2006-10-14 17:34:44 · 6 answers · asked by holla 2 in Business & Finance ➔ Personal Finance
A Debit Card the money comes out of your checking account directly with a credit card your charged so much per month 4 using it.I perfer the Debit Card it's easier 2 keep track of my money & bills lol.Good Luck
2006-10-14 17:38:11 · answer #1 · answered by sugarbdp1 6 · 0⤊ 0⤋
A debit card draws from the money you have put into your bank checking account. You cannot spend any more than is in your account.
A credit card is a loan that is extended to you by the credit card company for your purchase or cash advance which you will have to pay back in full within 25 days or so or you will be charged interest on the outstanding balance until you do pay it off. The credit card company sets a limit on how much you can boroow depending on how good your credit is. It could be $500 or $5000 or anywhere in between.
To build your credit you can get what is called a secured credit card where you are given a credit card but you must keep money in a savings account as collateral and you can only use the card to spend as much money as you have in your account. When it runs out, you must put in more money. What you use is also charged interest unless you pay it off.
2006-10-15 01:32:48 · answer #2 · answered by Jim 3 · 1⤊ 0⤋
Debit Card means you have the funds available, a credit card is a glorified loan at almost illegal interest rates.
2006-10-15 00:43:29 · answer #3 · answered by Cherry_Blossom 5 · 0⤊ 0⤋
Debit cards come from your checking account so you can sometimes get cash back when you're paying for your stuff.
2006-10-15 00:42:54 · answer #4 · answered by tinydoozer 2 · 0⤊ 0⤋
Debit cards don't have annual fees or interest rates.
2006-10-15 00:37:13 · answer #5 · answered by infernal_seamonkey 4 · 1⤊ 0⤋
you're paying for the stuff now rather than later
but credit cards have better reward programs.
2006-10-15 00:48:55 · answer #6 · answered by amanda 3 · 0⤊ 0⤋