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Choosing "Credit" Transaction on Check Card Can Make a Difference.
"Credit or Debit?" You probably hear that a lot at the checkout counters of stores when you hand them you check card for a purchase. You answer "Debit," right? Not necessarily. If you answer the wrong way, you may be cheating yourself out of important consumber protection and into unnecessary fees.
Our VISA Check card (also known as a Debit card) can be used instead of checks at merchants who accept cards. You can also use it for online purchaes and at ATMs. In all cases, the funds spent are debited or subtracted form you checking account.
When you present your Check Card, you may be asked whether it is to be used as a "credit" or "debit" card. If you choose "debit", you must punch in your card's personal identification number (PIN) on the keyboard provided. The transaction is processed.
You could choose to have the purchase processed as a so-called "credit" transaction and you won't be asked for your PIN. But, even though it's called "credit", the transaction is still considered an account-debit. Your purchase will still be deducted from your checking account, and you won't get a Visa bill. It is only called a "credit" transaction because Visa USA processes it.
If the money comes from your checking account either way, why should it matter which option you choose?
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Protect Yourself
For a small purchase - $10 to top off your gas tank, a quick trip to our local grocery store - it may not matter. But for major purchases or when dealing with an unfamiliar merchant, you should usually choose the "credit" (no-PIN) option. It give you consumer safeguards you don't get with a "debit" option or when paying by check or cash.
So if the new dining room table arrives with a big gouge in it and the store where you bought it refuses to take respondsibility, you may be able to "charge back" the purchase price if you purchase the table with the "credit" (no-PIN) option.
Since the money comes from your checking account either way, why not choose the option that provides more protection?
Avoid Fees
TUCOEMAS doesn't charge you any fees for using the "credit" option for your Check card. When you choose the "debit" option, you will be charged a small fee. You may also incur a fee by a merchant or its processor for using your Check card, and it will appear on your statement. You won't be hit by such a fee if you use the card's "credit" (no-PIN) option.
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