If My ATM Card Has the Visa Logo & I Use It as a Credit Card, When Do I Have to Pay?
The Visa debit card or the Visa check card is an automated teller machine (ATM) card with a Visa logo. It allows you to take advantage of the convenience and security that typically come with a credit card. You still have to pay the amount you use immediately, but choosing to use it as a credit card has certain implications.
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Debit Vs. Credit
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When you use your Visa debit card, you may be able to choose between "credit" and "debit." Technically, either choice represents a debit, because money is withdrawn directly from your checking account, and you cannot purchase anything on credit with this card. If you choose credit, you receive some of the advantages afforded a Visa credit card, however. If you choose debit, the merchant usually requires you to enter your personal identification number (PIN) on the PIN pad or terminal. If you choose credit, the merchant processes your transaction after you provide your signature.
Payment Timing
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Regardless of whether you choose debit or credit, you have to pay the amount immediately. The Visa debit card works like a check: The merchant accesses the funds you have in your checking account, and your account balance decreases instantly. For this reason, you must have enough money in your account to cover the purchase amount. Some banks allow overdraft transactions, but they usually charge a fee for the service.
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Benefits
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When you choose the credit option and sign for your purchase, the merchant routes your transaction through the Visa network. This provides you with a level of security equal to a Visa credit card. Visa helps prevent, detect and resolve fraud that is related to the purchases you make using the credit option. Depending on the issuer of your Visa debit card, you may also have to choose the credit option and sign for your purchase to take advantage of its rewards program.
Choosing Debit
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When you choose to use your Visa debit card with the debit option, it removes the extra protection that Visa provides for credit transactions. Despite the benefits of the credit option, you need to choose debit instead of credit when you want to withdraw cash. At ATMs and merchant locations, you choose debit and enter your PIN to obtain cash.
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References
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