A Credit Card Question for my American Friends

[Ginger]

I hear a lot about 'check cards' and 'debit credit cards'. What is the difference from a straight credit card where you charge something, and pay all or a portion of your bill when it comes due every month?

In Canada, we have 'cheques' (yes it is a different spelling but blame that on our British forefathers) which are paper. We have 'debit' cards to pay for things by instantly accessing our bank accounts and taking the money out immediately. (I guess you could say our debit cards are paperless cheques ). And we have 'credit cards'.

[luvs2eat]

Re: A Credit Card Question for my American Friends

A check/debit card takes the money out of your bank account immediately. If you go to buy something for $50 and you only have $49 in our bank account, the sale won't go thru, whereas w/ a regular credit card, you can charge up to your limit and pay it off.

[Ginger]

Re: A Credit Card Question for my American Friends

Okay Luvs, I may be dense but, when someone says he has used his 'check card' or his 'debit credit card' is he talking about the same thing? Argg. Sometimes companys' terminology really confuses me.

Just like the various debit card terminals. Why can't they all be the same. I'll just bet it was some man somewhere that said "Duhhh, George, let's make our terminal different so they'll remember us. And let's make the picture of how to swipe their cards make sense to only left-handed people."

[luvs2eat]

Re: A Credit Card Question for my American Friends

Yep... check card and debit card are the same thing and that's what they're saying when they say they used one. Another thing is that most debit cards are ALSO credit cards, in that if you're in a store that doesn't accept check or debit cards but DOES accept credit cards, you can use your card like a credit card. Mine is a Master Card. Same rules still apply tho... if the $$ ain't in the bank... the card won't work!

[Ginger]

Re: A Credit Card Question for my American Friends

Okay, thanks. I have separate cards--one for debit and one for credit or cash advances. I'm not sure if Canadian banks offer credit cards with a straight-from-your-account debit feature.

[Kayce]

Re: A Credit Card Question for my American Friends

My chek/debit card works this way. If I use it as a debit card (same as a paper check, I can get cash back.The options show up as to how much. It takes it right from my account. If I use it as a credit, it still takes from my account, but NO cash back option and I have to sign for it.

Regular credit/ charge cards, are billed monthly and I pay it then.