The holiday shopping season is in full swing. Here are some benefits to using your debit or credit card instead of cash!
Track Spending: Credit and debit cards make it easier to track your spending, compared to cash. You can view statements, monthly spending, and more right on your mobile device. This allows you to keep a close eye on your spending compared to your budget, and you won’t need to remember to track every purchase manually. You can also search for past transactions, and use your app to verify that your payments are for the correct amount. Have you ever been paying for a subscription service that you had forgotten about? Tracking your transactions each month will give you a chance to see what services you want or need to cancel.
An Opportunity to Give Back: TruChoice offers a TruHero credit card which allows you to choose to support either the Children’s Miracle Network or the McAuley Residence. TruChoice donates a percentage of the interchange income from card purchases to the charity that you select. Every time you make a purchase you are supporting a charity, without having to remember to donate each month.
Can be Used to Improve Your Credit Score: Credit cards, if used correctly, can be a great tool to use to maintain or improve your credit score. Make sure to make your monthly payments on time each month to avoid negatively impacting your credit score. Credit utilization measures the amount of your credit line that you are using. If your credit line is $1,000, and you have used $500, that means your utilization rate is 50%. It is recommended that you try to keep this ratio under 30%. To avoid paying interest on purchases, pay off your statement balance in full each month. You do not need to carry over your monthly balance on your credit card to build credit! Check out more tips on building and maintaining good credit.
At TruChoice we offer a free Credit Score Analysis where we will review your credit report with you and help you to build a personalized plan to reach your credit goals. Call or Text us at 207.772.0808 to set up your CSA today!
Mobile Wallets for Easy Access: A Mobile wallet stores payment information on a mobile device, and allows you to make purchases without having your physical card in hand. If you get to the checkout and realize you don’t have your card, you are still able to make the purchase with your mobile device. Mobile wallets also offer some additional security. Mobile payments are encrypted and tokenized so that none of your actual card numbers are even stored within the Mobile wallet! If someone happens to steal your phone, additional security measures like as fingerprint scans, facial scans, and passwords will make it even harder for them to access your info. To learn more about mobile wallets, or for details on how to enroll your TruChoice card, visit our Banking On the Go page.
Protect Against Theft and Fraud: If you are carrying cash, and it is lost or stolen, there is a high probability that you will not see that money again. With credit and debit cards, if you notice your card is missing or has been stolen, you have the opportunity to cancel or ‘lock’ your credit card from making any purchases. Most mobile apps have card controls, that allow you to lock your cards if they are missing, without having to speak with a representative. If you cannot locate your card, reach out to a representative of your card issuer and they can assist you with securing a replacement card. You can also review any recent purchases on your card to ensure that no unauthorized purchases were made.
Even if you have not lost your credit card, you are still protected from unauthorized purchases or fraud. If you have noticed a suspicious purchase, contact your financial institution or card issuer immediately. To review steps to take if you suspect a fraudulent charge, visit our frauds and disputed transaction webpage.
