SIGN UP TO RECEIVE THE LATEST POSTS VIA EMAIL!Debit Cards - Use Like a Credit Card
April 14, 2008
If you use a debit card when you do most of your shopping here is something that you may not know.
All debit cards with a VISA/MASTERCARD/AMEX/DISCOVER logo can be used like a credit card. So when you are checking out, instead of selecting “Debit Card” and having to enter your 4 digit PIN Number, just select “Credit” swipe the card and sign the receipt.
If you have ever reviewed your checking account statement you may notice that some retailers/banks actually charge an additional fee to when you enter your PIN. This is because they have to pay extra for this transaction. When you use the card as a credit card, the retailer is charged by the Card network be it Visa, Mastercard, Amex, etc and is not passed along to you.
Don’t worry, using your debit card as a credit card doesn’t change anything on your end. The amount is still deducted out of your checking account like it was when you used your PIN.
If you need to take out cash in addition to your purchase, then you still need to do a “Debit Card” transaction and enter your PIN number, however if you are just making a purchase, save some time and possibly a bank fee by just swiping your debit card as a credit card.
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Most banks have a rewards program with debit cards. In order to recieve the rewards you have to use your card as credit. I like to tell my clients, the only time you use your PIN is at the ATM.
Stephanie, thanks for the info. I have a National City card that has their points program. I didn’t realize that you need to do it as credit to get the points. Makes sense as running it is a credit transaction saves the bank money.