Sunday, December 4, 2011

What' the difference between Debit and Credit?

What' the difference between Debit and Credit? When I use my Visa debit card at the store they ask me if I want to do Debit or Credit. What are the differences?|||Debit you have to enter your pin. Credit you sign for the purchase. Both options comes out of my account right away (Bank of America)|||7 fantastic FREE eBooks to help you master debt %26amp; credit cards!





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|||Is your Visa debit card linked to your checking/savings account? If it is--the money comes out the same exact way. Trust me. I worked at a bank for almost 3 years.





They ask that b/c their stupid machine gives them a choice when they run your card. If you say "debit" than you have to enter your PIN in order for the transaction to go through. If you say you want it ran as "credit" you have to sign a piece of paper just like with a credit card at most stores. But, at the gas pump when you choose credit you just scan and pump so that's quicker.





So basically, it's just a matter of preference.|||you don't get interest charged with debit.... so avoid credit don't pay attention to that dumb commercial where there all happy and dancing and then the music stop when you pay in cash.. cash is better always because there is not INTEREST!!!|||debit is ur OWN money from a checking account that you open. a credit card is a card that a company lends u, but that you have to pay back with interest|||the only difference is debit comes straight out of your checkin account n credit takes a lil bit longer.|||Debit is real money you have in your account.


Credit is not real money, but like a loan the bank gives you that you later have to pay back with interest.|||Debit you have to enter your pin number, credit you sign... they both come out of your checking account, debit usually posts immediately while credit can take a few days.|||Debit is like a check, it comes out of your checking account while a credit card is billed to you later.|||debit is ur checking!where you put cash for paycheck


credit is Virtual money that has max limits. so is checking. ...|||Debit is from your checking account.


I have a debit card and it can be used as a credit card but the money still comes from your checking account.





An actual credit card is different because the money isnt coming from your checking account. You buy things on credit and you have to pay it back later.....usually at very high interest rates! Its like you dont make an outright payment with a credit card. Hard to explain. I think of a credit card like I think of borrowing. Because you never really truly own anything when you use an actual credit card. You pay for stuff several times its actual value or price.|||With the debit transaction you will have to put in your pin# and you have the option to get cash back. The Credit transaction is used like a credit card your signature will be required instead of your pin number. Some banks charge after a certain number of debit transactions so be careful when chosing that option.





Hope this helps.|||Debit uses money you have, credit uses money you don't have that you have to pay back with interest|||debit is the money u got on your account and credit is the money the u can u and pay later|||debit takes out money right away and its only your pin #. and credit most of the time takes maybe 1 -3 days to take out of account. but they usually ask for ID and when i usually use credit it takes out right away for me where i usually go.|||debit has a pin number with it-and is connected to your bank account(?).. credit is charged.. i dont knooow|||when you use a debit card the money is coming out of your bank account .... when you use a credit card ... ur basically borrowing the money from the bank...which you later have to return|||debit is directly taken out of your account and credit you buy now and pay later|||Debit: Comes out directly out of your "linked" checking account.


Credit: Means that It works just like a credit card, and that you will have achance to pay it later.|||above is true but if your referring to a debit card and the cashier is asking you debit or credit its simply just a different way that its processed... debit is instant and uses a pin number to access and allows cash back at some places while credit is processed slower and charges the vendor a percentage, this is secured with a signature in place of the pin|||you cant get cash back on a credit. its illegal. you wouldnt get charged the higher interest rate for cash that your supposed to.|||debit is check and credit a bill is sent to you at the end of each month|||They are basically the same, because they will both post out of your account no matter which you choose . But the reason that they offer the two as options is because if you don't remember your pin number you can say credit and sign for it. Verses saying debit where you would have to enter your pin.|||Credit Card can mess u up....----%26gt; not getting an apartment, car, house and etc..








Get Debit it's much better|||If you have a debit card, then it really doesn't matter whether you use credit or debit. The money comes out the same way no matter what. I think they explained well the differences between a debit adn credit card. The debit card works the same either way whether you put credit or debit.|||DEBIT YOU USE YOUR OWN MONEY CREDIT YOU USE THEIRS HENCE YOU PAY CREDIT ON IT,


STICK TO DEBIT SAVE YOUR MONEY|||Debit is an account in which your money has to be there in order to use it. You have to type in your PIN when you use your debit. Credit allows you to pay later, and you usually have to sign a receipt.|||DEBIT = CASH


CREDIT = CREDIT|||debit is money you already have on your card (think of it like a gift card)


and a credit card is money that you haven't paid yet|||Debit does come out of checking/saving account and credit does bill you later. But also just because they ask doesn't mean you have a debit card, they ask because its force of habit to ensure a faster transaction.|||Debit you get money directly from your bank account. Credit card you pay monthly fees and interest of stuff you bought over the month.|||DEBIT--similiar to an atm withdrawal except it's a purchase. You have to enter your PIN when you do a debit transaction and it posts to your account immediately so the funds will need to be available to make the purchase. This is the safest way to use your card because you can't spend what you don't have.


CREDIT--similar to a credit card purchase except it's through your bank account. You do not have to enter your pin but you do have to sign the receipt for the purchase. This transaction will be recorded immediately but may take 1-3 days to actually be deducted from your account so it's possible to make a purchase even if the funds are not available. But you will need to deposit the funds in your account soon so that it will cover the purchase when it finally hits your account. This is not recommended because if the the funds in your account are still insufficient to cover the transaction when it finally posts, to your account, you will have a negative balance for the amount of the purchase PLUS the insufficient funds fee that your bank will charge you (most banks charge $25-35 per transaction that is not covered by the funds in your account).

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