dizwar
Lv 7
dizwar asked in Business & FinanceCredit · 4 weeks ago

The post office recently said they'll accept a DEBIT card but not a CREDIT card (or maybe it was vice versa). Anyway, what's the difference?

I was embarrassed to ask the postal clerk for an explanation because I thought I'm already supposed to know....but it was in reference to a MasterCard, which I always assumed was a credit card.

4 Answers

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  • Amy
    Lv 7
    4 weeks ago
    Favorite Answer

    A debit card does the same thing as writing a check: it takes money from your bank account. If you don't have enough money in your account, the card will be rejected.

    A credit card takes the money from MasterCard, who later asks you to pay it back with interest. You are limited to borrowing a certain amount based on how much they trust you.

    If your card does not say "DEBIT" on it, then it is almost definitely a credit card.

  • Anonymous
    4 weeks ago

    Credit card companies charge retailers a usage fee, usually about 3%.  Most retailers will pad their bills to hide the cost.  Debit cards do not have a usage charge and are treated just like a cash transaction.

  • 4 weeks ago

    They have always accepted credit cards. Mastercard,  Visa and Bank of America.  Not the Discover card, or debit cards.

  • Orla
    Lv 6
    4 weeks ago

    A debit card allows to to withdraw money from your account.  Money that's already there.  A credit card allows to to borrow money usually for purchases to be paid back later.

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