• Credit and debit cards provide buying convenience.credit card and hand image by Warren Millar from Fotolia.com
  
  Credit cards, debit cards and personal checks all allow you to purchase goods at a variety of merchants. There are some differences between these three payment options that have an impact on your pocket book and determine which stores you may or may not be able to purchase at. Learn about the differences in order to ensure that you are prepared with the proper payment type in almost any situation.
  
  

Convenience

• Not all payment types are considered equal. Some stores do not accept personal checks, due to problems with fraud. Most online merchants do not accept checks, though a few do use TeleCheck, a service that allows you to enter the numbers at the bottom of your personal check, along with your check number when making a purchase online. If you do not have another form of payment available, you are severely restricted in regards to which stores you are able to shop at.
  
  Debit and credit cards are accepted at almost all retailers. Some stores do not accept American Express or Discover, but Visa and MasterCard are more universally accepted. Certain establishments accept cash only. Debit cards allow you to use an ATM or get cash back on a purchase at another merchant in order to buy items with cash, where credit cards are not accepted. Both debit and credit cards allow you to place airline and hotel reservations online or in person. Personal checks do not afford you this luxury.
  
  

Cost

• Personal checks are sometimes provided free of charge when you open a new account at a local bank. Other times, you must pay for your own checks. While some checking accounts charge for clearing checks, most do not charge any fees for use. If you write a bad check, you are responsible for fees charged by your bank and by the merchant you wrote the check to.
  
  Debit cards deduct money from your personal bank or online account, similar to a check, yet are accepted in most stores that accept credit cards. There are generally no fees for transactions, yet there are often fees for withdrawing money at out-of-network ATMs. Transactions are normally declined when there are inadequate funds in your account, making it less likely that you will incur bank fees for becoming overdraft in your bank account.
  
  Credit cards function like debit cards, but usually have limited or no ATM function. Instead of pulling money from your bank account, credit cards extend money to you on credit, as a loan. It is easy to lose track of how much you are spending when money is not deducted from your bank account right away. Most credit cards also impose interest on purchases made, when they are not paid off right away. Check your credit card's terms and conditions to determine the amount of interest imposed when you make a purchase. If you do not pay your bill, interest will build up quickly and sometimes amount to more than the original purchase price over time.
  
  

Rewards

• Most checks do not provide rewards when you use them. Debit and credit cards often do offer rewards programs. Some programs put change into your savings account, offer cash back on purchases, or money good toward travel expenses. Each time you use your debit or credit card in a signature transaction, the money you spend is put towards earning rewards. Most debit cards do not offer rewards on purchases made using your personal identification number.