I am so used to just having a savings account and a credit card account in Australia. I am moving to the UK soon and will probably open an account from here. Does the debit card work like a credit card?
2007-01-27 21:24:53 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Instead of borrowing money like you do with a credit card account, a debit card uses only money in your current account. You dont actually borrow money, as its your money your spending. So no hefty interest payments.
2007-01-27 21:31:01 · answer #1 · answered by R Stoofaloh 4 · 0⤊ 0⤋
A debit card is usually attached to your bank account, so you can only ever spend what you have in your account, including overdraft, if you have one. A UK credit card account works the same way as yours, but you may have to apply for a new one if you want credit here.
2007-01-28 06:10:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
- over here a credit card is an account which the bank automatically put an amount on, you pay this back over months/years but pay interest on top of this...its like a loan but have to pay a minimum amount back each month (usually only something like £20) obviously if you only ever pay the minimum amount it will take a while to clear the balance. the bank give you a maximum limit and if you exceed this you get charged
- a debit card is a card which only lets you spend what you have in your current account, unlike a credit card you dont pay any interest...basically its like paying with your own cash but with a bit of plastic instead, The amount comes straight out of your account. therefore you can not spend money you dont have..for example you buy something for £30 and you have £25 in your account...you cant pay for this using your debit card.
2007-01-28 05:36:49 · answer #3 · answered by Becci 4 · 0⤊ 0⤋
no a credit card allows you to buy stuff when you don't have the money you get a bill at the end of the month which has to be paid or not if in your credit limit you can carry it over to the next month
a debit card is like paying with a cheque the amount comes straight out of your account you have to have the money in account to bay fore purchase unless you have overdraft facility hope this helps, peter.
2007-01-28 05:37:14 · answer #4 · answered by peter g 2 · 0⤊ 0⤋
the money comes out of your account staight away unike a credit card when it comes out on a certain date
2007-01-28 05:34:22 · answer #5 · answered by Snot Me 6 · 0⤊ 0⤋
debit card means you can only spend what you have which is much better than credit cards as you can not get yourself in debt,hope you enjoy England and welcome x
2007-01-28 05:37:04 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Why don't you check the bank's website for more information?
Regards,
adultsforum.com.au
2007-01-28 05:32:27 · answer #7 · answered by kelwingoh 1 · 0⤊ 0⤋