Debit cards as Credit cards?
I own a wells fargo debit card and i would like to know if i could use it as a credit card. Lets say i didn't have enough money in my account and i bought something under the credit option, would i still be charged an overdraft fee or would i be billled the amount?
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Debit cards are NOT credit cards. The credit option only changes the way the retailer transmits the transaction to the bank. A "credit" transaction is sent via the computer networks set up by the credit card companies. When it gets to the bank, it's still a debit transaction.
when you use a credit card you are taking a credit free loan if you pay the full balance every month, that way you are using their money.
A debit card takes the money directly from your own account the minute you use it. In fact, very often they put a hold on more money than you actually spent. If you use the debit card a lot there is a real danger of causing overdrafts.
As I see it, the only advantage of a debit card is you are able to get cash back when you use it for a purchase. The disadvantages are many. For one thing, when you use a credit card you have an automatic guarantee that you will be satisfied with your purchase, something rarely done with a debit card.
Depends on how the card is set up with WF - it might just be rejected if you try to use it as a credit card.