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The Difference Between A Credit Card And A Debit Card - Business - Nairaland

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The Difference Between A Credit Card And A Debit Card by fighal(m): 9:36pm On Jan 13, 2016
Most of us already know the difference between these two cards, but so many people are still ignorant of it. So today we will briefly discuss on the difference between a credit card and a debit card.

CREDIT CARD: These kind of cards are not connected/linked with your bank accounts. In other words, your bank accounts are not charged when transactions are carried out with your credit card. Rather, all charges incurred are paid by your card issuer.
Note, incurred charges during the transactions will be paid back by you to your card issuer within a stipulated period of time with little interest rate. The interest rate attached to your bills tend to increase when you don't pay up your bill within the stipulated time. Limits on spending are set on your card depending on your trustworthiness.
Also note that these kind of cards are very difficult to get because there must be substantial proof that you will be able to pay any incurred debt during your use of the card. So in my own words i call these kinds of cards "CASHLESS LOAN"


DEBIT CARD: Debit cards are kind of the opposite of credit cards. These cards are connected/linked to your bank accounts. Any transaction carried out with this card is charged directly from the funds in your bank account. Every account holder is eligible for a debit card. There are no interest rate attached to your transactions when you use your debit card.

Like i said this will be a very brief discussion. And i hope you can now differentiate between the two.

Source: http://www.bankings.net/2016/01/the-difference-between-credit-card-and.html

92 Likes 8 Shares

Re: The Difference Between A Credit Card And A Debit Card by activelyA(f): 9:56pm On Jan 13, 2016
Wowuuu
But could you give an example of a card issuer?
Isn't it the same banks who issue the credit cards or are there other card issuers?



Cc Lalasticlala

9 Likes

Re: The Difference Between A Credit Card And A Debit Card by fighal(m): 9:58pm On Jan 13, 2016
activelyA:
Wowuuu
lol, which 1 be Wowuu?

3 Likes

Re: The Difference Between A Credit Card And A Debit Card by Vision4God: 9:59pm On Jan 13, 2016
Nice one.
Re: The Difference Between A Credit Card And A Debit Card by Nobody: 10:13pm On Jan 13, 2016
activelyA:
Wowuuu
But could you give an example of a card issuer?
Isn't it the same banks who issue the credit cards or are there other card issuers?



Cc Lalasticlala

Yes its the banks in Nigeria. In some other countries they have "Credit Houses". Some of them issue cards not necessarily the banks. But in Nigeria, its the banks

11 Likes

Re: The Difference Between A Credit Card And A Debit Card by activelyA(f): 10:17pm On Jan 13, 2016
coolsix:


Yes its the banks in Nigeria. In some other countries they have "Credit Houses". Some of them issue cards not necessarily the banks. But in Nigeria, its the banks
Thanks!
But...

Aaah...loan from Nigeria banks
Does the credit card thrive at all in Nigeria?
Re: The Difference Between A Credit Card And A Debit Card by fighal(m): 10:21pm On Jan 13, 2016
coolsix:


Yes its the banks in Nigeria. In some other countries they have "Credit Houses". Some of them issue cards not necessarily the banks. But in Nigeria, its the banks
thanks 4 the response I truly appreciate..
Re: The Difference Between A Credit Card And A Debit Card by fighal(m): 10:25pm On Jan 13, 2016
activelyA:

Thanks!
But...

Aaah...loan from Nigeria banks
Does the credit card thrive at all in Nigeria?
yea it those, but not really cos most people(I guess) don't really know about it. And even if they do they most likely can't meet the requirement
Re: The Difference Between A Credit Card And A Debit Card by fighal(m): 8:17am On Jan 14, 2016
Cc Lalasticlala abeg help me push to the permanent site. Somebody dae there wey go need this information badly
Cc Dominique
Cc Puskin
Cc FOD
Cc Naijacutee
Re: The Difference Between A Credit Card And A Debit Card by chynie: 12:59pm On Jan 14, 2016
Great


lesson: don't bother about the credit card, cos Nigerian banks will kill u with interest

11 Likes 1 Share

Re: The Difference Between A Credit Card And A Debit Card by Shortyy(f): 12:59pm On Jan 14, 2016
I was actually banned. But for what?
Re: The Difference Between A Credit Card And A Debit Card by marieolae(f): 1:00pm On Jan 14, 2016
Never have and never will own a credit card.
Re: The Difference Between A Credit Card And A Debit Card by babyfaceafrica: 1:00pm On Jan 14, 2016
Who credit card go help!!!!?

2 Likes

Re: The Difference Between A Credit Card And A Debit Card by spacyzuma(m): 1:00pm On Jan 14, 2016
OP, Which Nigerian financial institutions can issue credit cards?

Modified.
From earlier posts, I see it's Nigerian banks that issue credit cards.
Which Nigerian banks offer the best value for credit cards?

1 Like 2 Shares

Re: The Difference Between A Credit Card And A Debit Card by DICKtator: 1:01pm On Jan 14, 2016
The difference is in the name.


End of story


grin grin grin grin

1 Like

Re: The Difference Between A Credit Card And A Debit Card by OCTAVO: 1:01pm On Jan 14, 2016
Oh
Re: The Difference Between A Credit Card And A Debit Card by Keneking: 1:01pm On Jan 14, 2016
Loaded and unloaded guns
Re: The Difference Between A Credit Card And A Debit Card by mu2sa2: 1:02pm On Jan 14, 2016
The U-Advance card issued by UBA seems to have the features of a credit card. With the card you are allowed to withdraw a predetermined amount every month and the total debit withdrawals within the month is charged a fixed interest of 2.5%. It appears, though, that the u-advance card is linked to salary account, and the holder is entitled to up to 50% of his/her salary as credit each month. The credit is pre-loaded on the card and withdrawable at any time. So convenient-it saves you the trouble of going from person to person every month looking for money to borrow "before month-end"(civil servants dey suffer no be small).

2 Likes

Re: The Difference Between A Credit Card And A Debit Card by c4tnoelz(f): 1:02pm On Jan 14, 2016
noted
Re: The Difference Between A Credit Card And A Debit Card by zone20: 1:02pm On Jan 14, 2016
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Re: The Difference Between A Credit Card And A Debit Card by kunle75(m): 1:04pm On Jan 14, 2016
fighal:
yea it those, but not really cos most people(I guess) don't really know about it. And even if they do they most likely can't meet the requirement


Alot of rily dont know about it but for some that are aware have taken advantage of it while some people like dont wnt to live beyond my income........... but it helps as long as one have the capacity to refund at the agreed time/date
Re: The Difference Between A Credit Card And A Debit Card by Pascal181: 1:04pm On Jan 14, 2016
Which bank do u market for

1 Like 1 Share

Re: The Difference Between A Credit Card And A Debit Card by bebe2(f): 1:05pm On Jan 14, 2016
I beg tell them jare,

Most pple wey just enter Europe or america no really know the difference.

Until u are deep in debt and ur credit forked up, Dats wen u realise.
Re: The Difference Between A Credit Card And A Debit Card by great664(m): 1:06pm On Jan 14, 2016
Nigeria is not ripe for credit card only MtN Glo and airtel gives E-Credit card for making calls alone

3 Likes

Re: The Difference Between A Credit Card And A Debit Card by InwehAkpevwe(m): 1:06pm On Jan 14, 2016
Debit card - Na them dey owe you... Credit card- Na you dey owe them... #shikina

2 Likes

Re: The Difference Between A Credit Card And A Debit Card by bebe2(f): 1:08pm On Jan 14, 2016
InwehAkpevwe:
Credit card - Na them dey owe you... Debit card- Na you dey owe them... #shikina

Swap it around.

4 Likes

Re: The Difference Between A Credit Card And A Debit Card by godfirstawe: 1:08pm On Jan 14, 2016
So simply.

Debit and credit

Debit. .- withdrawing from your savings
Credit- withdrawing in advance.


Teacher don't teacher me nonsense (in fela's voice)

5 Likes

Re: The Difference Between A Credit Card And A Debit Card by godfirstawe: 1:08pm On Jan 14, 2016
So simple

Debit and credit

Debit. .- withdrawing from your savings
Credit- withdrawing in advance.


Teacher don't teacher me nonsense (in fela's voice)

3 Likes

Re: The Difference Between A Credit Card And A Debit Card by sapientia(m): 1:10pm On Jan 14, 2016
Credit Cards in Nigeria?.. Now that will be hard

1 Like

Re: The Difference Between A Credit Card And A Debit Card by InwehAkpevwe(m): 1:11pm On Jan 14, 2016
bebe2:

Swap it around.
thanks Dear...
Re: The Difference Between A Credit Card And A Debit Card by Swaggzkid: 1:11pm On Jan 14, 2016
Op that's very sweet of you... At least people who didn't know the difference between a credit card and a debit card have known now.


In other words..... These are the kinda threads that should be on the Fp. And not all these celebrities poo we are seeing.

3 Likes

Re: The Difference Between A Credit Card And A Debit Card by fittty(m): 1:11pm On Jan 14, 2016
Ok

1 Like

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