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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, debit cards 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. instant access to your money, lack of a PIN number, and not having to drag out your photo ID when you use it--make fraud that much easier. Unless reported quickly, theft of your debit card can quickly devastate your bank account. Credit card companies are held to strict liability laws; the law limits consumer liability for credit card fraud to $50. For example if you notice suspicious charges on your credit card statement such as double billing or an incorrect charge, the credit card company is obligated to investigate if you send in a written request within 60 days.

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โˆ™ 2008-04-23 14:59:54
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โˆ™ 2013-06-21 10:07:01

Debit cards are generally connected to a normal bank account and use money that is saved by the account holder. Credit cards on the other hard used borrowed on loaned money that must be paid back with interest.

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Related questions

Is credit card and debit card considered as a cash?

No, credit cards are loans and debit cards are checks.


Are credit and debit cards identified as credit or debit cards?

Based on the cards I have, if it is a debit card the word Debit appears on the front above the Visa, Mastercard or American Express logo. Credit cards typically only contain the logo.


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Credit and Debit cards, Credit.


How can you identify credit card from dedit card?

Credit cards say "credit" And debit cards say "debit". Hope this helps!


What is a debit card used for?

A debit card is similar to a credit card, as they typically will contain a Visa, Mastercard or American Express logo. There are two typical types of non-credit cards: gifts cards (which do not have your name on the card) or debit cards (with your name). Debit cards are issued by a bank and generally have conditions for use and monthly maintenance fees. Debit cards can be used in many of the same ways a credit card can: in-person purchases, online purchases, ATM withdrawal (check your card). The difference between a credit and debit card is that debit cards traditionally do not affect your credit rating, whereas credit cards do.


Are processing rates lower for debit cards vs credit cards?

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Online - Using Debit/Credit Cards At a local MetroPCS Authorized Dealer - Cash, Credit Cards, Debit Cards.


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