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Twin Falls (ID) (KMVT, KTWT-TV)
When it comes to bank cards, there are so many types to choose from.
The rules, regulations and added fees vary in how you use them.
Plus interest rates on credit cards differ as well.
Diane dean for Idaho's first news breaks it down in this special report "Examine The Exchange".
When making a purchase with a debit card, you can enter a pin or sign for it.
A debit transaction comes out of your account instantly.
Using it as credit, could take up to 3 days.
Michelle Smith from Twin Falls says"when I go shopping I like to use my debit card I feel like it's more convenient and easier"
Jonathan Piddard says he uses"Credit, I get money back with my Amex card."
Using a debit card to reserve a hotel or rental car could mean a hold against the available balance on your account.
If you cancel, it can still be there for up to 48 hours.
President and CEO of Boise Idaho’s BBB says"do your research in choosing the card so you know the what the fees are what the interest rates are, know what your protection levels."
Processing fees and surcharges differ.
Some credit cards charge a yearly fee, others have reward points or a cash back program.
Some pre–paid cards have added fees every time you use it.
Larry Shepherd from Twin Falls says "I use a debit card it's just easier having it come out of my bank account now instead of later and I don't want to pay for the credit card"
"Whether using a debit or credit make sure you know what it's costing you"
Dixon Says"with a credit card you have many more protections both under federal law and through the individual banking institutions when you use your credit card verses debit card"
A bank manager at Bank Of America says all their cards are protected against fraud no matter how you use it.
Pat Hamilton V.P. of operations with Farmers bank says in a fraud case, it may be more difficult to get your money back because someone entered your pin as opposed to comparing a signature.
"I think fraud is becoming more and more an issue. It used to be annually was to change your pin I think now it's closer to quarterly"
There are free safeguards in place. Some bank cards may charge a fee.
Dixon says The BBB recommends that you be very careful with the card always be aware of your surroundings when you are sliding that card through the machine and know if someone’s looking over your shoulder if someone’s close enough to look at you entering in a pin number on that key pad.
Sadie Visser from Twin Falls says “You're always concerned about something like that make sure you try to do the best you can and keeping your card secure keeping track of it watching who you give it to and how you give it out.
Retailers are charged different fees that could be passed on to you.
Ask the cashier or manager what the difference is using your card as debit or credit.
You may even get a discount on things like car repairs.
For Idahos First News I'm Diane Dean
No matter what card you choose and how you decide to use it make sure you do your research.
Read the fine print, and talk to your bank before signing on the dotted line.