Atta Ikede

March 6, 2008

The Magical Credit/Debit Card

Filed under: Uncategorized — attaikede @ 4:39 am

Instead of regular old boring debit cards like we have in Canada, US banks issue amazing debit cards — it’s debit on steroids!

I got mine at Bank of America, but all the major banks have this product.

The sales associate at the branch really bowled me over with her description of the product — apparently I can choose to do credit or debit transactions on it, but using this card does not build up my credit rating. So then .. how is it giving me “credit”?  It just sounded like a lot of mumbo jumbo and left the branch feeling pretty confused.

I went online afterwards and read up, and now i think I’m clear. Really, it’s just a plain old debit card but you can do 2 physical transactions on it: (1) a traditional debit transaction where you swipe and enter your pin or (2)  a traditional credit transaction where you swipe and sign. No pin required!  The choice of debit or credit is really just a choice of what kind of physical transaction I, as a customer, feel more secure doing. The money is immediately deducted from my account either way, so technically it’s a normal debit transaction either way.

I kind of felt like the bank’s description of this product was misleading. it’s not credit!! Wouldn’t people get confused when the bank calls it credit, and just spend and spend and not realize that *money is getting deducted* ?? Probably just makes people go into overdraft!

I had my very first credit transaction using my debit card today at the good old Squat and Gobble crepe restaurant across the street. I am digesting my purchase as I type! :) mmm …

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3 Comments »

  1. Debit is on the Visa because americans never really adapted to the debit card system. So they hatched a marketing solution to place debit on their visas. American love their credit cards. But yes it is a great feature.

    Comment by Julie — March 8, 2008 @ 6:29 pm

  2. So you always have crepe around where you live…. is that a requirement now? :)

    Comment by picnic buddy — March 10, 2008 @ 4:34 pm

  3. I am pleased to see tat you are keeping us updated with this blog. I can’t wait for further updates on your adventures!

    Comment by Lisa — March 10, 2008 @ 11:37 pm


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