Consumerism Commentary - Latest Comments in Visa’s Take on Debit Cards

Re: Visa’s Take on Debit Cards

Fri, 09 Jan 2009 04:02:49 -0000

I would like to see a response to the scenario where your card is just swiped, no PIN, no signature. By the time this is done, the transaction is over and I do not have the option to choose signature. I'm not even sure why this is allowed :(

Re: Visa’s Take on Debit Cards

ruckerz — Mon, 22 Dec 2008 22:12:09 -0000

I have a WellsFargo checking in which I have the choice of using the debit portion of the card (using my pin) or the credit portion of the card (signing something). Both methods automatically deduct immediately from my checking account. The question really is do I want the merchant to bear fees for my transaction ?

For most small /local businesses I always pay with the debit (sometimes issuing a check or even paying cash) because I think the 2.0-3.0% merchant fees are way to much for small businesses to bear. If I'm not at a small business, I normally still choose debit if it's available, because I don't like signing things.

However, if I'm at a major retailer (Walmart, circuit city, etc) spending more than $50, I'll normally swipe with my rewards credit card. I figure large multimillion dollar businesses can take the merchant fees.

Re: Visa’s Take on Debit Cards

Barb — Mon, 22 Dec 2008 16:47:11 -0000

I use my debit card for most purchases because I don't want to add to my credit card balance. Honestly, using my debit has reined in my spending quite a bit.

Re: Visa’s Take on Debit Cards

Yana — Mon, 22 Dec 2008 11:23:44 -0000

I use Visa and MasterCard debit cards for most purchases, and do not have or use their credit cards at all. I choose to sign when using the cards in person. I've run into a couple of problems with internet merchants, like one going out of business and not sending me the product, and another charging me a different price than I authorized. In the first case, US Bank covered my loss through a procedure they have for these things, and in the second with a local bank, they did not. It was a small charge, but I closed the bank account. I have a couple of small bank accounts that I use for internet purchases, so as not to put significant funds at risk. US Bank also saved me from an internet service provider that wouldn't quit charging me after cancellation, so I am rather a fan of US Bank.

Re: Visa’s Take on Debit Cards

Josh — Mon, 22 Dec 2008 09:30:09 -0000

I have been told it is illegal for businesses to have a minimum on all credit card purchases. Is this correct? It really pisses me off if I have to go to a bar and they say I can't run my card for a $7 glass of wine then close out.

Re: Visa’s Take on Debit Cards

Juggler314 — Mon, 22 Dec 2008 08:36:11 -0000

I only used my bank debit card, when I had no credit cards to use. Now that I have them i pay for 95% of everything with credit cards for protection. The real value I see in a debit card is buying some anonymously with cash and putting them in that kit with my fake identity "just in case";-)

Re: Visa’s Take on Debit Cards

Writer's Coin — Mon, 22 Dec 2008 08:21:44 -0000

I think the only real advantage, in my eyes, is for those people that can't control their spending and don't want to fall into debt. But I think lots of those people will simply get hammered for overdrawing their accounts with debit cards.

As you may guess, I'm a credit card guy myself.