Debit, Credit, & Other Payment Options
Which option is right for you?
If you’ve ever wondered about the difference between a debit card and a credit card, you’re not alone. There’s a lot to know when it comes to understanding debit versus credit and other payment cards. We’re here to help you understand your financial choices every step of the way, so you can decide which option works for you.
What is a debit card?
A debit card allows you to manage your checking account and make purchases just like using cash.
Linked to checking account
- Your debit card is linked to your checking account, so it allows you to makes purchases with funds being withdrawn directly from your checking account. Your debit card also allows you to withdraw cash from an ATM or get cash back at a store.
Can help with budgeting
- It can be easier to track your spending and keep a budget using your debit card because many transactions post to your account almost immediately. You can track your balance through online and mobile banking or a personal register.
Similar to cash
- Every time you make a purchase with your debit card, the money comes straight out of your checking account—just like if you were using cash.
No interest
- You won't ever be charged interest for purchases made using your debit card.
What is a credit card?
A credit card can offer more purchasing power since it is not linked to your checking account. MidFirst Bank offers a Rewards or Platinum credit card for all your expenses, or a secured credit card to help you build credit.
Credit limit
- Unlike your debit card, a credit card is not linked to your checking account. A credit card gives you a credit limit, and you can use your credit card up to this credit limit. Good credit history may enable you to receive a higher credit limit with the ability to make larger purchases.
Similar to a loan
- When you buy something with your credit card, it's like you're taking out a mini-loan. Why? Because you're borrowing money from a bank or lender to cover the cost of a purchase until you pay it off.
Charges interest
- If you make purchases on your credit card and don't pay them off in full every month, you will be charged interest. How much interest you're charged depends on your card's annual percentage rate (APR).
Extra features
- Depending on the type of credit card you get, it might come with extra features like purchase protection. Some cards give you rewards based on your purchases, like cash back, deals or travel benefits.
Offers security
- MidFirst Bank credit cards give you Visa®'s Zero Liability Protection
No credit history or limited credit?
- A secured credit card can help to establish credit. A secured credit card limit is secured by a MidFirst savings account.
What is a gift card from a bank?
Give something special with a gift card that works just like a debit card, complete with a customizable PIN.
Many people think of gift cards as a prepaid card for a specific restaurant or store. However, gift cards from a bank, like the MidFirst Bank Gift Card, offer greater spending freedom. They're accepted every where Visa® is accepted and can be used for almost anything—just like cash. They're great for family, friends and kids alike.
See MidFirst Bank Gift Card options
Debit Cards
Having a debit card allows you to manage your checking account and make purchases just like using cash.
Credit Cards
MidFirst Bank offers a Rewards or Platinum credit card for all your expenses, or a secured credit card to help you build credit.
Gift Cards
Give something special with a gift card that works just like a debit card complete with a customizable PIN.