Difference Between Credit and Debit Card

Discussion in 'Growing and Managing a Business' started by asnetworksltd, Jan 25, 2010.

  1. asnetworksltd

    asnetworksltd
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    The main difference is the way the card works and where the money comes from. Debit cards can be used as either a debit card or credit card. Credit cards can only be used as a credit card. Debit cards do not carry a line of credit. The purchases made with a debit card can not exceed the amount of money a person has in their bank account. This is the main difference between a credit and debit card.

    Another major difference between credit and debit cards is the risk involved. Because they are attached to a bank account, loosing a debit card is very risky. A person does not need a pin number to use a debit card and therefore can easily drain a persons bank account, causing extreme problems.

    With a credit card the only problem is proving that someone else used the card. With a debit card the persons has to figure out how to get their money back and if any checks bounced they are responsible for those as well. The legal liability is much greater with a debit card than with a credit card.
     
  2. DEADMAN

    DEADMAN
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    Thanks for sharing about credit and debit card.

    I believe the use of credit card is more in number than debit card.
     
  3. Fergal

    Fergal
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    How can a debit card be used as a credit card if "Debit cards do not carry a line of credit." and "The purchases made with a debit card can not exceed the amount of money a person has in their bank account"?
     
  4. mggc

    mggc
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    I never had a credit card but I do have a debit card. I think for me, using debit card is much more safe in terms of spending money. For someone like me who likes to shop, using debit card is much convenient. :D

    I can transfer a specific amount of money on it and then, I won't have to pay monthly bills and I will only purchase things that I can pay for and I can afford. :)
     
  5. bookluver321

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