Rico Posted October 4, 2004 Posted October 4, 2004 Which is better: using debit or using credit??? The only difference I see is you can get cash back when you use debit. Am I missing something???
USMCBillsFan Posted October 4, 2004 Posted October 4, 2004 Which is better: using debit or using credit??? The only difference I see is you can get cash back when you use debit. Am I missing something??? 56166[/snapback] I always use credit. Then I don't need to remember another pin. If I want cash I'll just use my teller card.
stuckincincy Posted October 4, 2004 Posted October 4, 2004 Er, debit card = money not in your wallet for convenience's sake. Credit = you pay to borrow money. No diff if you square up at the end of the month. If you can get a few dimes by using one over the other, good thing - AS LONG AS you don't carry debts over...
stevestojan Posted October 4, 2004 Posted October 4, 2004 Er, debit card = money not in your wallet for convenience's sake. Credit = you pay to borrow money. No diff if you square up at the end of the month. If you can get a few dimes by using one over the other, good thing - AS LONG AS you don't carry debts over... 56179[/snapback] No, he is talking about using his debit card AS a credit card. The only difference Rico is that if you select DEBIT, the withdrawl (purchase) is reflected IMMEDIATLY in your balance (if you were to call your bank or check online). Using it as credit will take up to 48 hours.
Rico Posted October 4, 2004 Author Posted October 4, 2004 Er, debit card = money not in your wallet for convenience's sake. Credit = you pay to borrow money. No diff if you square up at the end of the month. If you can get a few dimes by using one over the other, good thing - AS LONG AS you don't carry debts over... 56179[/snapback] You're not borrowing money when you choose credit while using a Visa check card, the money is still coming out of your checking account.
Paco Posted October 4, 2004 Posted October 4, 2004 Another reason they ask, Rico, is because it typically costs the store more to run it as a credit card versus a check card. It varies from place to place, but the vender almost always want you to use your card as a check card because their fees are cheaper.
Rico Posted October 4, 2004 Author Posted October 4, 2004 No, he is talking about using his debit card AS a credit card. The only difference Rico is that if you select DEBIT, the withdrawl (purchase) is reflected IMMEDIATLY in your balance (if you were to call your bank or check online). Using it as credit will take up to 48 hours. 56186[/snapback] Thanks... I'll try that & look on-line afterwards.
theesir Posted October 4, 2004 Posted October 4, 2004 Debit cards should never be used for online or big ticket purchases. IT does not offer the same protections as a true credit card. If there is ever a dispute (such as for an online purchase not received), the amount taken out your account fromt he Debit transaction may not be returned to your account until the dispute is RESOLVED! This could be a couple of months. Credit card disputes are immediatly credited back to your account UNTIL the dispute is resolved.
stevestojan Posted October 4, 2004 Posted October 4, 2004 Thanks...I'll try that & look on-line afterwards. 56198[/snapback] Rico, this especially sucks if you check your balance all the time like I do. And its especially true if you get gas and select CREDIT. They will take $1.00 exactly from your balance immediatly, and then charge the rest at a later time. I like the money to come out right away, so if they give me the option (and some stations dont) I always select debit.
taterhill Posted October 4, 2004 Posted October 4, 2004 Rico, this especially sucks if you check your balance all the time like I do. And its especially true if you get gas and select CREDIT. They will take $1.00 exactly from your balance immediatly, and then charge the rest at a later time. I like the money to come out right away, so if they give me the option (and some stations dont) I always select debit. 56204[/snapback] that is the only time that it happens, credit purchases will come out immediately also
stevestojan Posted October 4, 2004 Posted October 4, 2004 that is the only time that it happens, credit purchases will come out immediately also 56206[/snapback] is that really the only time? hmmm... i wonder why the hell they do that . .. and i just assumed it happened everywhere else. . you're probably right.
taterhill Posted October 4, 2004 Posted October 4, 2004 the gas station does not know how much gas you will put in, so it authorizes it for $1 to make sure the card works, then sends the amount to your bank, once it is know, usually a day or two later....if you put the gas in your tank, and go inside and pay for your gas with your cc, the total amount will come out right there...
stuckincincy Posted October 4, 2004 Posted October 4, 2004 Debit cards should never be used for online or big ticket purchases. IT does not offer the same protections as a true credit card. If there is ever a dispute (such as for an online purchase not received), the amount taken out your account fromt he Debit transaction may not be returned to your account until the dispute is RESOLVED! This could be a couple of months. Credit card disputes are immediatly credited back to your account UNTIL the dispute is resolved. 56201[/snapback] Yes, that is a vital point. You can repudiate (to the credit card issuer), a charge and therefore freeze that money going to the seller - which since they do not have the money yet have delivered the product or service, become much more amenable to resolving a problem. You've given good advice, theesir.
stevestojan Posted October 4, 2004 Posted October 4, 2004 the gas station does not know how much gas you will put in, so it authorizes it for $1 to make sure the card works, then sends the amount to your bank, once it is know, usually a day or two later....if you put the gas in your tank, and go inside and pay for your gas with your cc, the total amount will come out right there... 56215[/snapback] its all making sense now.. What I was wondering about is those Debit cards that you can buy for your kids... Ya know the ones that you can go to some stores, buy, fill with however much you want ($10, $500, etc) and let your kids learn how to be responsible with a CC?... Well, what is to stop someone from buying one of those, putting $1 on it, and then going to the gas station and filling up? just a thought.
KD in CA Posted October 4, 2004 Posted October 4, 2004 Credit card for free air miles. Also you get 25 days free use of the money (while it earns interest for you in your bank). Obviously, you have to pay the entire CC bill when it comes.
stevestojan Posted October 4, 2004 Posted October 4, 2004 Credit card for free air miles. Also you get 25 days free use of the money (while it earns interest for you in your bank). Obviously, you have to pay the entire CC bill when it comes. 56226[/snapback] you're talking about something different. To clear things up, Rico is simply referring to USING your debit card, but selecting "credit" as the option on the screen. No real credit cards here.
Rico Posted October 4, 2004 Author Posted October 4, 2004 you're talking about something different. To clear things up, Rico is simply referring to USING your debit card, but selecting "credit" as the option on the screen. No real credit cards here. 56227[/snapback] Thanks, I should've spelled that out better in the 1st post.
theesir Posted October 4, 2004 Posted October 4, 2004 Yes, that is a vital point. You can repudiate (to the credit card issuer), a charge and therefore freeze that money going to the seller - which since they do not have the money yet have delivered the product or service, become much more amenable to resolving a problem. You've given good advice, theesir. 56217[/snapback]
Campy Posted October 4, 2004 Posted October 4, 2004 There used to be bank fees when using the check card as "debit" at a store when they first came out about 10 or so years ago. I've always selected credit so the retailer "pays" the fees in the form of their discount. Is that no longer the case?
Boatdrinks Posted October 5, 2004 Posted October 5, 2004 It is always better to use the check/debit card as a "credit" transaction. This is because your bank usually charges a fee for any purchase made using your "PIN". My bank charges $0.25 per transaction, but boy these really add up at the end of the month if you get addicted to the convenience of not carrying cash, having to go inside the gas station, etc. So always select credit IF given the option. I say IF because many stores such as Wal Mart have stopped allowing these transactions as it costs them a higher fee to run it through as credit. Now, it is true that the money is taken from your account much more quickly with debit purchases, but if you keep good track of things and save receipts its not difficult to manage. And lastly, you CAN get a visa check card with USAirways miles through bank of America and Continental miles from Keybank. It does NOT have to be a credit card. I think this is better as you are getting miles for things you'd buy anyways, not having to rack up purchases on credit. B)
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