What is the difference between the debit card and the credit card?
Answer:
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
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.
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.
Debit comes out of your bank account.. Credit is what it says.. credit
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
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.
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.
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".
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
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
debit cards already have the money available that you will be spending
credit cards do not and you will owe it back
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.
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
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 ...
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
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.
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..
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.
A debit card takes funds from your bank account . credit cards are for borrowing money that you will have to pay back with interest
debit card- you spend if you have money in your acount.
credit card - you spend even if you dont have money.
debit card - its your money from your bank account
credit card - its a companies money that you have to pay back plus more
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
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.
If you have money in your account,the bank will give you credit card.You can buy or drown money from the machin not more than your balance.If you haven't money in your account the bank will give you debit card with limit balance to buy and drown around this limit, after one month you should settle your debit balance.
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.
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.
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.
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.
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
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