When it comes to managing your finances, choosing the right payment option is important. Among the popular payment options available, the debit card vs credit card dilemma is a choice many people face. Both types of cards boast fundamental differences and understanding these distinctions could provide insight into which option will work best for your needs.
In gaining a clear understanding of these differences, you will be able to make informed decisions, aligned with your financial goals. To make it easier for you, in this article we'll delve into what debit cards and credit cards are, highlight their main differences, and provide an overview of our range of options to help you choose the right one for your needs.
What is a Debit Card?
A debit card is a payment card that is directly linked to your bank account, enabling you to make purchases with funds from your own account. It is a convenient payment option for both in-store and online purchases, as it ensures that you do not spend more than what is available in your account. Overall, a debit card is an excellent option for individuals who prefer to avoid credit or manage their expenses with the available funds in their account.
Take control of your finances with the APS Debit Cards
If you are looking for a quick and secure way to access your money, the APS Debit Card could be just what you need. Whether you prefer a debit card with a sleek design or one that comes with a range of features to make your banking experience more convenient, we have you covered.
The APS Debit Card comes in four different colours - Go Green, Golden Bay, Awesome Ruby, and Purple Rain - to choose the colour that best represents you! But there is more to these debit cards than just an appealing aesthetic. Here are some of the top benefits:
- Carry out in-store and online purchases, locally and overseas: With an APS Debit Card, you can make purchases at any merchant that accepts VISA, whether you are in Malta or abroad. This means you can use the card to pay for groceries, clothing, or anything else you need, both in physical stores and online, up to €2,000 a day.
- Withdraw cash from any ATM showing the VISA logo: The VISA network has a wide range of ATMs all over the world. With your APS Debit Card, you can withdraw cash from any of these ATMs that display the VISA logo, up to €1,000 a day.
- All withdrawals from APS ATMs are free of charge: Benefit from unlimited free withdrawals from all APS ATMs.
- Up to 4 free withdrawals a month from other local banks' ATMs: If you need to withdraw cash from another local bank's ATM, you can benefit from 4 free monthly withdrawals with your APS Debit Card.
- Contactless payments for transactions up to €50: With the contactless feature of your debit card, you can make payments up to €50 quickly and easily, without the need to enter your PIN.
- Secure online payments using 3D secure: When you make purchases online, you can do so securely using 3D secure, an authentication system that provides an extra layer of security for your transactions.
- Deposits at APS Deposit Machines 24/7: If you need to deposit cash or cheques into your account, you can do so at any APS Deposit Machine, located at our branches.
- Receive transaction alerts via SMS: To help you keep track of your transactions and monitor your account activity, APS Bank offers SMS alerts, which you can receive for free on your mobile phone. These alerts can notify you of any purchases, withdrawals, or other transactions made with your VISA Debit Card.
What is a Credit Card?
Unlike debit cards, a credit card is a payment card that allows you to borrow money from your bank to make purchases. A credit limit determines the maximum amount you may borrow and, each month, you will receive a credit statement including your outstanding balance, any new purchases, and the minimum payment due. Thus, giving you access to money when you need it and the ability to spend it to your liking.
As expected, if your balance is not paid off in full each month, you will be charged interest on the unpaid outstanding balance. Credit cards remain a great option for individuals, who want to earn rewards or cashback on purchases, finance large expenses, or manage their expenses in a more convenient way.
Open the door to new flexibility with the APS Credit Cards
At APS Bank, we offer incredible credit card options that cater to your financial needs: the APS Classic Credit Card and the APS Gold Credit Card. Both options come with unique benefits, ranging from no annual fees to having complete control of your credit card through myAPS internet and mobile banking.
The APS Classic Credit Card provides a range of benefits for its users at no added expense. One of the main advantages is the ability to earn cashback on purchases, which can help you save money over time. Additionally, the credit card can be used locally and overseas, making it a convenient payment option for your daily needs and travel expenses. With the added security of 3DS, you can also make online purchases with confidence knowing your personal and financial information is protected. And you may choose between l-Iljun, l-Arzella and l-Imzejna!
On the other hand, the APS Gold Credit Card is a great option for those seeking extra benefits and coverage. In addition to the features of the Classic Credit Card, the exclusive il-Pum tad-Deheb credit card includes life insurance and, for frequent travellers’ protection, travel insurance and vehicle hire excess protection.
For more information about our credit cards and help deciding which one suits you best, take a look at our in-depth credit card guide.
Debit Card vs Credit Card: Which One Is Best for You?
When it comes to making purchases, debit cards and credit cards are both suitable payment options that boast their own unique benefits. In the end, choosing between a debit card and a credit card all depends on your lifestyle and personal preferences.
Debit cards are excellent for those who want a simple and straightforward way to make purchases without worrying about interest charges or borrowing money. On the other hand, credit cards are a good option for those who want to extend their credit limit and make use of the bank’s small-loan facilities.
Debit Card vs Credit Card Facts– Key Takeaway
- Debit cards and credit cards are both convenient payment options that make financial transaction easier and more efficient.
- The main difference between these cards is that whilst a debit card is linked directly to your bank account, a credit card allows you to borrow an amount of money from the bank.
- At APS Bank, we offer a variety of debit and credit card options to suit your needs.
- Book an appointment to get your debit or credit card and we will help you with the rest.
Get Started with APS Bank
To get started or for more information, contact us by filling in the form below. Our team will help you to pick the right card to suit your needs and help you to reach your financial goals.
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Approved and issued by APS Bank plc, APS Centre, Tower Street, B’Kara BKR 4012. APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. The Bank is a participant in the Depositor Compensation Scheme established under the laws of Malta. Applications are subject to the Bank’s lending criteria. Terms and conditions apply and are available upon request.