, essentially, an interest-free loan. Many credit cards offer extended warranties on purchases made with the card. You can also get automatic rental car insurance and life insurance when you use your credit card while traveling.

America First offers zero-liability protection against fraudulent purchases on both our credit and debit cards. We will alert you if we see any suspicious activity on your account and work with you to get problems resolved as quickly as possible. We also offer protective services such as Card Guard® and free identity theft recovery to help you take control and make sure that you feel safe and secure no matter which type of card you’re using.

Home Equity Loans are Quick and Easy at America First

Get the money you need to take your dream vacation, complete a remodeling project, pay for surprise expenses, or accomplish anything else you want.

With home equity term loans, you’ll benefit from:

  • Fixed rates & payments
  • Interest that may be tax-deductible
  • Flexible financing options

Or choose our lines of credit:

  • Perfect for spur-of-the-moment experiences
  • Quick access to money when you need it
  • Only pay on the funds you use

Apply here.

Padlock

Security Update: Don’t Let your Virtual Guard Down this Summer

Although many of us are more carefree and active during the summer season, we’re still constantly online. And every Internet connection your make—whether you’re shopping for some camping gear or using social media to connect with friends on the weekend, you’re vulnerable to cyberattacks. Follow these tips to help avoid problems:

 Create smart, strong passwords. Incorporate capital letters, numbers & symbols in your phrase that should be more than six characters long, such as: Go1dM!n3.

Email wisely. Be careful about what you provide in these messages. Never send your credit card information, Social Security number, or other private data via email.

 Same goes with IM. If you use instant messaging to communicate with friends and family, the same rules apply. And it’s always a good idea not to allow strangers in your IM groups.

 Shop safely. If you’re ordering from an online store, be sure the site is secure. At checkout, look for the web address to begin with https. Also, see if a tiny padlock symbol appears at the bottom right of the screen.

 Pay attention to your kids’ activities. Keep your home computer in a community area for easy monitoring. Use child software that is age-appropriate. Limit the time they spend online. Install and use parental controls.

And you can always click here to learn more about protecting your resources.

John lund

Cherish Great People, Great Times and Great Memories

John LundBy John B. Lund, President & Chief Executive Officer

It’s hard to believe 2017 is nearly halfway over. The year has brought some wonderful occurrences and I have much for which I am grateful. I also experienced significant sadness and heartache. Both my brother and my youngest sister passed away unexpectedly within a month of each other.

During Memorial Day weekend, I visited their graves and those of other loved ones. While doing so, I paused with appreciation to think of the good times, lessons learned, and recollections that will last forever.

Our extended family has vacationed on a houseboat at Lake Powell for many years. These are precious memories, cherished by all. I owe my brother gratitude for getting us there in the first place and keeping the tradition going for so many years.

My sister was tremendously charitable and knew how to care for those hurting or suffering. Decades ago, I had major surgery that kept me in a body cast for six months. She instinctively knew what I needed, just how to care for me, and for her I will always be grateful.

Reflecting on my family always prompts amazement at my maternal grandmother and the changes she witnessed during her lifetime. Born in 1898 and passing away in 2000, there are probably not too many folks who lived through three different centuries! She saw the first automobiles being developed, listened to the radio in its infancy, watched the first generation of TVs, endured multiple wars, and lived through the Great Depression. She was additionally there for the tremendous advances & progress our country made in science, medicine, space exploration, technology, and countless other areas. There were many trials in her life, but she always remained positive and optimistic.

When my grandmother was in her late nineties, I once asked her what attributes contributed to her longevity. Without hesitation, she said, “Don’t worry about things you can’t control; and if you need to shed a tear, do it quickly and move on.†What profound advice from such a wise woman. We all have family, friends, teachers and others who influenced us for the better. My advice is to thank them while you still can and continue honoring them by how we live.

At America First, our mission is to simplify our members’ busy lives, save them money, and be a positive contributor to our communities. We strive to be more than an institution that accepts deposits, processes transactions, and provides loans. We want to be your full-service partner, helping you realize your financial dreams. We can assist you in developing budgets, establishing systematic savings programs, and responsibly managing debt. When borrowing is necessary, we offer great rates and terms. Choose us for guidance to plan your retirement, gain insurance coverage, make transactions in the manner you prefer, get the best in Visa® rewards, benefit from free mobile banking, and accomplish additional goals.

Further enhancements and offerings will be announced over the coming months. Thank you for the trust you place in America First Credit Union. We will continue working hard to deserve a lifelong relationship with you and your family.