Somebody
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~~credit card = buy now pay later with interest~~
~~debit card = buy now money is taken out of your checking, savings, or money market account. no interest charges because you buy now and pay now.~~ |
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what?
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Debit cards are issued to you by a bank shortly after you open an account with them. The are not reporteed on your credit card, and act like cheks whn they are used.
Credit cards are different in that they are not linked to any account and are reported to the credit agencies. You are billed at the end of each month, and any outstanding balances that you do not pay off are charged interest. |
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Knowledge
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with credit cards, you can spend over the zero and that effects your credit, but with a debit card- you get this when you open a checking account, you cannot spend over the limit, what you put in is what you get out of it. |
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Mieog
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cred cards use a line of credit debit cards are connected to a checking account |
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Zaira
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Credit cards report to the credit bureau and have interest rates, fees, and penalties attached to them. Debit cards are dispersed through your bank, generally from a checking account, and work by using the funds already in your account rather than being put on credit (keyword) and being paid back. |
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maddog277
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OK...A C/C is a card given to u buy a creditor giving u a line a of credit...NOT having to put up any funds....Now a secured C/C is where u have to put up a scurity Deposit..and u can keep putting in money drawing against it...Now as far a debit card...YES they do have a Visa or MC logo on them and its most of the time by using a checking acount...BUT...Theres a Debit card and i happen to have one Wheres theres NO credit checks...And no deposit to put up...ITs called GREN DOT debit card and ...U can goto most Albertsons radio shack Rite Aids to Refill the limits on them...BUT...when the moneys gone its gone..Heres a link for ya if u want more info |
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edwk
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banks only issue a credit card to an adult (21 year old and above). a credit card if issued to a minor and the minor defaults on payments, the bank cannot sue him as a loan given to a minor is unenforceable by the law. |
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nickipettis
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when you use a debit card, the money is taken from your bank account almost immediately.
when you use a credit card, you get a Bill once a month, and you can pay all or part of the balance. |
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Aries
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credit is money you bought from a lender, and debit is money you have in a bank |
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Arif B
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In case of debit card the money is directly deducted from ur account balance. If ur account is empty u cant do any shopping etc. In case of credit card u can have fun u can pay the bank later in installments. |
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April P in KS
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Credit Cards offer you a line of credit- money you DO NOT have, but promise to repay.
Debit Cards offer you the convienience of a credit card, but it is money YOU ALREADY HAVE- money in a checking account.
I prefer debit cards- I find that I do not owe money to anyone, and I don't spend money I do not have
--Reformed Credit Card Junkie and Shop-a-holic |
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jd
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The easiest explanation...
Debit card - money is yours (e.g. checking or saving account)
Credit card - money is somebody else's and you have to pay it back with interest. |
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David H
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A credit card is like a loan, requiring no funds in an account to make purchases. A debit card requires funds in a checking account and works just like writing a check.
A credit card payment history will be reported to a credit bureau and is instrumental in building credit. Debit card activity will not be reported to any credit bureaus and does nothing for establishing credit. |
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jo l
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Debit card the money comes out of your bank account. Credit card is a loan and you get charged interest. |
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mayla
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work just like a post-paid and pre-paid cellphone line... In Credit card (post paid lines) us use the services first (ex. shopping) then you can pay it in installment or whatever modes of payments your bank requires, in Debit Card (pre-paid line) you should pay first (you shoud have available balance on your account) before you can use it to buy products or services.... |
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Clive M
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A credit card uses other peoples money.
a Debit card uses your money |
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