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Apr
4
2009
Credit or debit? When using my atm/debit card, which should I select and why?
I have always selected ‘debit’ (and entered my PIN) in the past, because, well, it’s a debit card and it comes out of my bank account either way. Right?
If I select credit, and don’t use my PIN, does it change anything?
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Answer #1
The only ones it really matters to is the store and the credit card companies. If you select credit then the store gets charged a percentage of your purchase and pays it to Visa/Mastercard/AMEX etc. If you use debit it uses a different system that doesn’t charge the store. That’s why they are trying to encourage debit use.
Bottom line, doesn’t have direct impact, but it could possibly make stores raise prices to pass the cost of credit cards on to consumers.
If you like that answer come to http://www.money-questions.com and ask away.