If i have a debit card with a mastercard logo on it is that considered having a credit card?

Question

I'm pretty sure that i don't have any credit score because i have never had a credit card but i have a debit card with a master card logo on it and i use it as credit on purchases,
i was wondering if the logo is the same as having a credit card...

Answer 1

No. The only advantage to have a MC logo is that you can use the debit card anywhere MC is accepted. Your money is deducted straight out of your checking account (debit) vs. having a line of credit & receiving a monthly bill (credit).

Answer 2

No; in most cases, a debit card does not have any credit features and is not considered a credit card. However, depending on the services your bank offers, it may be tied to a credit line directly, or through your checking account. If what you're asking is whether having the card could have an effect on your credit rating, your banking history, including use of the card and your checking account, can have a very significant effect on it. Use your banking accounts wisely.

Answer 3

When making online purchases, you can enter your debit cad into the credit card field. The difference is that the money will be automatically deducted from your bank account with a debit card, where a credit card would send you a monthly bill.

Answer 4

A credit card and a debit card are pretty much alike and can be used at the same places at each other except with a credit card you can go into debt unlike a debit card. It is not Considered a credit card

Answer 5

The LOGO is the same but the function is only similar to that of a credit card... swipe! That's the only similarity.

A debit card is just like like writing a check. You are responsible for any and all charges so make sure the funds are there to cover your purchases. You can overdraw your account, there is sometimes a delay.

Repect your financial situation and nuture it by educating yourself.

Answer 6

Its not entirely the same as having a credit card. But yes you should have a credit score because of it. You should consider getting a credit card (even if you only use it for emergencies) to help build a credit rating. Your credit score become extremely important if you ever try to buy a car or a house in the future. Having no credit is almost as bad (and sometimes worse) as having bad credit.

Answer 7

No, it's just a debit card. When you use it, the money gets debited from your bank account. If you had a credit card, then you would have to make monthly payments on it and on time to maintain a good credit reading.

Answer 8

No in the U.S. are debit cards with either MasterCard or Visa symbols work like this:

If you choose Atm/debit button at the merchant. You would enter your pin. Some banks and merchants charge for this method.

If you choose Credit button. You would sign for your purchase (some places you don't have to sign for it).

You can also use them at atms by entering a Pin. You can also get a Checking account cash advance at banks if they take Visa or MasterCard. You can use them online or by phone at merchants that take MasterCard or Visa. You can also use them at merchants who take MasterCard or Visa but do not have a point of sale terminal.

All methods come out your checking account right away.

Answer 9

As per my knowledge ROB D gave the best answer. And I second it.

It all depends on the features of the debit card.

Best thing is to refer there terms and conditions of the card or meet the banker.

Answer 10

talk to someone at your bank. i got a debit card assuming that if the funds were not there in their entirety that the charge to my account would fail, instead I was overdrafted. GET DETAILS