At a glance, the merchant may not know if the PSECU Visa® debit card is a debit card, credit card or both. The merchant usually asks, "Debit or Credit?", or you swipe your own card and are prompted to make a selection with the push of a button. Your decision merely determines how the purchase will be processed. The funds will always be deducted from your Checking Shares (S4).
When you select "Credit"
When you select "Credit", purchases are processed by Visa. You are required to sign a receipt like you would with a credit card purchase and funds in your Checking Shares are put on "hold" until processed.
The advantages to choosing "Credit" are:
- Purchases may be protected by Visa's rules and regulations that allow you to dispute charges improperly processed by merchants.
- Visa debit (choosing credit) is more widely accepted with merchants as a form of payment.
In some instances, merchant payment terminals are set up to force "Debit" transactions. In these instances, you are not given the option to select "Credit". Tell the merchant you prefer a "Credit" transaction.
When you select "Debit"
When you select "Debit", your purchases are processed by the STAR® System. Therefore, you need to enter a PIN and funds are immediately deducted from your Checking Shares (S4).
You should select "Debit" when you want cash back from the merchant. It saves you a trip to the ATM and saves your surcharge rebate for when you really need it!