debit card as credit?
I've ran my card as credit a few times, and it just shows up a few days later and takes money from my bank like a debit transaction.
If i were to no have money available, but ran the card as credit, would it allow me to do it? Like emergency purposes?
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Answers & Comments
Your debit card has no line of credit. The difference between "debit" and "credit" is just the method of processing the transaction. A debit transactions requires your PIN to authorize. A credit transaction is authorized by your signature and is processed thru the merchants card processing service. In either, case the funds come directly out of your bank account. The credit transaction might take a couple days.
If you don't have the funds in your bank account to cover the transaction, whether a debit or credit, your card will either be declined or your will overdraft your account... resulting in fees. Most banks now require you to opt in to allow overdrafting.
The difference between using your card as debit or credit is the time it takes for the money to process through the bank. When you use it as debit it directly withdraws the money. Using it as credit will take 1 to 3 business days to go through but the thing with that is if you try to use credit as an emergency and there is no money in the account to cover it and it hits your bank account you will incur fees.
No. If no funds are available, it can't be used as debit OR credit
Pandanator is wrong.
If you use a debit card, whether you run as a credit or debit, if there are not funds available in your account, your card will be declined.
Well that's not exactly true...if you have a back-up line of credit the bank will draw from your line of credit to cover the overdraft.
You cannot spend more than you have with an electronic debit card transaction even if you run it as a credit.