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Interac is for debit transactions only.
by avip 8y ago
Interac is for debit transactions only.
- seszett 8y agoAs are all the national payment networks. Interac is a bit different from the others though because I don't think cards usually support both Interac and Visa/Mastercard, while in the European systems they usually do both, with terminals defaulting to the national system and using Visa/Mastercard if necessary.
- PeterisP 8y agoOutside of north america and UK the line between credit and debit is much more muddled - you may have "debit cards" attached to a current account that has a significant overdraft limit; you may have "credit cards" that have 0 credit limit and must be prepaid; and there's no major practical difference and no legal differences (unlike, say, USA).