Do you understand the difference between the debit card & credit card?

Question

Yes I do, but a lot of people are confused.

Excuse me : but some people say 30 up and down don't understand the difference. Those may be your children. I'm assumming all you smart *** are the children.

Answer 1

lol a debit card you need money in your account a credit card you don't need money in an account

Answer 2

A mastercard is used to borrow somebody else's money, which you pay back. you're making purchases with the cardboard, or get money advances from an ATM. They deliver you a invoice each and each month, and you will pay it back in complete, or make a partial fee. while you're making a partial fee, the stability it incredibly is still accrues interest, which you additionally must pay. money advances might accrue interest from the day you get them, and might additionally contain expenses. some credit enjoying cards require the total stability to be paid each and each month; those are called fee enjoying cards. A debit card is used to pay money out of your monetary employer account--usually a checking account, regardless of the reality that they are in a position to additionally be appropriate to low fee expenses money owed. you should use them to make purchases, get money from an ATM, or get money back from a cashier. making a residing from ATMs or cashiers calls for entering a 4-digit PIN. there may well be a small fee for utilising ATMs. despite while you're procuring something or making a residing, the money is got rid of out of your monetary employer account appropriate away. If a transaction calls for greater money than you have in the appropriate account, the transaction may well be declined, or you will possibly be able to overdraft your account, which incurs a $20-$40 fee. each and each month you get a fact displaying the interest on that account. there are various nuances i'm leaving out. credit enjoying cards and debit enjoying cards are ruled by different regulations, retailers and banks cut up the expenses in yet in a different way, and that they typically have different rewards classes. They the two serve a similar functionality of authorizing purchases over fee networks, yet they are very different once you look on the foremost factors.

Answer 3

I do!!
Debit card - a plastic card which provides an alternative payment method to cash when making purchases. so if you have $5000 in your card and you buy something cost $500 with your debit card, the amount of your money in the bank will be reduced by $500

Credit card - a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user's account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user).

Answer 4

Very clearly. A debit card is to be used with your checking account. It is just a substitute for having to write so many checks. I use my debit card every day. But a credit card is to get something on credit; or to go in debt for an item. If a person does not know what a credit card is, it will not take them very long to learn, once they start using them. For all that they are usually good for is to get you into debt over your head; which is most certainly not a place that is pleasant to be. Being in debt has ruined many people's lives. I tell you this from personal experience. But I am thankful unto God that He gave me the wisdom to get out of debt, and do my best to stay out. I would advise anyone who uses credit cards very much at all, to give it a lot of thought. It is a much happier life to be able to live debt free, than to be over your head in debt. If you are in debt, and it looks like you have no way out, I can tell you the solution. Just start giving unto God the first ten percent of all your income; as the Word of God tells us to do; and He will help you find the way out of debt.

Answer 5

Well then you should explain to these clueless people that a debit card takes the money from your bank right away and a credit card is a debt you owe to a bank that gave you a certain line of credit with interest owed if the full balance isn't payed off each month.

Answer 6

Yes. A credit Card is when they Bank allows you to purchase without actually having the money yourself. You are using their money. You've got your limit, and set minimum you have to pay them back each month. plus interest, on the money they are LENDING you.

A Debit card works when YOU have the money in your account. So when your money runs out you can't use it, until you top up again.

Frankly, to me it's just like having a normal Bank Card. I don't use cheques any more, and they are linked. Cheques cost money. I pay by BPay over the Internet. I don't know if paying bills by Debit card costs the same or more than paying with a cheque.

Answer 7

A debit card draws on money in an account; a credit card guarantees money to pay for the purchase, but it isn't a direct withdrawal from your account.

I do not have a debit card, and I find the TV commercials for VISA debit cards highly offensive, implying that people who pay cash are dinosaurs who screw up everything.

Answer 8

I am a member of a Federal Credit Union. If I use my card as a DEBIT, I get charged 75c out of my bank account (I understand some BANKS charge $1 or more for each DEBIT transaction) . If I use it as a CREDIT, the company I use it at gets charged the 3% fee. Guess what I use my Credit Union card as. It all IMMEDIATELY comes out of the same pot of money in my CHECKING account.

I also have a CREDIT card through my AFL/CIO Union.

Answer 9

Yes. A Debit card is drawing payment directly from your checking account and/or savings account. (How ever it is set up when you open a Debit Account. A credit card is from an institution that is loaning you money.

Answer 10

Debit is an electronic funds transfer by taking the money from you checking account.

Credit card charges to your credit account and adds interest.

I use the debit only.

Answer 11

yes a debit take money out of your checking or saving no interest for us but you need the money in the account a credit card charges you interest and you have to pay it back