Using your bank card as Debit vs Credit, what's the difference? (I do NOT mean using a credit card)?

It used to be when you went to the store they would slide your card and you would sign a receipt. Then they came out with the terminals that you would slide your card and you would sign the receipt. Then they came out with the "push a button for debit or credit" and sign or enter your pin, but it would charge you a fee to use debit. Now, no matter what you slide it goes to debit. If you want to pay with credit you have to hit cancel, then choose credit, then give 3 pints of blood and sign away your first child. I have to assume that there is a reason for that, I'm guessing debit is cheaper than credit for the store? What are the differences for the store AND what are the differences for me (or the consumer)? I will pick a best answer tonight! Thanks!

5 months ago - 1 answers