vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Context clues hun. I was talking about if you go to Chilis and swipe your card for $20 and leave a $5 tip the processing amount the bank takes into account when telling you your available balance is much more likely to be $23 than $25. So the bank knows I went to Chilis the second I swipe my card, but doesnt know the exact amount. I was saying a lot of people dont understand that. They see they spent X at Chilis (processing) and assume it to be fact. I don't understand why you're having such a difficult time with this concept.   Also comparing swiping a debit card as credit to writing a check (in terms of when they show up on your account) is a terrible comparison. When a check goes through the accurate balance is taken out all at once a few days later, but when you swipe a debit card as credit a tentative balance is taken out immediately and adjusted to the actual balance when it settles.   And calling me ignorant because I don't need the help writing down where my money is at or goes is pretty ironic.
They often use things like ""average daily balance"" calculations and such to work out actual interest charged; they tend to be similar to what I'm describing, but usually favor the bank a bit (or, are simpler to calculate). Finally: some credit cards do not have a grace period. In the US, most do, but not all; in other countries it may be less common. Some simply charge you interest from day one. As far as ""Standard Purchases"", that means buying services or goods. Using your credit card for cash advances (i.e., receiving cash from an ATM), using those checks they mail you, or for cash-like purchases (for example, at a casino), are often under a different scheme; they may have the same rate, or a different rate. They likely incur interest from the moment cash is produced (no grace period), and they may involve additional fees. Never use cash advances unless you absolutely cannot avoid it."
When you swipe your credit card, the terminal at the store makes a request of your bank, and your bank has only a few seconds to accept or reject the transaction. Once the transaction is accepted by your bank, it appears in the Pending transactions. At the end of the business day, the store submits all of the final transactions for the day to their bank in a batch, and the banks all trade transactions in a batch, and money is sent between banks. This is the process that takes a couple of days, and after this happens, you see the transaction move from your Pending transactions into the regular transactions area.  Most of the time, the pending transaction and the final transaction are the same. However, there are cases where it is different. A couple of examples: With a credit account, the fact that the final amount is not known for a few days is no big deal: after all, you don't have any money in the account, and if you end up spending more than you have, the bank will happily let you take your time coming up with the money (at a steep cost, of course). With a debit card tied to your checking account, the transaction is handled the same way, as far is the store is concerned. However, your bank is not going to run the risk of you overdrawing your checking account. They also are not going to run the risk of you withdrawing money from your account that is needed to cover pending transactions. So they usually treat these pending transactions as final transactions, deducting the pending transaction from your account balance immediately. When the final transaction comes through, they adjust the transaction, and your balance goes up or down accordingly. This is one of the big drawbacks to using a debit card, in my opinion. If a bad pending transaction comes through, you are out this money until it gets straightened out.
"American Express was originally a mail business that moved into money-orders. Traditionally their cards have been charge cards instead of a credit card (though they have credit products now as well). They've been marketed specifically as a ""premium"" product for people who have a significant amount of money (and are willing to pay a significant fee for premium services such as AmEx's good airline miles). As such, Visa and MasterCard are more widespread. Additionally, the fees that Visa and MasterCard charge merchants are typically lower (Wikipedia says 2%, as compared to AmEx's 2.5%, at least in the US). So: American Express gets less business as a company, but they charge higher fees to make up for it. Merchants will only accept the higher fees when they want to serve people who have a lot of money to spend (or if they can negotiate a discount)."
Credit card fraud protection (by law), credit card cash back programs (provided by most CC issuers), and debit card fees (commonly imposed by the merchant). The crux is that with CC transactions, a small percentage is remitted to the issuing bank.  Since the banks are already making money hand over fist on CC's, they incentivize people to use them. CC security is also lax because the merchant is responsible for fraudulent charges instead of the bank.  If the merchant fails to check a signature, they are held liable for all charges if the card holder reports a fraudulent transaction.
"Actually in Finland on some bank + debit/credit card + online retailer combinations you type in your card details as you normally do, but after clicking ""Buy"" you get directed to your own bank's website which asks you to authenticate yourself with online banking credentials. It also displays the amount of money and to which account it is being paid to. After authentication you get directed back to the retailer's website. Cannot say why banks in US haven't implemented this."
"The ""hold"" is just placeholder that prevents you from overspending until the transaction is settled. The merchant isn't ""holding"" your money, your bank or card provider is protecting itself from you overdrawing. In general, it takes 1-3 days for a credit transaction to settle. With a credit card, this usually isn't an issue, unless you have a very low credit line or other unusual things going on. With pre-paid and debit cards, it is an issue, since your spending power is contingent upon you having an available balance. I'm a contrarian on this topic, but I don't see any compelling reason to use debit or stored value cards, other than preventing yourself from overspending. I've answered a few other questions in detail in this area, if you're interested."
Don't switch just because you hear people panicking on the talk shows. Banks are competitive business and won't start charging for using debit cards too fast. If and when they decide to do such a thing after all - then start shopping and see who doesn't catch up with the fees and still provides the services you want for the price you're willing to pay.
There are 2 parties when we say credit card companies: The bank that gives you a card & VISA/Mastercard For a Bank the revenues generally come from: For VISA/Mastercard the revenue is from: P.S. Have not covered American express here but in short it is a combination of the above 2 models
Is there a debit card accessing this account?  When you spend money on a debit card for certain item, including, but not limited to gas, restaurant, hotel, a bit extra is held in reserve. For example, a $100 restaurant charge might hold $125, to allow for a tip. (You're a generous tipper, right?) The actual sales slips my take days to reconcile.  It's for this reason that I've remarked how credit cards have their place. Using debit cards requires that one have more in their account than they need to spend, especially when taking a trip including hotel costs.
"Pretty much every american ""borrows"". Credit cards are essential in building credit history and story. Debit cards got popular in the past few years, but most still borrow at least a little bit on credit and pay it off right away."
That article misses the entire point of why (most) American's use credit cards: to spend money they don't have. All it spoke about was ease of use. If anything, you could change it to talk about *debit* cards and that might be true.
"I'm not sure if this is your point of confusion, but when an account is said to be debited (or credited), the words ""debited"" or ""credited"" are not referring to a type of account (such as ""checking"").  They are referring to an operation that is performed on an account.  The same account can be credited at one time and debited at another time."
I would say minimal price differences.  Stores will need to remain competative, and the difference (if any) will likely be to cover the cost of the transaction that Visa and other card companies charge them.
a typical debit card is subject to several limits:
I don't use debit cards, but if I did I would review that portion of the statement. I look at my credit card statements pretty closely, and probably catch one or two mistakes or things I want to question every year.
While Rocky's answer is correct in the big picture there is another factor here to keep in mind: The disruption while you're waiting to resolve it. If a fraudster gets your card and drains your account you'll get your money back--but there will be a period while they are investigating that it won't be available. For this reason I avoid debit card transactions and only use credit cards.  If the fraudster gets your credit card you might lose access while they investigate but you don't lose access to your bank account.
"Debits' and ""Credits"" are terms used in double-entry bookkeeping. Each transaction is entered in two different places to be able to double-check accuracy. The total debits and total credits being equal is what makes the balance sheet balance. For explaining debits and credits, wikiversity has a good example using eggs that I found helpful as a student.  Debits and Credits  When a financial transaction is recorded, the Debits (Dr) and Credits (Cr) need to balance in order to keep the accounts in balance.  An easy rule to remember is, ""Debit the Asset that Increases""  For example, if you want to practice accounting for cooking a simple breakfast, you might proceed as follows:  To record breaking the eggs and putting the eggs in the frying pan  In this transaction, an asset, (the egg) is split into parts and some of the asset goes in the pan and some in the trash. A Debit (Dr) is used to show that the assets in the pan and the trash both increase. A balancing Credit (Cr) is used to show that the amount of assets (whole eggs) in the egg carton has decreased.  This transaction is in balance because the total Credits equal the total Debits. Everything that is covered by the Debits (yolk, white and shell) is also covered by the Credits (one whole egg)"
One things about psychology - people spend more money when its an abstract concept instead of having cold, hard cash. What does this mean? People spend more money when they use credit cards for day to day purchases. While I still use a credit card for day to day purchases, there's a big difference between bringing $200 to costco to pay for groceries and laying out 10 $20 bills vs swiping a card when you see a number flash on the screen. If you're truly looking to reduce expenses, keep this in mind.
In the case of reward cards, different cards may offer different rewards for different kind of purchases. For example, in the UK, one of the Amex cards offers 1.25% cashback on all purchases, whereas one of the Santander cards offers 3% on fuel, 2% or 1% on certain other transactions, and nothing on others. Of course, you then have to remember to use the right card! Another reason is that a person may use a card for a while, build up a good credit limit, and then move to a different card (perhaps because it has better rewards, or a lower interest rate, etc) without cancelling the first. If it costs nothing to keep the first card, then it can be useful to have it as a spare.
The direct debit is an authority to withdraw money from your account. Depending on how it was set up it may limit how much may be withdrawn, how often and for how long. I haven't seen a direct debit agreement that limits the total that may be withdrawn, but they may exist. A reputable creditor will stop taking your money when they're supposed to, which would be when the loan is paid off.
Credit cards are great. You get free money for 30+ days and a bunch of additional benefits like insurance, extended warranties and reward programs. When vendors don't behave, you dispute the charge with the credit card and they deal with it on your behalf. Just get a fee-free American Express card and pay the balance off each month.  There's nothing wrong with using cash either, but I would avoid debit cards like the plague.
Whether your card will work, I believe, depends on the institution that issued it. You'll just have to try. What I can tell you, is that the process of using a debit card or credit card in the US is fairly straight forward. If your card has a chip, you'll 'insert' your card, chip end first, into the bottom slot of the reader, assuming the reader has one. This technology is still being distributed / accepted, so you may encounter some areas where they don't have this, or they have an insert or sign that says something along the lines of 'No chip reader / swipe instead'. If your card doesn't have a chip, which looks like the bottom end of a cellular phone's SIM card, you just swipe your card in the reader. There will / may be on-screen prompts, which will explain any additional input necessary from you. Depending on how they 'process' your card - As a debit card or credit card (They can 'process' a debit card as if it's a standard credit card), you may or may not be asked to enter your debit card's PIN. If they process it as debit, you'll have to enter your PIN. If they process it as if it were a credit card, it will still go through but you'll be asked to sign the receipt.  IMPORTANT FOR YOU TO NOTE: You need to find out whether your card issuer will charge you foreign transaction fees when you use your Indian debit card in the US.  Is the card carrying a different currency than the US?
I can't answer the question if you should or shouldn't get a credit card; after all, you seem to manage fine without one (which is good). I started using credit cards when I lived in the UK as the consumer protection you get from a credit card there tends to be better than from a debit card. I'd also treat it as a debit or charge card, ie pay it off in full every month. That way, because you're not carrying a balance the high interest rate doesn't matter and you avoid the trap of digging yourself deeper into the hole each month. Cashback or other perks offered by a credit card can be worth it, but (a) make sure that they're worth more than the yearly fee and (b) that they're perks you're actually using. For that reason, cashback tends to work best. I'd get a VISA or Mastercard, they seem to be the ones that pretty much everybody accepts. Amex can have better perks but tends to be more expensive and isn't accepted everywhere, especially not outside the US. But in the end, do you really need one if you're managing fine without one?
Psychology Today had an interesting article from July 11, 2016, in which they go through the psychological aspects of using cash vs. a credit card. This article cites a 2008 paper in the Journal of Experimental Psychology: Applied that found: “the more transparent the payment outflow, the greater the aversion to spending or higher the ‘pain of paying’ …leading to less transparent payment modes such as credit cards and gift cards (vs. cash) being more easily spent or treated as play or ‘monopoly money.’” The article cites a number of other studies that are of interest on this topic as well.
"Debit Cards have a certain processing delay, ""lag time"", before the transaction from the vendor completes with your bank. In the US it's typically 3 business days but I have seen even a 15 day lag from Panera Bread. I guess in the UK, payment processors have similar processing delays. A business is not obliged to run its payment processing in realtime, as that's very expensive. Whatever be the lag time, your bank is supposed to cover the payment you promised through your card. Now if you don't have agreements in place (for example, overdraft) with your bank, they will likely have to turn down payments that exceed your available balance. Here is the raw deal: In the end, the responsibility to ensure that your available balance is enough is upon you (and whether you have agreements in place to handle such situations) So what happened is very much legal, a business is not obliged to run its payment processing in realtime and no ethics are at stake. To ensure such things do not happen to me, I used to use a sub-account from which my debit card used to get paid. I have since moved to credit cards as the hassle of not overdrawing was too much (and overdraft fees from banks in the US are disastrous, especially for people who actually need such a facility)"
Credit cards also take a cut.  Canada's interac system (use your bank card at the POS to instantly transfer money from your bank to the store) costs merchants 15 cents per transaction.  Visa and Mastercard charge about 3% per transaction.  They justify this by saying that cards encourage people to spend more and stores can make bigger sales.  With cash, I am limited to what's in my pocket, but with visa or interac, if something is just a little more expensive than I'd planned on spending, it's no big deal, I just swipe the card, type my pin and have the product.  If the option is between a sale -x%, or no sale at all, the former beats the latter.  Square is offering a service that is convenient as hell, and they make it very easy to set up and use.  Convenience and ease of use are something that people are willing to pay for.
We have a pre-paid mastercard.  This will only allow the spending up to the amount already paid into the card account.  Visa Electron is a bank account linked debit card that will not allow the account to go overdrawn but this card type is getting quite rare.
Store cards are incredibly generous with their approvals. I recently graduated and started working making around 100k and Bank of America only approved me for a $1000 credit limit... Macys however approved me for $2000 for everyday purchases and $5000 for large-ticket items like furniture sets. It may not sound so glamorous to have a specific store card but they all allow you to build credit, and a credit card really doesn't let you do anything a debit card can't unless you're buying things you don't currently have the money for. Amazon is also issuing credit cards now, so with one of those there really isn't much you couldn't buy if you needed.
"From my days in e-commerce they break down like this? The company doesn't know a debit from a credit card.  Got the Visa logo, then it is a Visa through the company's payment gateway.  The gateway talks to the bank and that is where the particulars for money is figured out. When I programmed gateway interfaces, I had the option to ""authorize"" or check for funds (which didn't reserve anything, just verified funds existed), run for batch (which put a hold on the funds and collected them at the end of the night) or just take the money. Most places did a verify during the early checkout stages and then did a batch at the end of the night.  The nightly batch allows a merchant to cancel a transaction without getting charged a fee. The ""authorize"" doesn't mean the money is tied up, although that might be your banks policy.  Furthermore, an authorize can only last for so many days.  This also explains why most of your banks don't report your transactions to you the day of.  There is a bunch more activity on your card than the transactions that complete."
If your debit card/ATM card is stolen or lost, someone else might be able to withdraw money from the checking account that it is tied to, or buy things with the card and have the money taken out of the checking account to pay the merchant. Subject to daily withdrawal limits imposed by your bank, a considerable amount of money could be lost in this way. At least in the US,  debit or ATM cards, although they are often branded Mastercard or Visa, do not provide the same level of protection as credit cards for which the liability is limited to $50 until the card is reported as lost or stolen and $0 thereafter.  Note also that the money in your savings account is safe, unless you have chosen an automatic overdraft protection feature that automatically transfers money from your savings account into the checking account to cover overdrafts. So that is another reason to keep most of your money in the savings account and only enough for immediately foreseeable needs in the checking account (and to think carefully before accepting automatic overdraft protection offers). These days, with mobile banking available via smartphones and the like, transferring money yourself from savings to checking account as needed might be a preferred way of doing things on the go (until the smartphone is stolen!)
"Dictionary clarifies http://www.oxforddictionaries.com/definition/english/be-in-credit Definition of be in credit:   (Of an account) have money in it:   ""your statement shows your account to be in credit"" And http://www.oxforddictionaries.com/definition/english/be-in-debit?q=in+debit Definition of be in debit:   (Of an account) show a net balance of money owed to others: ""the account is only 120 francs in debit""  The word 'debit' contains the letters 'debt' if it helps remember. I agree the website is confusing."
I've called both BofA and Amex Customer Support, and they couldn't help. That's because you cannot. Debit card is tied to your checking account, so you can do a cash advance from your AMEX and deposit it to your BOA checking account. It will then be available to use with your debit card.
"When processing credit/debit cards there is a choice made by the company on how they want to go about doing it.  The options are Authorization/Capture and Sale. For online transactions that require the delivery of goods, companies are supposed to start by initially Authorizing the transaction.  This signals your bank to mark the funds but it does not actually transfer them.  Once the company is actually shipping the goods, they will send a Capture command that tells the bank to go ahead and transfer the funds.  There can be a time delay between the two actions.  3 days is fairly common, but longer can certainly be seen.  It normally takes a week for a gas station local to me to clear their transactions. The second one, a Sale is normally used for online transactions in which a service is immediately delivered or a Point of Sale transaction (buying something in person at a store).  This action wraps up both an Authorization and Capture into a single step. Now, not all systems have the same requirements.  It is actually fairly common for people who play online games to ""accidentally"" authorize funds to be transferred from their bank.  Processing those refunds can be fairly expensive.  However, if the company simply performs an Authorization and never issues a capture then it's as if the transaction never occurred and the costs involved to the company are much smaller (close to zero) I'd suspect they have a high degree of parents claiming their kids were never authorized to perform transactions or that fraud was involved.  If this is the case then it would be in the company's interest to authorize the transaction, apply the credits to your account then wait a few days before actually capturing the funds from the bank.   Depending upon the amount of time for the wait your bank might have silently rolled back the authorization.  When it came time for the company to capture, then they'd just reissue it as a sale. I hope that makes sense.  The point is, this is actually fairly common.  Not just for games but for a whole host of areas in which fraud might exist (like getting gas)."