Debit Credit Card

I have been asking a few questions about credit cards. But I just thought about my own debit card, I have commerce bank. They gave me a debit card with the visa logo on it. Can I go to commerce and have one issued so that it can operate as a credit card as well?

Ah no!

You must apply and be approved for a credit card in order to have one. When the financial institution approves your credit card application, it will extend you a line of credit based on your credit score and other criteria. With this line of credit, you may purchase merchandise and services in accordance with the terms of the credit card agreement.

A debit card operates like a check and withdraws the amount of your purchase from the demand deposit account linked to the debit card (such as a savings or checking account). A debit card does not involve an extension of credit.

The Visa logo on your debit card increases it acceptance at merchant locations because it can be used at businesses that accept Visa credit cards. Despite this wonderful feature, the substance of your debit card has not changed. It still is a debit card.

One final note: Even if the merchant processes your debit card like a credit card (where you don't have to supply your PIN number to make a purchase), the debit card STILL is a debit card!

2007-12-27 21:23:28 by Pentagram

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I don't like carrying around actual money so instead, I carry my debit card. I am terrible with money, I keep spending it so I need to limit myself.

What would be the best prepaid debit/credit card for me?

it depends the use. I found interesting information about your answer & credit card options here. http://all-debt-consolidation-loan.blogs pot.com/2007/07/chase-credit-cards.htmlG ood luck!

2007-08-19 22:22:10 by Lena

I was told that if you close a checking account which you have had for more than a year, the debit/credit card converts to a credit card with the limit being whatever the amount was that you closed with? I was told it would be a good way to establish better credit w/o trying to get new credit line.

Whoever told you this does not know what they are talking about. When you close your checking account, your debit card becomes useless.

You should look into a secured credit card if you would like to establish better credit and you cannot get another traditional credit card.

Good luck.

2008-10-20 17:23:58 by victorianspices

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Do you have to spend a minimum amount of money to use a credit/debit card at mcdonalds?

some places do require like a $5 min purchase. This is a huge violation of their debit/credit contracts with the cc companies. They do this because the cc companies charge them (x) cents per transaction and they don't want to pay for that transaction on a 99 cent purchase. It is not right, but they do it anyway. the policy varies between independently owned stores, so one my require it, while the one a block over may not.

2007-09-14 13:23:08 by Justin r

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.

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 $.

2009-10-15 18:21:03 by MuffinMan