Zac U
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debit gets taken out of your bank account right away
credit may take a few days to get taken out of your account
debit requires PIN
credit requires signature (if over a certain amount of $)
other than that theres really no difference |
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Gerry R
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Many debit cards are associated with a credit card company. You can have the money taken directly out of your account (debit) or charged to your credit card account. Also the merchant is charged different fees for the transaction. A debit card is a flat fee to them (usually $0.50 or so). A credit card transaction is a percentage of the total bill, somewhere between 2 and 3%. |
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batlise
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If the card is hooked to your checking account - the "credit" just comes out a day later. If it is also a credit card with the bank - then you will pay interest and rack up a high balance before you know it. My card - no matter if I choose credit or debit - it comes out of my checking account. Check with your bank. |
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jachimczyk778
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debit will be taken immediatily out
credit is if you have a credit card its a buy now pay later
but for a debit card you will get the same result, immediatly taken out. maybe a little delay on the credit |
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coolio
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Debit is money you have in the bank and you dont need to pay. Credit you need to pay back. |
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Rob
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debt is connected to your checking account and is similar to writting a check. credit goes through companies that sort of loan you the money until you pay the bill. also with credit there are service charges for the store (just another way the rich ppl get richer) This is why all stores don't take all credit cards, Because of the service charge. You will notice that most stores take discover and visa but not AMEX this b/c the service charges for american express are really high. |
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some other guy
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this is a two part question so here is a two part answer.
Since nowadays most ATM (debit) cards are backed by credit card companies with the credit line secured by your bank account the merchant has to ask if the transaction is to be handled as a credit card ( for which they pay 4%) or as a debit card which is essentially like writing a check.
The difference to you is that a regular credit card has a preset limit of how much you can charge against. The balance is then billed on a monthly basis to be paid off in part or whole.
A debit card accesses your bank account and is limited only by the amount you have on hand in the account.
The entire amount of the transaction is deducted from your account immediatly. You can't spend what you don't have, it is like writing a check without the paperwork at the checkstand.
Most merchants will allow you to "charge" more than the amount of your purchase and get the additional funds back in cash. There are no monthly payments, it's pay as you go so you have to be careful. If you make a large purchase with a real credit card (not a debit card) you can pay for it a little at a time (with interest of course). If you do the same thing with a debit card (even used as a credit card) it can empty your bank account.
I hope this cleared it up for you. |
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marc w
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If you use debit they will take the money right out of your account, and you might get charged a fee but you can also get cash back. If you use credit they wont charge a fee but the transaction wont show up for a few days and you cant get cash back. Just be careful using credit, I have forgot about them and overdrew my account, Then you get overdraft charges of 25-35 for every transaction. |
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pbdude911
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When you process a card as a debit card. Usually the merchant will save money on their processing fees. For example, taking the rates of of http://www.USAMerchantAccounts.net
If you purchase an item from a store for $100 and process your card as a credit card. The merchant is charge 1.59% + 19 cents or $1.78 to accept your payment.
However if you would have chose debit, The cost to the merchant to accept your payment would have been 40 cents.
Also, for you, Debit usually appears instantly while credit usually can take 1-2 business days to appear. |
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some girl
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debit is connected to ur account so it draws immediatly from ur money in there, and credit is buy now pay later
hope i helped |
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hollyelizabethjean
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Credit sometimes takes longer to go through your account. And often your bank will offer promotions like chances to win every time you choose credit. But basically they are the same. |
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cmatthaios
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Credit portion is the VISA/MC side of the card. You can use this to make purchases where credit is only allowed or option. (Resturants, Online, Phone are examples)
Debit is just like writing a check to a cashier. For id proof, you enter your pin number associated to that card.
ATM is just like what it was before, only used where ATM is, and you use your 4 digit pin number as well.
You have to have enough funds in the account to use all three options.
Credit also takes two days to process to your account, debits are 1-2 business days. Both should be entered into your register for good book keeping |
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Joe C
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The difference is to them - they'll incur fewer fees with debit.
The difference is also to you - the charge might take longer to appear if you run it as credit instead of debit.
To me it makes sense to run it as debit if that's what it is. Really, it should not matter as long as it has Visa or MasterCard logo. But the system discriminates, and some car rental places, for example, don't even accept debits. I would rather it would be set up where no one would know the difference, but that's not the way it works. |
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