Basically I would like to know if my bank sees a PIN debit card transaction as one line or two lines. Could they tell if and how much CashBack I received? Or do they just see the total amount?
Message edited by: yissr on 2009-08-31 00:45:30 CDT
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So so far we know that Chase, Citi and BofA can see what your CashBack amount was
Message edited by: yissr on 2009-08-31 18:51:38 CDT
I know that on ATM transactions, the fee and the withdrawal amount, although they appear as one transaction on your statement they are (at least in some cases) in reality two transactions and they appear as such to the bank (which could use this info to refund the fee). Just wondering if thats how it is by debit cards too. (it might make a difference at least with regard to my leverage with bank).
tripleB said:Does it matter? PIN debit cards never give rewards and it doesnt float any money. Whats the point, guy?Not quite true - some debit cards do pay limited CashBack rewards (less than credit, but the merchant is also charged a lower discount rate, so that is to be expected). However, the debit card issuer doesn't really care whether you got Cash Back with your purchase or not since the merchant pays the same discount rate regardless (in fact, for this reason they would prefer that you actually request more cash). The merchant is the one who is losing out and consequently the one who would care. However, they are voluntarily providing the service to their customers, so that is a moot point as well.
Check out https://www.visaextras.com/ .. My bank goes through this program, but it takes a whole bunch to actually get anything worth something. Though it clearly states "Purchases you sign for (purchases using your PIN code do not earn points) "
BofA rewards debit cards do allow rewards on both PIN and signature transactions, but the reward never applies to any CashBack that may have been received at POS.
Thanks all for the info I guess that answers the question. The bank can indeed see how much Cash Back you get. Anyone notice any difference between Visa MC and Discover?
Discover is different because the "Cash Over" program is valid for their credit cards (AFAIK Discover doesn't issue debit cards for banks). Cash Over is bundled with the charge from the store and you could CashBack rewards on it (although it is kind of moot because of the low limits, but useful to take advantage when "supermarkets" are one of the Get More categories). http://www.discovercard.com/customer-service/account/cash-over.h...
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