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Debit or Credit Card? | Bangor Savings Bank

A credit card is based on a loan from the issuing entity and represents debt to you -- the card user. A debit card is self-funded by you through deposits made to the financial institution issuing the debit card. In other words, you incur debt when you use a credit card, while with a debit card you pay for purchases of goods and services with money you already have.

Advantages of Credit Cards

Credit cards offer many advantages to you as a consumer. Although different cards may have different sets of terms and conditions, those advantages may potentially include:

Building your credit, which helps you to qualify for other loans, such as a...

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Maximizing Credit Card Rewards | Bangor Savings Bank

Retail

Redeeming Points for Gift Cards/Merchandise

Certain credit cards allow you to cash in your points in exchange for merchandise or even gift cards. Gift cards are a highly functional and convenient option.

Discounts

This is your basic discount reward program where you can cash in your rewards to obtain discounts on different services and products. Credit card companies partner up with retailers to offer you other types of discounts in addition to gift cards. This can provide you with even more savings.

Best Tips

If you are looking to get the most out of your reward programs, there are some tips you should follow which...

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