The_1
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The true answer to this question is the business is trying to save money. Believe it or not every business that takes credit cards is charged a fee by visa/mastercard/amex/discover to accept their credit cards. Majority of businesses have to accept the cards because so few carry cash anymore, and people charge more then if they where paying with cash. For the business the charge is less for them to accept a debit card then credit card in most instances, and thats why they prefer greatly for you to use you pin number. On average a business is charged 1.69% and $.025 everytime someone use the credit card(without using pin number) so on a $100.00 transaction they would lose $1.94 and if the profit on that item was only $25.00 before someone paid with a credit card now its only $23.06. On the same transaction if you used the credit card but entered you pin number that business would just lose $0.60. This is why most businesses give cash discounts and have cash/check only stores. Remember you never see the charge it billed at the end of the month to the business for all the transactions they did that month, but some stores in smaller towns try to charge you their fee if you use credit card which in most cases is illegal. |
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bdancer222
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It is merely two different ways to authorize the transaction. The Mastercard logo means you can use the card at any location that accepts Mastercard. Without the logo, the card would be limited to ATM machines.
If you opt for "debit", your PIN is required to authorize the transaction. If you opt for "credit", your signature is required to authorize the transaction. There may actually be some locations that can only do "credit" transactions.
In any case, the money comes directly from your bank account either way. |
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Trent C
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Arsby
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You have to understand that even though you are given the choice of signing a slip or entering a PIN, it is a debit card either way and the money will be withdrawn from your account immediately.
If you have a "real" credit card and can pay it all off each month, you're better off doing that.
Reasons are here:
http://redtape.msnbc.com/2007/09/paper-or-plasti.html |
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Mary C
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Yes, what you say is right. Here's what I know from having a DEBIT card for a few months.
Whether you punch 'credit' or 'debit,' it will suck the money out of your account. However, for some strange reason, if I punch 'credit,' I won't be charged for the transaction. If I had punched 'debit,' after X# of transactions, I have to pay for them. Weird!
Recently, my husband used the card to purchase gas. The Big Truck takes over $100.00 in gas and the pump stopped at $100.00. He put the card in for the rest of the gas. Then he put the card in again to fill a diesel gas can for his tractor. It would not take the card for the 3rd purchase. AND the card was cut off for the rest of the weekend! My son (who has battered credit, but knows about these things) said to use the card as 'credit' and put in the pin number to re-activate it. He was right! It worked!
Hey! I don't like this stuff at all! I'd prefer to use cash! |
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