| signature-based purchases |
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10can
Contributing Member
Cash: $ 8.55
Posts: 39
Joined: 13 Jul 2006
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| signature-based purchases |
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I read an article that said that if you use your PIN number while using your debit card that you could be charged a fee.
The article said to always choose the credit option instead of the debit option.
I was also reading on the ING site where they are offering 1% cash back when you make signature-based purchases with your ING checking account debit card.
What is the difference here and why would they want you to choose credit instead of debit then pay you 1% cash back?
What is the bank getting out of this?
Thanks
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Thu Jul 05, 2007 6:00 pm |
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10can
Contributing Member
Cash: $ 8.55
Posts: 39
Joined: 13 Jul 2006
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That must be it. If you use credit then the merchant pays a fee to the credit card company.
I was using my debit card at the local wal-mart the other day and I clicked on credit then it asked me to slide my card through the reader and when I did the enter pin number screen came up even though I choose credit.
They must have some program to recognize debit cards I guess???
Thanks
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Thu Jul 05, 2007 8:29 pm |
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efflandt
Senior Member
Cash: $ 80.45
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Location: Elgin, IL USA
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Chase actually offers rewards for a debit card used as a credit card (with signature). So they must be able to charge a higher merchant fee for credit cards. In the end, we all end up paying to make the bank officers rich.
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Fri Jul 06, 2007 12:50 am |
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Case-Face
Full Member
Cash: $ 0.35
Posts: 75
Joined: 21 May 2007
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| credit and debit |
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I agree-- in the end, the rich get richer!
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Wed Jul 11, 2007 4:52 pm |
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dstern
Contributing Member
Cash: $ 6.60
Posts: 33
Joined: 18 Aug 2007
Location: UK
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| Re: signature-based purchases |
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quote:
Originally posted by 10can
I read an article that said that if you use your PIN number while using your debit card that you could be charged a fee.
In some countries, its illegal but where allowed, banks require that the merchant tells you of any charges you might incur by using your debit card.
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Wed Sep 19, 2007 2:33 am |
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