Safe Credit and Debit Card Use

It’s pretty exciting to get your first credit or debit card! Transacting with a card can be more convenient, faster, and help you track spending more easily. Using a card also means that you should be aware of how to use it safely and securely to protect your information and your money! The list below contains some helpful information, to best manage you card:

1. Keep your card # and your pin # to yourself and make sure you keep your card in a safe place. If you suspect someone has stolen your card information or that you’ve lost your card, report it to PCU right away.

2. When making online payments, only use trusted sites. As you’re learning to use your card, it’s best to consult with an adult before buying something online.

3. Using the contactless feature on your card or loading your card in a mobile wallet is the safest way to transact with your card. One way that fraudsters steal information is to use skimmers that grab information when you swipe or insert your card. Contactless use decreases the risk of information loss this way.

4. Monitor your card activity via digital banking. If you see anything you don’t recognize, report it to PCU right away.

5. Learn to set up and manage your alerts so that you know when a suspected fraudulent transaction fraud occurs or even just when your card is used.

6. Learn to use the card control tools in digital banking so that you can do things like turning your card off if you lose it, reporting a fraudulent transaction, or ordering a new card.

7. If you ever have questions about any of this, give us a call at 207-282-4156 or stop by a branch and we will take the time needed to answer your questions.

The tips above apply to managing your debit or your credit card. Here are some things to consider if you are using a credit card specifically:

Activity on your credit card impacts your credit score, whereas activity on your debit card does not. Your credit score is something that will be used in the future to determine the rate you receive on a car loan or even if a landlord will rent you an apartment. Making timely payments on your card and keeping your usage level lower have the biggest favorable impacts on your credit score calculation. Usage level is a calculation of the balance you have on your card verse your card limit. So, if you have a card limit of $1,000 and you have a balance outstanding of $300, your usage is 30% ($300/$1000 = 30%). A good rule of thumb is to aim to keep your usage below 30%.