Do debit cards have hidden charges?

Question

I just got my debit card.

I got it specifically so I could shop online without the burden of credit.

Are there any additional charges if I use it? I kinda thought it was like electronic cash. That additional charges would not apply since it is taken straight out of my account. For example,

Item Cost = 279.00

Shipping = 33.20

Will I just be paying for that or will the bank charge me a specific amount? Debit not Credit just to make things clear

Answer 1

assuming the funds are available then there shouldnt be.

Answer 2

It really depends on the bank/company you're on.  Most banks that issue the cards are agressively promoting air mileage and other rewards to entice people to use debit more often. What is it for the Banks? Plenty.

For one thing, banks earn money from merchants for processing debit-card payments. And they make much more through overdraft fees, paid by you.

Answer 3

You need to check the terms of you card agreement.  If unsure, call the company that issued the card.  If the debit card is issued by bank, and it is part of you checking account, then it is highly unlikely that the bank will charge you a fee.  It is cheaper for the bank to process electronic payment than it is to process paper checks.

Many debit card can be used like charge card.  The charge is then immediately paid through checking account.  This is great for your credit rating. It is wise to do this, if possible.  There is more protection for comsumer if purchase as a charge than there is for cash purchase.

Answer 4

There can be a lot of charges if you use it at an ATM that isn't owned by your bank,  But for plain purchases, probably not.

You don't have "the burden of debt" if you pay a credit card off at the end of the month.  By using a debit card, you lose all the consumer protection and dispute resolution protection that is built into fair credit laws.  Some might say that the loss of these rights is a hidden cost.  A definite cost is the loss of "float" because the money gets yanked from your account immediately.