Mariposa
|
A debit card automatically deducts the money from your account. A credit card will wait and compile all the charges for one month and then send you a lump bill for all expenses at one time. There is also an interest charge associated with credit cards. |
|
?
 |
debit cards spend money that is in you bank account, credit cards are for borrowing money that you will have to pay back with interest |
|
brianthesnailuk2002
 |
With a Debit card you need money in the bank to clear the funds immediately, with a Credit card you dont, you have credit of a set level that will be paid over a period of time. |
|
V R G
 |
debit card- you spend if you have money in your acount.
credit card - you spend even if you dont have money. |
|
poli_b2001
|
A debit card is your money being debited from your bank, whereas as credit card is you getting credit for the money and paying it back |
|
RRM
|
A debit card will debit the amount you have spent directly from your current account.
With a credit card the balance will be added to your debt outstanding on that card, you need to repay your debt in monthly payments, usually a minimum of 2.5% of the outstanding balance, so if you owe £1000 your minimum payment will be £25. Interest is also added to the balance monthly.
Obviously if you keep spending and only repay the minimum each month it won't be long before you owe them a lot of money. |
|
rocky
|
The debit card is when you pay for something - comes straight out of your bank account and the credit card is when you pay for something goes striaght onto a bill / statement that you can pay over a period of time .............. |
|
anshulgupta1988
 |
A debit card takes funds from your bank account . credit cards are for borrowing money that you will have to pay back with interest |
|
k²
 |
Charges to your debit card deduct funds directly from your bank account.
Charges to your credit card get totalled up as debt to the credit card company. |
|
Bob
|
Very correct answers. I just want to explain a couple things.
1)As mentioned before credit cards are used to spend borrowed money or money on credit, debit cards are used to spend money in a checking account.
2)When given the option a debit card can be run as a credit, OK what does this mean? Well, you sign a receipt rather than enter your pin and it goes through a different system. Charges on credit a run through an authorization system, they reserve the money and later, usually 2-3, the charge clears the account. When run as a debit or point of sale the charge goes through the same system as an ATM, therefore the money should come out of the account immediately.
Other info: Be careful how you use this, I don't want it to hurt you. If you have say 200.00 in your account and you run your debit card as a credit but it doesn't work you can run it as a debit and it should work. The problem is that you likely have outstanding or pending charges that will be coming through shortly.
Hope that answers your question. |
|
Cherrelle18
|
Debit - you can only spend money you have
Credit - you are using the banks money when you dont have any.which you have to pay back with interest |
|
Steve W
|
Debit comes out of your bank account.. Credit is what it says.. credit |
|
PollyPocket
|
A debit card takes funds from your bank account.
A credit card is .......credit......i.e. money that is loaned to you and you have to pay back. |
|
adam r
|
a credit card gives you credit,you can only use a debit card if you have the money in your account to fund the transaction |
|
tonyinspain
|
A Debit card takes the purchase off your account straight away.
a Credit card sends you a minimum amount to pay back BUT
YOU WILL PAY HIGH INTEREST AN THE AMOUNT OUTSTANDING.
Stick to debit.
HOPE THIS HELPS |
|
samue20
 |
debit : people can take money out of ure bank ie standing orders and payments 4 things where as a credit card u can use to buy things with this card |
|
alatoruk
|
debit card comes straight from your account, just like writing a cheque but without the paper bit.
charge card gives you a monthly bill and you have to pay it all.
credit card gives you a monthly bill and you pay interest on the bit you dont pay off because they are "lending" you the money. |
|
set_sq
|
debit card - its your money from your bank account
credit card - its a companies money that you have to pay back plus more |
|
gagan k
|
Debit and Credit cards are given by a bank or any other financial institution. The difference between the two is that debit card can be used if one has money in his account while credit card can be used even if one doesn't have money in his account. A limit is set for each and every credit card holder depending upon his or parents/gaurdians profile(it includes the salary one gets,his/her financial position and background).For example any person 'X' may have a limit set to Rs.20,000 whereas for some other person 'Z' it may be Rs.50,000. This money has to be paid by him after sometime when he receives a bill from the bank. |
|
alex
|
debit cards spend money that is in you bank account, credit cards are for borrowing money that you will have to pay back with interest |
|
*****
|
Funds from a debit card are deducted from funds already on deposit at your bank. Credit card differ in that they extend you a line of credit without the security of deposited funds. |
|
Ant
|
A debit card is used like a credit card, except that it is used more like a check, in that it takes the funds from your account, usually a checking account. This is why they ask if you want to receive cash back. A debit card inquires no finance charge. Usually, you have to enter a PIN number, much like using an ATM. Also, you can use it like a credit card, which is why most have a Visa logo, and you will have to sign like a credit purchase, but it still does not build interest.
A credit card is issued by an institution, like a bank, but you are borrowing money from them that contains a finance charge. This is why they do a credit check, and depending on several factors, such as credit score and annual income, you have a set limit to what you can spend. Some credit card are secured, which means you have to pay money to the outfit, and this becomes your availible limit. A nice advantage to a credit card is you can spend money you might not have at the time, although you will end up paying back more money, sometimes way more, depending on the APR of the card, which is usually somewhere around 11 to 19%. Credit cards require you to either sign, or enter a zip code from the billing address, or sometimes you don't have to do anything. |
|
rockin mermaid
 |
A debit card takes money that is yours straight from your account where as a credit card takes the borrowed money from an account and you have to then pay it back. |
|
helen g
 |
Debit card you are spending money you have, credit card, you are spending money that the bank is lending you. You have to pay back at least the minimum payment on a credit card every month. |
|
jo w
|
your money comes out of your bank account with your debit card. with a credit card it is money you are borrowing from a company, which you will pay interest on. keep to your debit card. |
|
nicknamegone
|
All these answers are correct however if you have a debit card from your bank with the mc/visa logo on it and you go to a store and it ask you on the pos (point of sale) terminal debit or credit. Well for debit you have to enter a pin number and have the option for cash back..with credit of course, no pin (possibly identification could be asked for) and you must sign for the purchase (most of the time). The debit transaction stays on your account until the item posts to your checking account. The credit sometimes drops off as pending charges (authorizations) but soon posts thereafter. This is only if you were not issued a revolving credit line with your card and if you were not issued an overdraft protection with a credit line. |
|
Robin
|
Debit card takes money straight out of your bank account as you spend it.
Credit card doesn't. You get a monthly bill that you can pay all or some of depending on your situation.
This means you can spend money you don't yet have on a credit card. I.e. it gives you "credit". |
|
scallywag
|
With a debit card, you're spending the cash in your account as soon as your card is swiped and authorised whereas, with the credit card, you don't need to have the cash up front to spend the money. You're allowed a limit up to which you can spend and then you pay the credit card company with at some point agreed in future. |
|
Senorita
|
debit cards already have the money available that you will be spending
credit cards do not and you will owe it back |
|
chef
|
credit card - one can buy or shop without having any cash inthe bank but pays later and with interest. that why i hate credit cards. .
debit card - one can only use the money in the account only.. |
|
madjer21755
|
credit card - you are taking a loan for a bank/or some company when you use one
debit card - is deducting the amount from your bank account |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
