~*Jen Jen*~
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with a debit you have to use your pin number... with the credit feature, you usually have to sign.. but sometimes you dont have to do anything. |
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Mike
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Debit requires a PIN
Credit requires a signature
Some banks give you reward points when you use credit.
Sometimes using debit will put a higher authorization amount when using the card at a gas pump. |
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Belle
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Financially, there is no difference. The money comes out of your account in real time. If you choose debit, then you have to enter your pin number. If you choose credit, you have to sign a slip. Some banks do offer protection if you use the credit option and some banks charge fees if you use the debit option. Call your bank and ask them what the difference is specifically.
I think people are misunderstanding your question. You have a debit card..probably a visa check card, right? With this card you can use it as either a debit card OR a credit card but there is no difference financially. Either way you use it, the money is going to be withdrawn directly from your checking account immediately. Whether I use my card for debit OR credit..the charge shows up immediately when I check my account online. |
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loiho5
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At my bank, if you use "debit", there is a charge, but if you use "credit", there is no charge. That's the only difference I know of. Go figure. |
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Pinkenschnuckle
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Debit comes out right away and you must enter a pin to process the transaction...credit has to be submitted by the merchant so it comes out of the account a few days later sometimes. Both come out of the money you have in your account if you use an ATM card. |
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Noah_Bodie
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The money still comes out of your checking account.
Some banks charge a fee if you make more than a certain number of debit transactions in a month.
I tend to prefer debit because it's faster.
The merchant gets charged a higher fee if you use credit. Debit doesn't cost them as much. This is another reason I like debit. I'd rather not give money to the credit card companies if I don't have to, even if it's the merchant's money. |
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famysx17
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debit removes it from the amount in your bank account.
credit charges it to your account. if the amount is less than what you have in your account, then it is automatically paid off. if it is more, then you get a bill to pay. i use credit as long as i know i have more than the amount in my bank account.
credit is free in all stores.
debit is sometimes charged a small fee, as though you are using an ATM. but using it as a debit in stores such as wal-mart allows you to get "cash back" |
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CSSW
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you mean debit? If you use debit it comes out quicker from your account. If you use credit it may take anywhere from 24-72 hrs usually to be taken out. I usually use debit but credit is good for a lot of folks. Oh and one time my pin # wasn't working for debit and I freaked out because noone would take my card but in that situation if you forget your pin # you can always use it as a credit card and get stuff. |
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teacup_trashy
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In general, using the debit feature is the same as using the credit feature, the money comes out of your checking account, but the main difference is the security interface.
As a Debit Card: When using your card as a debit card, you usually have to enter your PIN to approve and complete the transaction. Also, some stores allow you to get cash back when purchasing, thereby reducing the need to visit an ATM. All money comes IMMEDIATELY out of your checking account. Some places also charge a nominal fee to use this feature. Every retailer is different.
As a Credit Card: If you select credit, you usually have to sign for the purchase which means that the cashier will have to verify your identity by checking your signature on the back of your card, or by asking to see ID, or both. The other added benefit is that you can use it online. The money is HELD from your checking account, but does not immediately clear. It may take up to several days to do so.
You are given this choice so that you have more places to spend your money. Many stores allow you to choose one or the other while some businesses only allow one type of purchase.
Those are the major differences. I hope this helps. |
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King John
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debit will take the funds immediately and credit will usually take a couple of days...at least that's how my bank is. |
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KKingS
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The main difference is for the business you use it at. Some have to pay fees on each credit card or debit card use.
My atm card works like this: If I pick debit, I better have the money in there that moment...if not, it will decline. If I choose credit, it will go through, regardless of whether or not I have money to cover it. But, the minute I deposit money in my checking, that's the first place it goes...to pay off that credit. |
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Starlanza
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There really is no difference. The idea of having "credit" on your debt card is so you can use it LIKE a credit card, (ex. shop online, shop overseas, etc.) except instead of paying a credit car bill, it comes directly out of your account. |
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special-chemical-x
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It's NOT the same thing.
The ATM function taps directly into your banking account offering no protections.
The Credit aspect offers protections from the business should they charge you too much, for instance. Then you call up the credit part and say, "Hey! They charged me too much!" and the Credit section places a hold on payment to the business until it is all fixed. |
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pricetravel
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Some cards are used like a check book. That is debit. The money is withdrawn from the account immediately.
The credit is a regular credit card. |
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jacah5
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Check the fine print from your bank, Mine charges 25 cents for every debt, but credits are free!!! |
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stinkypinky
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ITS THE SAME THING,..the money is coming out of your checking account |
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NYPR69
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Debit you have to have money in your checking account credit in your credit account. Be care full not to bounce a check.
NYPR69 experience |
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?
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If you choose debit, the money will be pulled out your account right away and you need to use your pin code, as for credit, the money will go out your account in about 1-3 days and you need to sign when you purchase this way. One thing I know is that if you choose debit, you pay with a couple of cents more (I guess that also depends on the bank). |
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Ziggy
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Better to use the credit function. Some places charge for the debit use. It's also a little more secure since you have to enter your PIN using the debit function (someone could be watching you enter your PIN). |
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Mark C
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Very important to note as well is that if you get cash on the credit card, you'll be charged interest (usually higher interest) on the cash from the moment you get it. Merchandise or services purchased on credit are usually interest free for at least 30 days. |
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3dg fan
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debit is money u have in ur account...credit is money u dont have and will have 2 pay back later |
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Chris B
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A "Debit" card is just that! It means that if you pay someone using it, it will be taken directly from your checking account. A "Credit" card, on the other hand, is an instrument that you use to promise payment to your financial institution (Bank). The issuing bank pays your bill and you pay the issuing bank. Both have pros and cons but a debit card requires absolute record keeping and plenty of money in the bank to cover your purchases. If you're short of funds, you will pay fees and charges. Ask your issuing bank to explain the pros and cons of both ways, as they are obligated to do if you ask! Good luck! |
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bofahs
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If you use it as a debit card, the money comes out of your bank account the instant that you use it.
If you use it as a credit card, you still have your money in the bank, but now you owe money to MasterCard. |
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mad as hell
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Not much difference except you can use it where a debit card is not usually accepted...and you can use it for on line purchases and as a credit card where a credit card is needed....and it takes a bout 2 days longer for the cash to be withdrawn from your account. |
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mel
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debit card is your checking account, so you have to have the money there to spend. unless you have chase bank, the greedy bastards want you to get an "overdraft account", which is a saving account with 250 bucks in in to cover the debit card in case you go over, yet they still charge you a 30 dollar fee.
close scrutiny and daily balancing are essential with a debit card.
credit cards are just someone you don't know loaning you money for high rates.:) btw, both cards are immediately charged to you, there is no "few days". |
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M0nster
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Debt Cards (Atm Cards) have fees, depending on the atm machine, some have none, some have little (normally the ones with none are the machines where you pay for the product upfront)
Credit cards, You dont have a fee, but theres interest, so if you spend 1000$ and your interest rate is like 5% itll cost u 1050, where as when u debt cards, and u spend 1000$ on something,. itll come up to 1001.50 (Debt fees). |
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Secret Keeper
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when you use debit, you have to enter your pin, and the money is usually taken out right away. Not a good idea if you have lots of people behind you in line, they could steal your pin #. When you say credit, you just have to sign a reciept, but the money isn't always taken out right away. I always say credit, a little safer. Just keep an eye on your balance. You don't want to accidentally over spend. |
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pinkyismygirlfriendniluvhur
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I'm not the one to ask
I kinda see both as money |
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Rachael A
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Debit takes money directly from your account. Credit allows you to keep the money in your account but you will have to pay it back later.
I would say debit is better because when you use credit the interest that you have to pay on it is usually ridiculously expensive and many people end up falling into debt that way. |
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Au revoir simone
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credit takes money straight from your account, and debit charges you later. and if you use debit you;ll probably end up paying intrest |
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jake m
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when you use credit you have to type your pin number in and debt you have to sign your name |
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