Debit Card Vs Credit Card

[sarpras]

I will need information about debit card and credit card. Please specify difference between debit card and credit card.

[DStevenburg]

Using a span style="text-decoration: underline;"credit card/span is
borrowing money from a company, with interest rates that can be high if
you don't pay it back right away. They tend to be very unsecure, as
thiefs don't need any sort of password to take use it: all they need is
the card number & the expiration date, which are both displayed on
the card.br
Using span style="text-decoration: underline;"debit/span is money
that is yours. You don't have to pay anyone back. The rates that the
banks charge can be high, but it is usual lower than the rates from
credit card companies. Thiefs need to phone your PIN (personal
identification number) and the card number to access any cash in your
account. They tend to be safer than credit cards.br
br
Looking at the options, I would choose span style="font-weight: bold;"DEBIT/span over credit. It is good to have one credit card for online purchases and other misc. stuff.br
br
I don't trust the banks though, so I just carry a wad of cash (usually
~$5,000) in a money clip. I keep the rest hidden in various locations
around my house. Sometimes I am rummaging through my desk for a good
pen and I come across a few grand.br

[goldeneye]

You must have a bank account to get a debit card.

The debit card allows you to withdraw money from your account from a Automated Teller Machine (ATM)

The debit card also allows you to purchase goods aand services from merchants that have an electronic card reader. If you purchase something from the merchant, the banking system automatically transfers money from your account to the merchants bank account. Ther bis an electronic transfer of money, no cash is needed.

A credit card allows you to purchase something on credit, Which means that the credit card company lets you borrow the money, but you have to pay it back when you get a request for payment (credit card statement). If you do not pay back the full amount, then you have to pay some extra money (interest). Some credit card companies charge a fee to allow you to use their card.

If you are planning to get a credit card for the first time, keep the card limit (amount you can borrow) very very low, until you can learn how to manage your credit card debt.

If you do not pay back the credit card, you will get a - bad credit rating - which tells banks that you can't pay your bills. If you have a bad credit rating, you may not be able to get a loan later in life, to buy a car or a house.

Both debit and credit cards have a secret number that you should memorize and not tell anyone, not even your best friends. If you loose the card and someone finds it and they know your secret number, they can take your money or buy stuff without your permission and you will have to pay for the goods (things) or services (airline tickets). If you loose your card report it to the bank right away and they will cancel tyhe card so no one else can use it.