Debit Card - Debit or Credit option

For just about anything you want to get off your chest about credit cards.
4 posts
TTervooren
 
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Debit Card - Debit or Credit option

Postby TTervooren » Sat May 08, 2010 10:51 am

I am new at this forum, and I hope it is ok to post a question about debit cards here.
I have a miles earning debit card that only earns miles on "credit" transactions.
Question 1: If I buy something online that does not take a signature or a pin, how do I know if it is a "debit" or "credit" transaction?
Question 2: There is a bank that will let you open a checking or savings account and let you fund it with a credit or debit card. If I use my debit card and tell them it is a credit card, can they tell or will it post as a "credit" transaction? Would appreciate any thoughts on this. thanks.


cpaynter
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Postby cpaynter » Sun May 09, 2010 8:32 am

TTervooren wrote:I am new at this forum, and I hope it is ok to post a question about debit cards here.
I have a miles earning debit card that only earns miles on "credit" transactions.
Question 1: If I buy something online that does not take a signature or a pin, how do I know if it is a "debit" or "credit" transaction?
Question 2: There is a bank that will let you open a checking or savings account and let you fund it with a credit or debit card. If I use my debit card and tell them it is a credit card, can they tell or will it post as a "credit" transaction? Would appreciate any thoughts on this. thanks.


In general, if you are not asked for a PIN, then the transaction will be processed as a credit transaction.

That said, there is an emerging concept of a PIN-less debit transaction, but their use is restricted, for obvious reasons. See this link from a transaction processing company:

Pinless Debit Transactions | Pin Based Debits

I would say that you can be confident that your transactions are running through as credit transactions, unless the institution accepting the card either (1) asks for a PIN or (2) makes it very clear that this is running through as a PIN-less debit transaction.

Chris.

debitcard guru
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Postby debitcard guru » Mon May 24, 2010 4:29 pm

In the U.S. if done online, pinless transactions are for certain bills not for shopping for now. The billers are supposed to give you a choice to how the card is ran online for now.

Don't get a debit card attached to a savings account or a money market account. The U.S. has a six withdraw limit per month.

Note-The rules may be changing for debit & credit cards, you may end up losing your rewards. We have to wait and see what is left after the U.S. House & Senate hash through the bill changes.

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alsteig
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Maybe Off Topic

Postby alsteig » Tue May 25, 2010 4:22 pm

If you are relatively responsible I would just get a nice no fee rewards credit card. Get it through who ever you bank with and pay it out of transfers from a checking acct. I know that really wasn't the question but it is something to think about.



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