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Re: The banks have won! Anyone surprised? I'm not.

On Wed, 25 Nov 2009 23:24:39 +0000, aracari
<spamtrap@váilable.here.com> wrote:

>'Mel Rowing' wrote thus:
>>Since chip & PIN all credit and debit cards require authorisation
>>before the transaction is complete. If you recall when you use a pump
>>card point you are set a value limit for the fuel you then put into
>>your vehicle. The pump simply will not let you exceed this limit. I
>>would presume that the authorisation is set at this limit.
>
>You refer to gas pumps which have debit/credit card slots for
>doing that. Most don't, so you have to pay at the counter.
>
>
>>As regards a transaction on a Solo card
>>
>>http://www.solocard.co.uk/about.html
>>
>>The question of an account being overdrawn as the result of a
>>transaction should not arise since from their own blurb:
>>
>>" However, Solo offers a different level of financial control and
>>reassurance: every transaction is authorised, so cardholders can only
>>spend what is available in their account."
>
>I'm not familiar with Solo cards but your description suggests
>it's a debit card, not credit card. All debit cards work that way,
>unless the issuing bank permits it to go overdrawn.
>

No they don't.

Most debit cards work the same way as credit cards in terms of
authorisation.

Which means they can be used for transactions where immediate
authorisation is not available. Solo cards can *only* be used where
immediate authorisation is available.
--
Alex Heney, Global Villager
It is fatal to live too long.
To reply by email, my address is alexATheneyDOTplusDOTcom

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