Another decision to make, just after debating the relative benefits of various types of paper towels, and the respective environmental ramifications of paper v. plastic.
When paying with my ATM card, I am now asked “credit or debit”. I seem to recall that from the store’s perspective, there is a different fee charged, and that the store would prefer you to choose “debit”.
Does it make any difference to me, the customer?
Apart from the fact that Visa/Mastercard just settled a lawsuit pertaining to the acceptability of debit cards being used as credit cards, No.
Since the settlement (recent) there is a chance a merchant can give you the high hat if you try using the card as a CC. this will be a problem for you only if the merchant does not offer debit card as a payment option.
Some banks charge to use an ATM that is not part of their ‘system’…which the store’s checkout line machine is not. I think at my bank, I get 3 non-system ATM transactions a month and then a dollar apiece after. I ALWAYS select credit when using my debit card. I like the idea of signing the slip over punching my PIN.
Depends on where you live. And sometimes on where you bank.
Stores pay a premium to be able to accept credit cards like MasterCard and Visa, around 2% IIRC. That is why some places (Canadian Tire is an example familiar to all Canucks) give a 2% discount (or “funny money” rebate) for cash purchases, and why others (like Sears) opt to run their own “credit card” operation.
Debit purchases, on the other hand, often have a fee attached that comes out of the customer’s account, not the merchant’s, so many businesses prefer “direct debit” buyers. Fees may be waived if, for example, you maintain a certain minimum balance in your bank account, or if you are a “preferred” customer of the bank.
Many parts of the world (like mine) don’t have cards that combine debit with credit - you either use a credit card or a debit card. A “debit” transaction on my MasterCard would actually be a cash advance, for which I would have to pay dearly.
I always pick “credit” because I get a percent back when I use it. The wife gets skymiles on hers.
It’s of no difference to me at the end of the day. But the 12 bucks I got for several months made it worth signing a little slip over typing in a PIN.
Well, if I choose “credit” the transaction takes a couple of days to post to my account. If I choose “debit”, the funds are removed immediately. So choosing “credit” is helpful when you’re waiting for a direct deposit or other monies to hit your account.
Well my bank (Branch Banking & Trust) gives out an ATM card that, from what I can see, is invariably linked to Visa. I don’t know anyone who has a BB&T ATM card that is just that, an ATM card, all of them that I’ve ever seen (and BB&T is a big bank at least around the towns I frequent, so I see a lot of those cards) are the “Check Card” variety with the Visa logo.
I remember in age past I had an actual “debit” card or “ATM” card that didn’t have a credit card company logo on it and was almost only accepted at the ATM.
Supposedly with this BB&T card I can somehow activate a line of credit with Visa, which means the card could function as a fully operating Visa card and an ATM/debit card. But I don’t have that feature so there’s no difference financially between me making a “credit” or “debit” purchase with the card. If I purchase something as credit, it doesn’t become a credit purchase because I now have -$20 in the bank, it becomes an NSF problem at that point. And of course the credit purchase takes 2-3 days to clear while the debit purchase clears “instantly” (in the words of a personal banker I had a convo with once, although with banks instantly means like 24 hours.)
Anyways, from my experience online putting in my Check Card’s card number as a “Visa” number for online mercs has always worked.
Anyways, if you bank with BB&T always choose credit. For whatever reason this shitty bank is wont to completely FUBAR randomly based on you making debit purchases, or maybe it is just my bad luck. Also, making a debit purchase doesn’t count as a foreign ATM withdrawal for me, just fyi.