Poodlebrain LSU Fan Way Right of Rex Member since Jan 2004 12701 posts
re: debit or credit (Posted on 11/30/12 at 8:28 am to tigerdup07)
Debit is you personally guaranteeing payment to merchant while credit is a third party guaranteeing payment to merchant. If you have adequate funds in the account then the transactions should be handled the same since the institution issuing credit on your behalf has means for instantaneous repayment. It is only when you have inadequate funds when it should make a difference. What are the fees for overdraft protection versus the interest cost on borrowing, and what are the limits of each?
VABuckeye Ohio State Fan Oak Hill, VA Member since Dec 2007 8147 posts
re: debit or credit (Posted on 11/30/12 at 8:38 am to PhillyTide)
quote: Debit is only for those who cannot control or get credit.
That wasn't his question. His question was whether he should choose debit or credit when using his debit card for a transaction.
To the OP. I choose credit because I like to skip the PIN step. When debit cards were newer and this option came out I always chose credit because I was told that the transaction fees went on the seller if you chose credit. I cannot confirm this information as true but I got in the habit of choosing the credit option and still do to this day.
nikki6 New Orleans Saints Fan Dallas Member since Jul 2011 1582 posts
re: debit or credit (Posted on 11/30/12 at 9:41 am to notiger1997)
I always chose credit now b/c of all the horror stories of people using their debit cards and getting ripped off. Credit offers much greater protection and if someone gets a hold of your credit card # somehow, they don't have access to your bank accounts.
Catman88 LSU Fan Baton Rouge, LA Member since Dec 2004 36377 posts
re: debit or credit (Posted on 11/30/12 at 1:16 pm to tigerdup07)
If you need cash back debit.
If you want protection then credit. If you belong to a CU that gives you like 3.5% rate on checking account then use debit to the point that you hit your requirement then credit.
