Originally Posted by phoenixinoz

A Debit card and Credit card are two different cards provided as a service for two different purposes.

A Credit card requires a Credit limit i.e how much the bank is prepared to lend you. A Debit card is based on how much you have in your account. If the account is empty, then no money is available to be debited.

Easy as.

Originally Posted by Hels

With a Credit Union, you become a shareholder by opening an account. You will have a minimum amount of shares, usually only about $10 for example.

Originally Posted by Hels

With a Credit Union, you become a shareholder by opening an account. You will have a minimum amount of shares, usually only about $10 for example.

Any further differences, I am not sure on.

Originally Posted by phoenixinoz

Ahhhh that makes sense.

So for example everyone in a CU bank has a "say" in the bank by owning a piece of it and if they can't own more than a nominal share [in this case no more than $10]then it isn't run for profit.

This probably encourages the bank to invest it's money in it's customers and re-invest back into the business as there are no massive dividends to pay out:confused:

[ps hows the non - smoking coming on m8?:) ]

Originally Posted by kiwichild

This is irrelevant to the use of them unless you are wanting to obtain actual credit..

Originally Posted by kiwichild

Use the debit card (provided you have funds in it to cover your purchase) with the credit key/number and the merchant cannot discriminate or levy additional charges.

Originally Posted by Hels

What non smoking??? Not sure what ya talking about.........~sweet, angelic grin~

Originally Posted by Hels

I do like Credit Unions and alot of the bigger organisations even have their own. Like the Teachers Credit Union...and the Police....even the Uni where I work has their own CU

Originally Posted by Juliecabs

Thanks Phoenix and Hels for your help.
I reckon a bit more investigating is needed.
My family over there swear by a credit union. Will email them and ask why.
Will let you know.

Originally Posted by phoenixinoz

You can't get credit on a debit card, unless an overdraft or Credit facilities have been aranged on the account where the Debit card is connected to.They can Levy additional charges if they wish, and some do. It is rare but it does happen as some Merchants prefer Credit cards to Debit cards.

Originally Posted by phoenixinoz

Agree. That's because one is a debit to your account [debit card] so you spend your own money, whilst the other is a credit to your account [credit card] so you spend the banks money;)

It is easy to understand:rolleyes: Honest:D

Originally Posted by OzTennis

As you say it's so easy! :D OzTennis :)

Originally Posted by kiwichild

It is easy but I have spent countless keystrokes trying to get him to understand the bloody thing... so either it's not that easy or he was shitstirring

Originally Posted by glennandkate

OMG - I think I started something with this thread - I only wanted to know if Visa Debits were new to Oz and if it was worth paying an extra buck a month for one:D I gather the EFTPOS (or whatever it was) is like your Maestro cards over here (difference being here you get to the counter at the petrol station and they anounce they dont actually take Maestro!!!)

Originally Posted by kiwichild

EFTPOS stands for: Electronic Funds Transfer Point Of Sale. People use standard type debit cards (ones linked to a cheque or savings account) to make purchases. A 4 digit PIN number must be entered.

With a Debit Visa or Debit Mastercard, though it is is infact a debit account it is not linked to a cheque or savings account but to a non-credit credit account (ie, one that the bank does not actually give you a line of credit but simply allows you to use a credit function when dealing with merchants.)

The advantage is that you do not attract the same kind of fees that you normally would using a standard debit card, and you can also make purchases over the phone/internet/ and elsewhere where only a credit card is accepted.

They have been in OZ for some years but not every financial institution offers them. If you don't actually need a line of credit, don't want to pay interest and monthly charges etc, but want the convenience of being able to shop literally anywhere then yes they are well worth an extra dollar.

Apologies to Phoenix in OZ, I think what happened was we hit crosswires along the way. Obviously the concept of a debit 'credit' card is one that is challenging for some to grasp.