Credit Card

Understanding credit cards

Simply put, a credit card is a type of loan that allows you to buy products up to a certain limit and pay for them later, either all at once or in installments. You may make purchases in the same way that you would with a debit card, but there is one major distinction. Paying with a debit card uses funds from your current account, whereas paying with a credit card requires borrowing funds from the credit card company. When you use a credit card, the amount you spend is added to your account's balance. This is the entire amount you owe, plus any interest and fees. What you need to know Because using a credit card might be costly, you should aim to pay off your entire balance each month. If you don't, you'll be in trouble Unless you have a special introductory offer from your card provider, you will be charged interest on your balance.

a
  • $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening — plus now choose how you earn rewards.
  • No annual fee.
  • Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings and 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.
  • Earn unlimited 1% cash back on all other purchases.
  • Plus, Preferred Rewards clients get a 25%-75% rewards bonus on every purchase.
  • Go to the Mobile Banking app or to Online Banking to change your choice category for future purchases once each calendar month, or make no change and it stays the same.
  • Introductory 0% APR for your first 12 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. After the intro APR offer ends, a Variable APR that’s currently 16.24% to 26.24% will apply. A 3% fee (min $10) applies to all balance transfers.