Whats the difference between a credit card and debit card?

Question

Whats the difference between a credit card and debit card?

Answer 1

Debit card takes the money right out of your bank account. Credit card allows you to wait for the bill to pay.

Answer 2

Credit Card

A plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. Also called charge card.

Debit Card

A bankcard used to make an electronic withdrawal from funds on deposit in a bank, as in purchasing goods or obtaining cash advances.

Kalra

Answer 3

the difference between a credit card and debit is, that a credit card allows you to make purchase and have them paid for by a credit card company.  Whereas a debit card is from your checking account or a prepaid card which is money that you had to deposit in order to be able to use it.

Answer 4

If it's from your bank, then there really isn't a difference. If you have a VISA Check card from your bank, you can do debit, which it will come right out of your account right away, credit takes a few days, but it's all the same.

If you are talking about an actual credit card, then a charge to a credit card will come in a statement at the end of the month for you to pay and you usually will have a finance/interest charge. Debit card charge comes right out of your bank account.

Answer 5

The difference between a credit card and a debit card is that with a credit card the money funded to an individual through the card is loaned to the individual with fees and interest.  This money allows the individual the benefit to purchase a product or service early without using their own money.

As with a debit card it is linked directly to a checking account and can only provide funding for the amount of funds placed in the account by the individual account user