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Debit cards branded as credit cards are still debit cards. If you don't have the money when you swipe the card, the transaction will be denied. So it doesn't work like a credit card.
Bravo. THIS is the concise type of answer I was hoping for. Thanks everyone for 'splainin' I repped a few of you!
I ended up opting to forget that stores existed yesterday.
I desperately needed file folders so I got creative & cut up a cardboard box into many file partitions, then used paper grocery bags as the "file cabinet." Turned out rather well, I am so relieved to get my papers organized.
My daughter's b-day is Sunday, funds have now come through, I will shop for her today Friday, or tomorrow
all i can say is when the day comes i have to worry about funds clearing a day later , that is the day i seriously need to look at my financial life and financial behavior
Alternatively - if you don't have the money when you swipe the card, the charge may still go through but your bank account balance may go negative and then the bank may charge you a fee for said negative balance.
Best not to play this game at all if it can be avoided.
all i can say is when the day comes i have to worry about funds clearing a day later , that is the day i seriously need to look at my financial life and financial behavior
I can go one better. Had a co-worker who lived paycheck to paycheck. This was back in the day when JC Penney owned Treasury Drug and they accepted JCP credit cards. Kid was sick, needed prescription. She told her husband to take it to Treasury drug to get filled because their JCP card was the only one not maxxed out. (It goes without saying there was no cash available to spend). Same person had another family member with a chronic condition which required constant RX drugs which there was a co-pay on. When FSAs came out, I suggested she set up an FSA at least for what they were spending on co-pays and showed how she’d save on her taxes. Her response: “I can’t afford to have anything else taken out of my paycheck.”
Alternately, you could stop spending money you don't have.
I'm sorry, but that was going to be my take.
Why not wait the 15.5 hours for the money to actually BE THERE, before spending it.
I learned long long ago as a young whippersnapper to: a) not play the "float"; b) to not spend what I don't have already in the checking account c) that if funds are tight it's better a payment be late with a late charge than a late charge AND an INSUFFICIENT funds fee!
So now, I have saved money to use to be on time, and don't spend until my CU says " available balance (cleared funds) covers any debit card or check I write or withdrawal I make.
I appreciate that this topic is still open to conversation as regulations do change. Since the original post is 4 years old, lets hope the OP isn't doing time for bad checks or fraud/deception towards a business.
My current bank is 24/7 on any transaction. Doesnt matter if the bank operating hours are til 6pm. My bank balance is consistently being updated if I place a deposit or a charge . Holidays carry no leeway. Its there and its "pending" or "holding" against the overall balance.
The days of Kite checking are a thing of the past. So to with doing weekend charging. Its up to the minute in todays technology transaction world. Ohh except when your card is stolen and they go on a buying spree! Good luck getting *THAT* money back into your account in anything less then 30 days!
If I use my debit/credit card as "credit," will it take longer to post than debit, posting after I get paid in 15.5 hours, or will the card be declined due to current insufficient funds? I've rarely used it as "credit," and have never been sure what that means. Does it mean it's like a real credit card, can buy things without money?
Alternately I could write a check, but who does that anymore?
I only use the credit option with my arm/debit card, and the money leaves my bank account by the next business day. I also don't worry about purchases not being covered, as I have a sizable balance. If you are worry about insufficient funds, make sure to check your bank balance before swiping.
Just for your information-
Paypal offers a MC debit card,you have to apply,not every one qualifies,but if you use it as a credit card,you get 1% cash rebate from Paypal,(legacy account gets 1 1/2 %).
It is like most of you said is a debit card,it takes your Paypal balance backed by your bank fund,daily and transaction limit apply.
I get 1 1/2% cash rebate from Paypal when I go shopping with the card,I got in early ,it sure makes some difference if you are paying for airfare,large ticket items.
These days,I use Capital One 360 credit card and it gives me more ,so I dont use it anymore .
BUt if you are a debit card fan,take a look,1% can add up.
Paypal earns a fee when you use it as a credit card and it cost them nothing,the money comes out of your pocket-your Paypal balance and your bank fund.
But,here is the catch,some retailers will recognise it as a debit card and would not let you use it as a credit card,need we name the retailer ,it is WALMART !!!!!!!!!!!!
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I repped a few of you!
