Should you pay with cash, debit, or credit?

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There are many advantages and disadvantages to using cash, debit, or credit for your spending needs.

Here are some tips to help you decide when to pay with cash, debit, or credit.

 

When should I use cash?

Cash is still the best option for small transactions. It is also helpful when shopping at places that don’t accept debit or credit cards. Additionally, using cash can help you stick to your budget, as it provides a physical representation of how much money you have left.

In fact, some gas stations charge less per gallon when you pay with cash. You can typically see up to 10 cents off a gallon, which may not seem like a lot, but with the increase in gas prices, it can add up. Cash is also beneficial to people who have trouble sticking to a budget. By carrying cash, you will not be tempted to make impulse purchases and overspend. Another great reason to carry cash is to support small businesses. Some small businesses, like food trucks, may only accept cash or they might offer discounts for paying with cash.

While there are many benefits to cash, there are also some disadvantages. Cash offers no purchase protection and there is no paper trail left behind for proof of purchases. By not having a paper trail of your cash, you run the risk of not getting that money back if your wallet gets lost or stolen.

When should I use a credit card?

Credit cards can be a great option for large or recurring purchases if used responsibly. Here are some situations when you should consider using your credit card:

  • Large Purchases: Credit cards offer rewards and cashback programs that can help you save money. Additionally, many credit cards offer extended warranties and purchase protection, which can be beneficial when making expensive purchases.
  • Recurring Purchases: If you have recurring bills, such as utilities, childcare, or subscriptions, a credit card can make it easy to set up automatic payments. This can help you stay on top of your bills, avoid late fees, and earn additional cashback rewards.
  • Rewards: Many credit card programs offer rewards such as cash back, airline miles, or points that can be redeemed for merchandise or travel. If you pay off your balance in full each month, you can take advantage of these rewards without accruing interest charges.
  • Credit Building: Using a credit card responsibly and making on-time payments can help you build your credit score over time. This can be beneficial when applying for loans or credit in the future. However, it’s important to use credit cards responsibly and only charge what you can afford to pay off in full each month. Carrying a balance and accruing interest charges can quickly negate any rewards or benefits you may have received. So, it’s important to have a plan for paying off your credit card balance and to use your credit card wisely to avoid going into debt.

When should I use a debit card?

Debit cards allow you to have the convenience of plastic without the risk of going into debt. Since you are using money from your checking account, you can only spend what you have available, making it a great budgeting tool. Additionally, debit cards offer some level of protection against fraud and theft. If your card is lost or stolen, you can report it immediately to your credit union, and they will cancel the card and issue you a new one. However, one of the downsides of using a debit card is that they typically do not offer the same level of rewards and perks as credit cards.

Furthermore, debit cards may not provide the same level of purchase protection as credit cards. Credit cards offer additional consumer protections such as extended warranties, purchase protection, and price protection that may not be available with a debit card.

 

In general, it’s important to choose the payment method that is most convenient and fits your needs. All methods of payment have their advantages and disadvantages, so it’s important to weigh your options carefully.

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We are growing!

Imagine the possibilities. At Midwest Community, we are well-known for advancing our employees and promoting from within at all levels of the organization. Take the first step in starting your career and grow with us!

Float Member Service Representatives – may have days scheduled at any location (Defiance, Bryan, Napoleon). Computer literacy is required and cash handling or banking experience is preferred. Please see the job overview for a list of duties.

Starting pay is $17.44 an hour
$19.62 an hour after 180 days of service
$21.79 an hour after 1 year of service

Loan Underwriter – responsible for reviewing, analyzing, approving, and underwriting routine individual consumer and business loan requests. Please see the full job overview here.


Resumes may be submitted to Andrew Scharlacken at ascharlacken@midcomm.org.

All are welcome. Midwest Community Federal Credit Union is an Equal Opportunity Employer.

We are growing!

Imagine the possibilities. At Midwest Community, we are well-known for advancing our employees and promoting from within at all levels of the organization. Take the first step in starting your career and grow with us!

Float Member Service Representatives may have days scheduled at any location (Defiance, Bryan, Napoleon). Computer literacy is required and cash handling or banking experience is preferred.

Starting pay is $17.44 an hour
$19.62 an hour after 180 days of service
$21.79 an hour after 1 year of service

Please see the job overview for a list of duties. Resumes may be submitted to Andrew Scharlacken at ascharlacken@midcomm.org and are kept on file for one year.

All are welcome. Midwest Community Federal Credit Union is an Equal Opportunity Employer.

Investment Representative

The primary purpose of this position is to assist Midwest Community Federal Credit Union by delivering outstanding service to both internal and external members. A key element of excellent service is to identify the financial needs of each member and recommend an appropriate credit union solution. In addition, receives members in person and by telephone. Helps Member Investors reach financial goals utilizing our consultative sales process. In addition, responsible for ensuring that outstanding service is delivered to both internal and external members. A key component of this service is to provide proactive guidance on investment solutions via a needs-based consultative selling approach to both current and prospective Members who have placed an inbound call or referral to the Investment Representative.

For more details, please contact lfrysinger@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

Member Service Representative

Midwest Community Federal Credit Union is looking for a Member Service Representative to process transactions, accurately perform end of day balancing procedures, follow company policies and utilize the core data processing system and various software applications, including electronic banking services. We are seeking candidates who are punctual, honest, friendly, and have outstanding communication skills. Please see the job description for a full list of duties. Resumes may be submitted to Sondra Manon at smanon@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

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