XPost: rec.arts.sf.written, rec.arts.books   
   From: rod.speed.aaa@gmail.com   
      
   "Robert Bannister"  wrote in message   
   news:b70e10F9sp2U2@mid.individual.net...   
   > On 13/08/13 11:22 AM, Rod Speed wrote:   
   >>   
   >>   
   >> "Robert Bannister"  wrote in message   
   >> news:b6tjq0FlmunU10@mid.individual.net...   
   >>> On 12/08/13 11:23 AM, Rod Speed wrote:   
   >>>>   
   >>>>   
   >>>> "Robert Bannister"  wrote in message   
   >>>> news:b6qu74F48beU5@mid.individual.net...   
   >>>>> On 11/08/13 11:13 AM, The Horny Goat wrote:   
   >>>>>> On Wed, 07 Aug 2013 22:33:50 -0600, Greg Goss    
   >>>>>> wrote:   
   >>>>>>   
   >>>>>>>   
   >>>>>>> In the very early days, you could get the ATM card combined with   
   >>>>>>> your   
   >>>>>>> credit card.  Thus you would use the credit card in ATMs and choose   
   >>>>>>> which of three accounts you're interacting with.   
   >>>>>>>   
   >>>>>>> With the rise of using your ATM card as a debit card for purchases,   
   >>>>>>> this feature was lost.  Unlike at an ATM, the electronic pathway for   
   >>>>>>> using a credit card is quite different from that a debit card uses.   
   >>>>>>   
   >>>>>> You can still get those in Canada but they're devastating for the   
   >>>>>> merchant since debit transactions cost 12-15 cents each while if a   
   >>>>>> credit card depending on the type of card it can cost 1.6 to 4.5% of   
   >>>>>> the purchase. That's a huge chunk of the merchant's profit margin   
   >>>>>> particularly on the affinity cards and 'high spender' or points   
   >>>>>> cards.   
   >>>>>>   
   >>>>>> Now a merchant who doesn't cover all his costs is out of business so   
   >>>>>> you know where those costs get passed along to.... in grocery stores   
   >>>>>> they used to work on a 1-2% margin because they were getting 'the   
   >>>>>> turns' but these days it's 7-8% mostly to cover card costs.   
   >>>>   
   >>>>> I don't know how much shop keepers get ripped off by the banks here,   
   >>>>   
   >>>> Its nothing like as high as that 7-8% here.   
   >>>>   
   >>>>> but I know that if they didn't accept transactions from saving   
   >>>>> accounts as well as from cheque accounts and credit, they would soon   
   >>>>> be out of business.   
   >>>>   
   >>>> Woolys and BigW don't in fact allow you to select   
   >>>> the Credit option with a debit card, and that hasn't   
   >>>> done them any harm business wise.   
   >>   
   >>> I've never seen a debit card,   
   >>   
   >> Likely you have, and just haven't noticed.   
   >>   
   >> They still look very much like credit cards and only   
   >> lately even have the word debit on them discretely.   
   >>   
   >>> but my MasterCard still comes up with the "Cheque, Savings or Credit"   
   >>> choice at Woolworths and BigW.   
   >>   
   >> Then it isn't a debit card.   
   >   
   > And yet, when I choose to pay from "Savings" as I usually do, it is acting   
   > as one.   
      
   That's just a credit card which can also be used to operate your savings   
   account.   
      
   That's been around for a long time now and isnt a debit card   
   because it's a credit card that allows you to get stuff on credit   
   of select the Credit choice.   
      
   With a debit card, if you select the Credit choice in a store   
   that allows that, it just get processed as if you had hit either   
   the Cheque or Savings choice.   
      
   Just like using the Cheque choice works fine with accounts   
   that are savings accounts with no cheque book possible too.   
      
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