Every time I pay for something with a card the cashier asks me, credit or debit. Doesn't the machine already know what kind of card you are using? If I were to pay for something with a debit card and answer credit, what would happen?
2007-01-28 18:16:00 · 13 answers · asked by J5 1 in Business & Finance ➔ Personal Finance
If you use debit you can take out money(depends on the store). If you use credit you cannot take out money. Some machines cannot tell the difference between a debit and credit card, so it has to be manually punched in.
If you say you debit card is a credit card absolutely nothing will happen. The money you charge will still be withdraw from your account. It just won't allow you to withdraw money, as it might if you were to enter it as debit. Some stores allow you to withdraw money if you use it as a debit card(which is why they ask you if you want it entered as debit or credit)
2007-01-28 18:24:17 · answer #1 · answered by Aimee V 1 · 1⤊ 0⤋
Most cards can be used as either a credit or a debit card. That's why you have to say which you want to use. A debit card takes the payment directly from your savings or cheque account, so you have to have money in that account to cover it. The credit card just creates a debt you have to pay back later, with interest added if you don't pay on time.
2007-01-28 19:36:43 · answer #2 · answered by ladybird 3 · 1⤊ 0⤋
About the machine knowing -- I give my debit card out to Internet retailers as though it were a credit card and they don't seem to care. They should, because a debit card has only my bank account to draw on and a credit card is wonderfully limitless. I have noticed that if I don't watch the balance and overdraw the checking account, the bank doesn't mind if my wife still uses the debit card. They just hit me again and again for overdraft fees. Happy campers. But, if I were a retailer, I would want to know if it were a debit card and if you were good for the money.
2007-01-28 18:25:09 · answer #3 · answered by ZORCH 6 · 0⤊ 0⤋
My debit card would work as either. The difference was in the FEE the bank charged for the different types of transaction. Debit was a couple dollars cheaper. But not cheaper than using their teller machines and paying cash.
2007-01-28 18:26:21 · answer #4 · answered by justpatagn 3 · 0⤊ 0⤋
The provider provider is looking in case you go with for the acquisition to come lower back immediately out of your checking account (debit transaction), or out of your mastercard account (credit). Banks fee the provider provider some million% extra for mastercard transactions than they do for debit transactions. in case you do not have a mastercard account and your debit card has a Visa or grasp Card sort, you may say "credit" however the CC company will take care of it as a debit transaction. some CC rewards classes do no longer provide you rewards factors for PIN (debit) transactions. mastercard transactions provide you as much as 30 days or extra of "flow" earlier you'll be able to desire to pay for the acquisition. Debit transactions are a at once fee.
2016-12-16 16:04:51 · answer #5 · answered by ? 4 · 0⤊ 0⤋
When you pay for "credit" it is used as a credit card meaning that you do not have to put in a pin#, you have to sign a credit receipt, you do not get charged a transaction fee from your bank, and you cannot request any cash back.
If you choose "debit" then the opposite happens-you need to use you pin#, you will get charged a transaction fee from your bank and sometimes from the vendor you are purchasing from, you can take cash back if needed.
2007-01-28 18:24:15 · answer #6 · answered by It's been a while........... 3 · 1⤊ 0⤋
You can run a VISA check card as a credit or debit. Some banks charge for debit transactions and not credit transaction. Also, the fee for the store is different for each type of transaction.
2007-01-28 18:23:17 · answer #7 · answered by nemesis_318 2 · 2⤊ 0⤋
Credit - pay later with a credit card account.
Debit - pay now with the debit card and it will be deducted from the card's account.
The card is already coded with the number that identify the account type. So if asked - you give a debit card, but say credit card. the machine will know that this is a debit card - and will ask you for the PIN code.
OK?
2007-01-28 18:29:00 · answer #8 · answered by Pranot K 1 · 1⤊ 3⤋
Verification. There are different types of "point of sale" equipment with different capabilities based on the type of business, tip privilege or average sale amount. Debit card often requires pin to verify unless the POS is approved to override for small purchases like fast food.
2007-01-28 18:21:41 · answer #9 · answered by justbeingher 7 · 1⤊ 0⤋
Even though it is the same card, it is submitted differently on their end.
2007-01-28 18:24:29 · answer #10 · answered by ? 2 · 0⤊ 0⤋