[Sigia-l] IA's Responsibility

[Jacob Mattison]

> Living in Europe as I do, I'm not sure I fully understand the problem.
> 
> Over here, a debit card is just that - a method to debit my 
> bank account. Even if the card also has a Visa logo, it works 
> like a debit card. Visa does not send a monthly statement; 
> there is no true credit option and I can see my results on my 
> bank statement. 
> 
> A credit card does send a monthly statement from the provider 
> (American Express, MasterCard, etc.). In other words, I buy on credit
> - other people's money. Granted, I can withdraw funds using a 
> PIN code and my credit card, but this is not a transaction 
> that goes directly through my bank.
> 
> Do you have cards in North America that give you a genuine 
> credit / debit option?

A debit card with a Visa logo does still work like a debit card (i.e. it
deducts straight from your account rather than using "credit").
However, the mechanism is different.  When you use your debit card like
a "credit" card, the transaction goes through Visa, which costs more for
the merchant.  When you use your debit card as a direct debit card (i.e.
you enter your PIN) it goes straight to your bank like an ATM
transaction -- which may cost YOU more.  There also may be differences
between when the transaction shows up on your account, and whether some
of your money gets temporarily "locked" while the transaction is in
process.

There are advantages and disadvantages to both options -- but the
choice, if a merchant offers both options, is supposed to be the
cardholder's.

Jacob Mattison
Web Developer
Johnson & Wales University