Why do debit card companies want you to slide your debit as a credit card?
I signed up for this chase extras promotion crap. And apparently, to gain points, I can only swipe my debit card as a credit, in order to get points. Why is this the case, and why do so many credit/debit companies encourage you to swipe your DEBIT card as a credit card and sign? Thanks, all answers are appreciated.
Public Comments
- Because when you use a credit card, the merchant has to pay a fee, which is usually 3% to the bank. So...this way the bank makes more $.
- The reason is that the fees earned for debit card use are negligible. The fees for credit card use are close to 3% of the transaction. Personally I refuse to own a debit card because you have absolutely no protection.
