what is the difference bwn credit card and debit card?what is? and how to improve credit score?

Answer 1

A credit card is used to charge purchases and charge a revolving interest. You get a monthly bill showing amounts of purchases and amount of interest added during that month. A debit card is connected to your checking account and purchases made with it are deucted directly from your checking account. To improve your credit score, keep credit card debt managable so you can make at least minimum payment each month. If possible pay all interest charges plus some of the principal each month to avoid paying interest on interest.

Answer 2

With a debit card, the money for the purchase comes directly out of a checking account. With a credit card, a balance forms that you have to pay back at a certain interest rate, often a high one.

Using a debit card will not improve your credit score, but it won't rack up your debt either!

If you want to improve your credit score, consider getting either a secured credit card, or a credit card with a very small credit limit.

Answer 3

A credit card, you charge whatever you want to buy, and pay the statement when it comes in. You are basically borrowing the money from that credit card until you can pay the company back. Debit card comes right from your checking or savings account. You can improve your credit score by paying over the minimums on your monthly charge (say the minimum is $10, try to pay at least $15 or $20 or more if you want.) This way, it helps build your credit gradually.

Answer 4

Being 14 year old you are not entitled to receive any of the above Debit or Credit cards. Mere academic interest you can understand about their concepts. While Debit card is issued tolanc a Depositor linking with his deposit accounts like savings bank account or current account where he\she keeps sufficient balance in accounts the credit card limit enjoyed with a Banker by a customer. Debit card always refers that money belongs to the customer while credit card refers that the money belongs te the Banker to whom credit has been sanctioned

Answer 5

Debit Card: Directly ties into your checking account, the card does have a visa or master card logo so anyone who accepts visa or master card will accept your debit card. You are not borrowing money, the amount of money you can use is directly tied into your balance in your checking account. Some banks do limit the amount of money you can use during one business day but those limits are pretty high in most cases. Also most banks do not charge annual or monthly fee's for the use of this card. It also doubles as an atm and regular atm fee's apply.

Credit Card: The bank is actually lending you their money at a preset interest rate. This type of account will usually end up in you being indebted if you do not manage the account wisely.

Debit Cards do not have an impact on your credit rating and with many banks are automatically issued now with your checking account. Also you will get all of the same beneftis on a debit card that your get on a credit card from Visa ro Master Card. (Travel Insurance, Renters Insurance, etc...)

Hope it helps!

Answer 6

Credit card you pay interest on, debit you have that amount drawn right out of your bank account. In order to improve your credit score you have to pay more than minimum payments every month and make sure they are on time as well. Hope this information helped you.

Answer 7

Debit cards:- this is the card which gives you payments from you existing bank balance. Ex. Using the prepaid system in your mobile phone that how much balance you have that much you can spend.
Cerdit Cards:- this will give an amount incredit like if you do not have money then the company of which crdit card you have that company will pay for you. and you have to pay those money latter to company with some interest. It is like borrowing from company of which you are holder. Ex. If you have Reliance credit card then you can purchase you want and reliance will pay those money then you have to pay to reliance but later, with some interst within the validity period for you to pay.

Answer 8

A debit card is just like cash - it's taken straight from your checking account and does not affect your credit.

Answer 9

u pay intrest on a credit card debit card u dont although i u use a debit card as a credit card it just drwas the money out of your account

Answer 10

Creditr card is where you get a credit if you so desire, subject to conditions and debit card is an enabler to withdraw/spend money you have. To imporve your credit score ensure regular and timely payments.