whats the diffrence between choosing debit/credit option ?

Question

when i want to buy something using my debit card they ask me to select 'debit' or 'credit'.if i choose credit, i dont need to put the pin no.i find it easy to choose the credit option.do they charge me any money for using the credit option?which option should i use? i dont want them to charge me any extra money!!!!

Answer 1

Does not affect you one way or another, the credit option takes a day longer to be applied to your account though

Answer 2

You will never be charged more for selecting credit. Visa and MasterCard both require banks to offer the same fraud protection when you select credit as they would with an actual credit card. You have less protection if you select debit. The ONLY possible advantage to selecting debit is the cash back option. That is what ATMs were made for.

Answer 3

Ok when u use debit(entering your pin) the money is being automatically withdrawn from your checking account as if you had gone to the bank and withdrawn that money. Credit usually takes about 3 days or longer to be taken out. so for example if you only have 50 bucks in ur account and u wanna buy something thats 70 u can charge it credit so that u have time to put money into your account b4 the 70 bucks gets taken out. Hope that clears it up...and no u dont get charged extra

Answer 4

Actually you run the risk of being charged if you use the Debit option as opposed to teh credit option. You see VISA charges the store when credit is chosen. When debit is chosen the bank is in control and may have a fee or two for you. They dont advertise it. I had to learn the hard way. I always go credit.

Answer 5

Well when you use your card as a debit then yoiu have to put in your personal pin number and most of the banks i have ever dealt with charges you a fee to use your card as a debit at least .25 per transaction and if you use it as a credit no pin number and no charge

Answer 6

who ever you are buying the product from doesn't charge any extra, but you are paying more in the long run from the interest you are being charged by your creditor. a credit card is like a loan. when you use your debit card, the funds come directly out of your checking account.

Answer 7

You shouldn't be charged any differently. The banks and stores get certain credits for using the credit option. But it really doesn't affect you any differently.