I have need a credit and debit card please tell what is difrance in caredit and debit card?
2006-10-23 08:07:30 · 4 answers · asked by Anonymous in Business & Finance ➔ Investing
A debit card is linked to a bank account and therefore is not a line of credit, but rather, it is a substitute for writing a check. A credit card is more like a loan from the credit card company that you have to pay back, with interest.
2006-10-23 08:16:36 · answer #1 · answered by J.M. 2 · 0⤊ 0⤋
Credit cards let you spend money that you don't technically have available - basically it's like the money is being loaned to you, then you have to pay it back. If you don't pay it back on time, you are charged interest and you end up paying back more money than you originally spent... sometimes a LOT more depending on the card's interest rate.
Debit cards draw money out of your own cash supply, and when you have no money left in your supply, you can't spend any.
Debit cards are the safer way to go, and will keep you out of trouble. :)
2006-10-23 08:15:55 · answer #2 · answered by ? 4 · 0⤊ 0⤋
With a credit card, you have a line of credit that you can spend. You are spending someone else's money, and have agreed to pay them back.
With a Debit card, you are spending your own money. You deposit money in the bank or give it to a lender. You are then allowed to spend your own money using the card. You don't have to pay anyone back and have no line of credit.
2006-10-23 08:11:53 · answer #3 · answered by Ranto 7 · 0⤊ 0⤋
Debit Card:- You deposit the money into account and then use it.
Credit Card:- You use the money and then deposit it into account.
2006-10-23 14:23:22 · answer #4 · answered by Azher 1 · 0⤊ 0⤋