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What’s the difference between a debit card and credit card?
A debit card is linked directly to a checking account. Depending on the dollar amount in your checking account will determine some of your spending limitations. Signing up for eBanking or mobile banking at your financial institution can help you keep track of your spending and balance. You can run a transaction as Debit, using your confidential 4-digit PIN, or Credit, signing your name. A debit card does not help build your credit.
A Credit Card is when you borrow money from a line of credit and then pay it back on a monthly basis. If the balance is not paid back monthly, you will acquire an additional interest fee. Your spending limitations are determined by your credit card limit. Your credit card limit is the maximum you can charge to your credit card. A credit card can help you build your credit.
Are there any restrictions in using a debit card?
Yes, there are daily dollar limits for cash withdrawals at ATM networks, POS purchases, and there are limits to the number of transactions per day. There are limitations as well depending on the balance in your account. Each institution is different along with locational restrictions. There are also slight differences between consumer and business credit card limitations. These limitations are put in places to help protect our customers from becoming victims of fraud.
What is a prepaid debit card?
A prepaid debit card allows you to load money onto to the card and then use it just like a regular debit card. There are different types of prepaid cards. Some are reloadable and some are not. Each card needs to be purchased. These prepaid debit cards can be used at any merchant or ATM machine. Once the balance on the card is used, you can reload the card online or at AbbyBank. There is no need to have an account.
How do I get a gift card or reloadable debit card from AbbyBank?
AbbyBank has a few different prepaid debit card options. We offer gift cards, travel cards, and reloadable debit cards. Bring your ID and visit one of our seven locations and speak to a friendly teller. You do not have to be a customer to get a prepaid card.