It used to be when someone said they were going to use “plastic” to make a purchase, you could be pretty sure they were talking about a credit card. Not anymore.

You now have a choice of many different types of “plastic” and, because the cards often have similar features, it’s sometimes difficult to know which card or cards are right for you. Here’s a listing of most types of plastic and their basic features.

Credit Card
This is the card that started it all. As you can tell from all the credit card offers you probably receive in the mail almost every day, credit cards come in a dizzying array of features. Essentially credit cards allow you to borrow money against a specified credit limit and you typically have a grace period during which to pay back credit card charges without paying interest. Some credit cards also allow you to withdraw cash from an Automated Teller Machine (ATM), but it is important to note you are also borrowing that money (unlike when you use an ATM card).

ATM Card (Also known as a Cash Card) Typically, this card allows you to use an ATM to withdraw money from either your savings or checking account. Since you are taking money out of your own account, you don’t pay interest on it. Some cards will also allow you to transfer funds between accounts or make deposits at selected machines. In addition, you may be able to use your ATM card to make purchases at certain stores.

Check Card (Also known as a Debit Card)
The check card allows you to make purchases at most stores, with the amount of purchase being subtracted from your checking account. Again, you don’t pay interest on the transactions because you are withdrawing money from your checking account. Often financial institutions will establish a line of credit for you so, in the event you need more money than is found in your checking account, you can dip into your line of credit. You will have to pay interest on funds withdrawn from your line of credit. Many times you can also use a check card to get cash advances at selected ATM machines.

Smart Card
This card is the newest entry into the world of plastic and is intended to reduce the amount of paper currency you have to carry. The card uses an embedded microchip to “store” cash value and each time you use it, the purchase amount is subtracted from the cash stored on the microchip. When you start running low of stored cash, you can use a relatively small number of ATMs and smart card machines to transfer money from your savings or checking account onto the smart card. Smart cards have seen limited use (mainly on college campuses and at events such as the last Olympics), but there are companies working to make these cards much more available to the general public.

Your Credit Union offers:

Credit Cards
We issue Gold Visa & MasterCard and Classic Visa & MasterCard Cards. They feature:

• No annual fee
• 25-day grace period on purchases
• Low 11.9% to 13.5% fixed APR
• No transfer fee for cash advances

Additional benefits of our Gold Cards include:

• FREE travel accident insurance
• FREE extended warranty insurance
• Credit limits up to $20,000
• Auto rental benefits

• Access funds from your checking account (or savings) without writing checks
• No annual fee
• No transaction fees
• FREE Travel accident life insurance up to $200,000 when you use your VISA Check Card to purchase travel tickets
• Overdraft Protection Option for your peace of mind, FAIRWINDS offers an overdraft Line of Credit linked to your checking account

For more information, or to get one of our cards, call Member Services at (407) 277-5045 or toll-free (800) 443-6887.