>With a credit card, there's a third party in between.
Not always. My Visa plat credit card is directly linked to my bank account. Seems to be some weird hybrid - not really a debit card and not really a credit card.
If the funds come out of a bank account, and you have no line of credit, it's not a credit card. Visa and MasterCard both issue third-party (as in, not your bank) debit cards with their branding on them, as well as a value-added set of protections as part of their ToS.
Target's Red Card program is one of the most common, and it's a big reason that the Target security breech was such big news. When you're issued a Red Card, Target has the option of extending you a line of credit, or simply issuing you a debit card that is linked to your account. This gives them the ability to issue cards to people who would otherwise be non-credit-worthy.
Note: I don't mean to imply you're a non-credit-worthy individual. There are many reasons a person might have a Visa/MasterCard backed debit card. I have one, and my credit score is >780.
I live in EU, and it seems our systems are better protected against fraud.
I have MasterCard dual debit/credit card with electronic chip (EMV), but no NFC (radio payment). At the POS, I can select between the debit/credit function. I normally use debit for small purchases. It's immediately billed from my bank account.
Every transaction is authorized by my PIN, that I understand is required to extract the cryptographic authorization from the on-card EMV chip. Since two years, almost every POS now has an EMV reader. If you can't remember your PIN, the card still has the magnetic stripe and signature function, but you must show an ID for every purchase.
I understand that EMV + PIN systems are now mandated by the credit card issuers in that the retailers are covered by an insurance against fraudulent transactions only if they have an EMV reader. That is, in case a stolen card was used, the retailer will get its money if and only if they had an EMV system and/or asked to see ID if the buyer couldn't give a PIN.
There's also an online database of stolen card numbers against which larger purchases (>150€) must be always validated, and a 24/7 phone service for both reporting stolen cards and checking if a card is stolen. If the retailer can't access the database electronically, they must manually call in and validate the card using good-old telephone for those large purchases.
In the US, such a card is known as a "check card".
A check card is a debit card linked to a bank account but sporting a credit card logo and having an account number falling within the range allocated to the credit card brand. Charges made go against the bank account directly (and any line of credit which may be attached thereto).
You can use it in either debit or credit mode. In debit mode, you swipe and input your PIN, and the charge request, including the encrypted PIN, goes over the debit network to your bank, which debits your account in real time more or less. In credit mode, you merely swipe and sign, and the charge goes over the credit network, reaching your bank somewhat later. In neither case is it really a credit card, unless you have and use an attached line of credit. Most check cards don't have lines of credit.
Some years ago, my bank switched their ATM cards to check cards. When I got my new card and saw the Visa logo and read the brochure, I called the bank and asked if the card could be used to make payments without entering the PIN. When they said yes, I said I didn't want it. A couple of days later, a new card without the credit card feature arrived in my mail.
ATM cards are ATM cards. I use them to get folding money. I use credit cards only to buy stuff.
Cheque card sounds about right. Though the process seems to be entirely different for EMV cards.
e.g. Pin + Chip transactions can be stored offline and uploaded later so they don't necessarily go through in real time. Also, Swipe + PIN doesn't seem possible under EMV. It seems to be limited to Pin + Chip or Swipe + Signature or if you're down under Chip + Signature.
It seems to me that if a card can directly debit funds from your bank account, it is by definition a "debit card."
The value of a credit card is that I get to choose to pay the bill each month. If something goes wrong, the card issuer has to sort it out before they get my money.
Not always. My Visa plat credit card is directly linked to my bank account. Seems to be some weird hybrid - not really a debit card and not really a credit card.