Each time I pull out my debit card to make a purchase, I’m hit with a minor - but not inconsequential - question. A cashier or the point of sale machine at the counter where I’ve swiped or inserted my card asks that all-too-familiar inquiry: Debit or credit?
Typically, my default choice is debit, but not for any good or informed reason. I’m paying with a debit card, so the obvious choice is debit, right? But then, why am I given an option in the first place? Does it really matter which button I hit or what option I choose? To help answer these questions, I talked to BBVA Compass Director of Merchant Acquiring Adam Spencer.