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Mohak
Joined: 26 Feb 2010
Mohak's page
Posts: 1
20 Magic Points
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Subject: What is Exact difference between credit and debit???
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Fri Feb 26, 2010 8:41 pm
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| what is the actual difference between credit and debit. . sorry i am new to this things so i dot know!!!! |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: difference between credit and debit
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Sat Feb 27, 2010 4:47 am
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Hi Mohak,
Credit is the addition to an account, while debit is the subtraction from an account. Credit is when you are depositing money into the account, and debit is when you are drawing money from that account. Money can be credited and debited from account.
When you are using a credit card, it means that you are borrowing money from the bank or issuer with whom you have signed up for the credit card. You need to pay back the amount borrowed, with an additional interest on the amount.
However, debit cards are like checks, which works much faster. It can be used to draw money, and with this a person need not carry cash. Using a debit card is very convenient, but if the card gets stolen, and it is not reported ASAP, it can exhaust ones bank account.
Credit cards are safer than debit cards, if not totally safe. Credit card or debit, one should always be very careful, while using both.
Thanks,
Aaron.
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Sun Feb 28, 2010 11:37 pm
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| Also when using a bank card at a register of a store they give you the option to pay by credit or debit. The difference here is if you chose debit it is immediately subtracted from your checking account (or bank account) but if you chose credit it can take up to several days to actually be subtracted from your account. Some banks give you bonuses for using credit. For example, my bank pays us ten cents for each time we use a card as a credit instead of a debit. At the end of the month they add up all your "credit" and then add it to your account. We usually get about five ot ten dollars in credits.It can add up nicely. |
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Mariam
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Subject: Debit and Credit Cards
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Wed Apr 07, 2010 8:28 pm
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Thanks, I am glad that I checked out this websit. I was a bit confused between debit and credit cards, I have one card, which can be used as debit and credit, so I wanted to know what the differece between them was. I don't think that I am borrowing money from a bank, when I am using as a credit, the money comes from my checking account because that's were I deposit my checks. So not all people who are using their credit card are borrowing money from back, and have to pay back, it depends on the person's account.
Anyways, Thanks |
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