Is debit & credit the same?

[JeremiahSwayzer]

Is "Debit & "Credit" the same?

[grymlyn]

   Hi, no they are not the same thing.  When you use debit to pay the money is removed from your account immediately.  When you use credit it can take a day or two for the money to be removed from your account.  Hope this helps.

[JeremiahSwayzer]

thanks

[MystedMoon]

Credit: Every time you use a credit card, you are actually borrowing money that is made available to you by a bank or other financial institution. The institution pays the debt to the vendor, and in turn, you pay the money back to the institution. By signing up for a credit card, you agree to pay back the money that you borrowed, in addition to any interest drawn on the amount you borrowed.

Debit:  Issued by your bank or other financial institution, debit cards are check cards that take funds directly from the money that you have in your bank account--in a sense acting like a check, just faster. With a debit card, you don't have to carry cash or checks, and it is very convenient to shop at a variety of places including gas stations, grocery stores, restaurants, and retail stores. They provide instant access to your money and are accepted worldwide.

Debit cards are also used like credit cards (for places that do not have the debit option). Meaning that the store you are shopping at 'swipes' it and then you sign off on the receipt. You don't have to show a picture ID, and there is usually no PIN# for you to punch in.
Using it as a debit card however, you have a PIN# to enter but do not need to sign off on a receipt.

So:
Credit Cards are for money that's borrowed & you're paying back (a loan).
Debit Cards are for money that you already have.

[jlb001]

Credit: & Debit:  explanation

the only thing i'd like to add is that with a credit card, there is usually a limit to how much you can borrow... with a debit card, you are limited to how much money you have in the bank at the time you make that purchase. (as MystedMoon said..... a debit card is more of a check card)

plus you pay interest to use a credit card.... none to use a debit.

*** yes, i know about all those other charges that come with each card.... i'm just giving a simple overview.

there is a such thing as an unlimited charge amount on a credit card, i know a woman who bought her husband a mercedes on HER CREDIT CARD.... but most people dont have it like that.

except maybe jaz.... i heard he's loaded.

 

[mylittlepony]

When you use a debit card also called a check card issued by people's banks, the money is deducted from your checking account within 24 hours but when you make charges with a credit card no money is deducted from your checking account until the credit card bill comes and all your charges are on your credit card statement.The person would enter their checking account information online and have the money deducted from your checking account when you pay your credit card bill online or write out a check and send it to the credit card company by mail or pay your credit card bill over the phone.Credit and debit are not the same, because debit will be deducted from your checking account within 24 hours or within a few hours but with credit, no money is deducted from your checking account until you pay the bill.With a debit card,you don't get bills to pay.

[flbryant]

No!

[Cuppycake]

Credit: & Debit:  explanation

the only thing i'd like to add is that with a credit card, there is usually a limit to how much you can borrow... with a debit card, you are limited to how much money you have in the bank at the time you make that purchase. (as MystedMoon said..... a debit card is more of a check card)

plus you pay interest to use a credit card.... none to use a debit.

*** yes, i know about all those other charges that come with each card.... i'm just giving a simple overview.

there is a such thing as an unlimited charge amount on a credit card, i know a woman who bought her husband a mercedes on HER CREDIT CARD.... but most people dont have it like that.

except maybe jaz.... i heard he's loaded.

 

OMG The kitty king is still here!   Jazzy is still here too ??

[XxPapeRCuTxX]

If you mean like credit card and debit card No.

Debit = Buy Now Pay Now

Credit = Buy Now Pay Later

[GradyBaby16]

yes n no if you have a debit card n ur asked wheter its credit or debit it doesnt matter wat you choose since its a debit card but debit is for ppl wit money n credit is for ppl wit debt

[davidf938]

No. A debit is a payment. A credit is money received.

[sassybutclassy2798]

No debit and credit is very different.Debit purchases are taken off immediately and usually requires a pin,while credit takes up to 3 days and sometimes requires a signature.Hope i helped out any way at all.

[Rashiod]

I gues this is the simplest way to explain it.....

Debit is what you have

Credit is what you dont have

This means you use credit if you dont have the money to cover the purchase right away and debit is used if you have the money to cover the purchase.

[leannaxl]

no

[cynybiny68]

The one think I would add is that when you use a debit card, sometimes you can go over the amount you have in the bank because the balance the bank shows doesn't always agree with what you show, so be careful and to always balance your bank account and don't go by what the bank says.