on December 12, 2024
Credit and debit cards continue to be the two most common ways to pay, far outranking cash and other methods as digital wallets and contactless transactions become more popular. Data shows that it’s about an even split, with one-third of U.S. consumer spending done by credit card and one-third by debit card.
How do you prefer to pay?
“We see some members who are debit card heavy, and vice versa with credit,” said Steve Juodawlkis, Director of Product for Honor Credit Union, which has 28 member center locations in Michigan.
“Everyone’s got their own preference whether they’re comfortable using a credit card or a debit card. We’re not going to make that decision for our members, but we’re going to provide solutions for each.”
As you wrap up your last-minute holiday shopping and look to make the most of your personal finances in 2025, now is a good time to see how to get the best bang for your buck when it comes to your spending. Whether you love the freedom of a credit card or the debt-free discipline of a debit card, you may be able to find a better option with Honor Credit Union.
Check out these rewards cards that earn you points on everything from routine gas and groceries to big-ticket gifts and experiences:
Honor Select Rewards Credit Card
Honor Credit Union keeps it smart and simple with the Select Rewards credit card. You get 2% back on all of your spending, with no annual fee.
That’s two points per dollar for every transaction, every day – whether
you’re fueling up at the pump, enjoying a nice dinner out or buying gifts for your loved ones. You can redeem your points at any time for cash back, gift cards, travel, merchandise and more.
“You generate points and when you redeem them as cash back it’s applied as either a statement credit in your credit card account or goes right into your checking account to help fight inflation,” Juodawlkis said. “Redeeming points for gift cards is also very popular.”
You can go into any Honor Credit Union member center and walk out with the Select Rewards credit card today because they offer instant issue. That way you can start earning points right away.
In fact, through Dec. 31 you can earn 3x* rewards points on all your holiday shopping when using Honor’s Select Rewards credit card. That means 3% back for every dollar you spend in any of several gift categories, plus 2% back on everything else. And come 2025, there will be new seasonal bonuses available from month to month.
Connect Checking With Debit Card Rewards
Unlike the typical debit card, Honor’s Connect Checking comes with rewards. You get 1% back on daily spending such as groceries, gas and dining – categories that make up about two-thirds of all consumer transactions.
Just swipe your card or tap it with secure chip technology. Connect
Checking with debit card rewards also gives you access to more than 30,000 surcharge-free ATMs, with no minimum balance or monthly account fees.
“Some people want the reward and convenience of a card, but they don’t want to take the chance of growing a debt balance that they may or may not pay off,” Juodawlkis said. “Now, we’ve added a rewards component to using a debit card.”
Honor Credit Union also offers high-yield Benefits Checking that pays an industry-leading 5.15% APY on balances up to $10,000 when you meet certain requirements. So, if you keep a sizable amount in your account, Benefits Checking might be best for you.
But since most checking accounts hold less than $1,000 at any given time, many customers may be better off with debit card rewards through Connect Checking.
“A lot of our members don’t carry a high balance in their checking account, yet they’re using their debit card a lot,” Juodawlkis said. “This is our way to reward that group of our members.”
You can even combine Connect Checking and an Honor credit card with Honor’s Amplify money market account and get the best of both worlds: A debit card with rewards and a savings account that pays up to 4.00% APY with no maximum balance.
Cash still gets used for about 20% of spending in America and is especially prevalent on smaller purchases. Yet, the popularity of contactless payments is growing, with about half of all transactions now done that way.
Whether you prefer to pay with a physical card from your physical wallet or you’d rather tap a card in your digital wallet, Honor Credit Union has the financial products to help you get the most from every purchase.
“We want to be top of wallet, so we’re trying to be more things for more people,” Juodawlkis said. “We want to provide an all-inclusive experience for our members.”
Connect Checking with debit card rewards and the Select Rewards credit card both can be managed through the CardHub feature of Honor Credit Union’s mobile app or through online banking.
contact us
Our team is here to help, give us a call at 800.442.2800, or schedule an appointment with an expert to talk about your options today.
*Three reward points (2 base points plus 1 bonus point) are earned per $1 spent on qualifying net purchase transactions (purchases minus returns/credits) POSTED to cardholders’ Select Rewards accounts from November 29, 2024, through December 31, 2024, at retailers whose Mastercard Merchant Category Codes (MCC) are classified as follows: Department Stores (discount, variety, general merchandise), Electronic Stores (computers, software, digital goods and games), Clothing Stores (clothing and accessories, sports apparel, shoes), Home Supply Warehouse Stores (hardware, home appliances and furnishings, auto supplies), Wholesale Clubs, and Miscellaneous Outlets (toy and hobby shops, bicycle shops, sporting goods stores, pet shops, card and gift shops, book stores including Amazon merchandise purchases). Transactions associated with gambling, sports betting and/or gaming purchases are not eligible to accrue reward points. All other terms and conditions of the credit card agreement and rewards program remain in effect during this promotional period. Cardholders are advised to refer to the credit card agreement and rewards program terms for comprehensive details on point redemption, limitations, expiration, and other pertinent information. Some restrictions may apply. Insured by NCUA.
Community Impact
$11,763,087
Total Interest & Incentives Paid to Members in 2023
$734,293
Donated in Support of 669 Organizations in 2023
$235,600
Homeownership Grant Funds Awarded to Homebuyers in 2023
94,620
Pounds of Paper Recycled During Free Shred Day Events in 2023
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