Will That Be Debit Or Credit?
Quick Reference:
Choosing "debit" gives you:
•The faster way to check out, in most cases.
•The ability to get cash back when you pay for your transaction.
•Access to self-service checkouts or merchants that only accept PIN transactions.
Choosing "credit" gives you:
•Access to more merchants. Three times as many stores accept signature-based debit purchases when compared with PIN purchases.
•"Chargeback" protections that allow you to get your money back promptly if there is a dispute with the merchant.
•Opportunity to earn reward points.
Be Aware of the Differences
When you choose to answer 'debit' you will verify your identity by submitting your personal four-number password or PIN (personal identification number). Choosing the "credit" option means you plan to sign a receipt instead of entering a PIN. You get a copy of the signed receipt just like when you use a standard credit card. As far as safety is concerned paying by PIN is regarded as more secure because it's harder to guess or steal a password than to fake a signature. But paying by the 'credit' option may be the only option available if the merchant doesn't provide a PIN pad.
The Merchants' Preference
The best choice for the merchant is for you to use the 'debit' option and enter a PIN to verify your identity because their costs are lower. Some merchants only accept debit cards and some will program the PIN machine to automatically be prepared for your PIN input or require the cashier to enable a signature-based transaction. Credit unions typically prefer your signature identification because they will earn higher fees when their members choose the 'credit' option. Members benefit with lower fees and often fee-free debit transactions.
Beware of Hidden Fees
It's quite a shock when your bank statement arrives and you notice ten service charges for $1.50 each only to find out that you have been charged for each 'debit' transaction you've made during the month. Read the fine print before you use any debit or credit cards so that you aren't caught by surprise. Fees can be to either type of purchase. Some banks charge a fee for every PIN transaction and they can add up to pretty hefty losses. Some merchants charge a fee to consumers who say "credit" when paying with a debit card. There also may be a limit to the number of free debit card transactions allowed each month.
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