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Credit vs debit

  1. Apr 14, 2005 #1

    Pengwuino

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    Ok im confused. Im sure some of you have noticed this> When you have a debit card and you pay with debit, at many places your charged a $.25-$1.50 charge but there is no charge when you use your debit/atm card as a credit card. Obviously, something seems wrong... Why isnt there a charge if you use it as a credit card and how can you really use it as a credit card when its a debit/atm card and theres mone in your account.
     
  2. jcsd
  3. Apr 14, 2005 #2

    SOS2008

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    This is dependent on many things, such as what bank you bank with, what type of account you have, etc. I am only charged a fee if I withdraw cash through a bank other than my own. Since businesses are charged a fee from the bank for processing your charge when you use your card as a credit card, they usually have a minimum purchase amount to ensure they are covering that cost to them. One difference is that the debit will be deducted from your account more quickly then when you use it as a credit card.
     
  4. Apr 14, 2005 #3

    chroot

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    The debit system is managed by a consortium of the banks themselves, while the credit system is managed by an independent company (e.g. Visa, MasterCard). They simply have different rules. Your check-card is registered with both systems, and you can choose which you'd like to use at purchase-time.

    - Warren
     
  5. Apr 14, 2005 #4

    DaveC426913

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    I refuse and/or cancel any purchase where they attempt to charge me for the privilege of using my own money.
     
  6. Apr 14, 2005 #5

    JasonRox

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    I love my credit card. :biggrin:
     
  7. Apr 14, 2005 #6

    JasonRox

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    Um... you are using bank services to get your money. Therefore, YOU MUST PAY FOR THE SERVICES!

    What you just said makes NO sense at all.
     
  8. Apr 14, 2005 #7

    Evo

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    Remember Dave, it's not cash, the place has to go to an extra effort to get the money. Most places do not add an additional fee if you are making a purchase, I've only encountered the fees if I want to receive cash without making a purchase.

    So if they were adding a fee onto a purchase, refusing to make the purchase would be a reasonable way of protesting.
     
  9. Apr 14, 2005 #8

    Pengwuino

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    The fees are widespread in the food-service industry. Only 1 or 2 major fast food chains dont charge you for using the ATM.

    @Dave

    Remmember though you are also being given the privilage of having a space to safely keep your money and the infrastructure to have that must be payed for some how so its not 'unfair' to charge you for that.
     
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