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How do you select? In the US, a debit card can be charged like a credit card but the funds are obviously deducted from the balance on your bank account. It als
by OafTobark 13y ago
How do you select?
In the US, a debit card can be charged like a credit card but the funds are obviously deducted from the balance on your bank account. It also lacks the protection and rewards that a typical credit card would have. I just want to clarify that you indeed have two separate things here on one card and its nothing like how the US does it correct?
- lflux 13y agoOn the chip&pin terminal when you enter pin and ok the transaction, there's a selection for "debit" or "credit".
- deleted 13y ago[deleted]
- mikkom 13y agoYes they are separate, debit uses my bank account directly and credit is invoiced every month separately. The selection process is very simple, you just put your card into the machine (almost all the cards nowadays are chip based nowadays but there is also a magnetic reader usually on the right), something like this http://data.talka.com/files/Yomnani.JPG http://data.talka.com/files/Yomnani.JPG then the machine shows amount and you select 1) Credit 2) Debit Then it asks for pin and that's it.
- neil_s 13y agoI'm an Indian living in the UK and don't have this figured out yet. What's the difference when you select to pay by credit, if the balance is paid automatically from your account at the end of the month, instead of being debited immediately from your account? Or do you have to manually pay back your balance?
- threedaymonk 13y agoWell, there's the obvious difference, that the money stays in your account for longer with a credit card. There are legal differences, too: credit cards are regulated by the Consumer Credit Act, which makes the card issuer jointly liable in many cases. So, for example, if you order a product with a credit card, and the retailer goes bust before supplying it, the credit card issuer is also liable. If you'd bought it with a debit card, you'd be out of luck. Finally, if your card details are compromised, you've slightly longer to sort things out with a credit card: with a debit card, you could find yourself with no cash at all. http://www.moneysavingexpert.com/shopping/section75-protect-your-purchases http://www.moneysavingexpert.com/shopping/section75-protect-...