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Nairaland Forum / Nairaland / General / Business / The Difference Between A Credit Card And A Debit Card (35780 Views)
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Re: The Difference Between A Credit Card And A Debit Card by imsuboi(m): 1:12pm On Jan 14, 2016 |
nice |
Re: The Difference Between A Credit Card And A Debit Card by dustydee: 1:12pm On Jan 14, 2016 |
I got one from Ecobank in 2007. I took some money (about 200k) and paid back but the teller did not credit the account. Months later I got a letter saying I was owing them. I went to the bank and complained and showed them the deposit slip. The said they'd investigate. After a few months I got a letter again with increased. I went to the branch and complained and they promised to investigate, I had to pay the interest as it was increasing. Never heard from them again and didn't bother to follow-up on the "investigation" even though I had paid them. The initial interest was less than 10k by the time I paid it off it was almost 30k. The most annoying part was that I took the money to "help" someone out and not for my personal use. |
Re: The Difference Between A Credit Card And A Debit Card by missKiffy(f): 1:13pm On Jan 14, 2016 |
fighal is credit card available in Nigeria? |
Re: The Difference Between A Credit Card And A Debit Card by Abeyjide: 1:15pm On Jan 14, 2016 |
good .just like postpaid line or meter. U use d service and pay later. |
Re: The Difference Between A Credit Card And A Debit Card by gurunlocker: 1:15pm On Jan 14, 2016 |
marieolae:guess you were frustrated writing this, cos u just shot a lion |
Re: The Difference Between A Credit Card And A Debit Card by vlynn(f): 1:16pm On Jan 14, 2016 |
Good to know. Thumbs up op |
Re: The Difference Between A Credit Card And A Debit Card by tyav7: 1:18pm On Jan 14, 2016 |
Been using one with Diamond Bank and it's been great. Linked to my salary account though. |
Re: The Difference Between A Credit Card And A Debit Card by professore(m): 1:22pm On Jan 14, 2016 |
Nice one |
Re: The Difference Between A Credit Card And A Debit Card by charlesucheh(m): 1:25pm On Jan 14, 2016 |
fighal:THANKS ... BUT WHERE DO THE MONIES BEING DEDUCTED FROM YOUR CREDIT CARD EACH TIME YOU MAKE PAYMENTS COME FROM? AREN'T THEY FROM A PARTICULAR BANK ACCOUNT OR DOES IT MEAN THE CREDIT CARD COMPANY SERVE AS INTERMEDIARY BETWEEN YOU AND THE BANK YOU DEAL WITH |
Re: The Difference Between A Credit Card And A Debit Card by LEXYCOM: 1:29pm On Jan 14, 2016 |
Pls, which of the cards is heavier when carried |
Re: The Difference Between A Credit Card And A Debit Card by Benbelor(m): 1:30pm On Jan 14, 2016 |
I'm having real issues upgrading,buying apps or shopping online esp on my blackberry,I don't have any credit card now,and all my attempts to use the paypal options have fall through....people wey never epp anybody,oya see chance o |
Re: The Difference Between A Credit Card And A Debit Card by abbeytoyin: 1:33pm On Jan 14, 2016 |
for us at FBN Limited, our First Naira Credit Card is a Naira denominated Credit card, which provides customers with a revolving credit line, via all channels – POS, Web & ATMs both locally and internationally. you can make - ATM cash withdrawals – N100,000 (tcotal frequency – 5 times)*** Purchases (POS) – N500,000 (total frequency – 20 times)***. Purchases (Internet) – N200,000 (total frequency – 5 times)*** *** requests can be made to alter this amounts to suite your spending needs. The benefits includes- Convenient access to a ‘revolving line of credit’, renewable and available throughout card life span. Flexible repayment options – Repayment could be in full or in part (subject to a minimum of 15% of outstanding indebtedness) Interest-free period of up to 45 days. Visit any of our branches close to you for more information. |
Re: The Difference Between A Credit Card And A Debit Card by MadCow1: 1:35pm On Jan 14, 2016 |
activelyA: Mastercard, Visa, American Express.. |
Re: The Difference Between A Credit Card And A Debit Card by scantee(m): 1:39pm On Jan 14, 2016 |
@OP can one use up to 10m from his CC? do you have idea of their maximum limit? |
Re: The Difference Between A Credit Card And A Debit Card by MadCow1: 1:41pm On Jan 14, 2016 |
charlesucheh: The Credit Card issuer pays. You pay them back at the end of the month. Failure to pay racks up more interests. When you default fully, your credit rating gets very bad. So bad you can't obtain a loan, get a mortgage, get another card or get any line of credit from any financial institution. Even if you pay off your debt much later, your credit scores would remain bad for a very long time until you again become trust worthy. I obtained a credit card abroad and didn't pay my credit card for about 6 months because I was back in Nigeria. When I returned I saw that my credit rating was ruined. I paid it off but the credit card company wouldn't issue me a new card except I secured the card with money. So I had to give them some money to secure my card and the amount I paid became my new card limit. |
Re: The Difference Between A Credit Card And A Debit Card by souleymon(m): 1:43pm On Jan 14, 2016 |
marieolae: You will when you live legally in countries that offer it |
Re: The Difference Between A Credit Card And A Debit Card by danbrowndmf(m): 1:52pm On Jan 14, 2016 |
marieolae:brymo's cousine . |
Re: The Difference Between A Credit Card And A Debit Card by mu2sa2: 1:52pm On Jan 14, 2016 |
souleymon:Even here in nigeria it's so convenient, though many people dont know about credit card. Imagine yourself always going to all sorts of people looking for credit of just 10k before salary, when you earn 200k monthly. So embarrassing. |
Re: The Difference Between A Credit Card And A Debit Card by linearity: 1:57pm On Jan 14, 2016 |
fighal: Not quite, you also open a bank account for your credit card, but it is a credit account with a limit and for debit cards, you open a debit account with your cash balance + (over draft protection, if applicable) as your limit. Also, you do pay interest on credit transactions, if you pay off your balance within the grace period, which is usually 25 or 30 days after your statement closing date. One of the big major difference is, you have more protection from credit cards compare to debit cards when it comes to fraud, if I don't recognize a transaction on my credit card statement, a single 2 minutes call deletes that transaction and I will be made whole immediate, for debit transactions, though one might get their money back (with some limit), but it will take time. |
Re: The Difference Between A Credit Card And A Debit Card by ipledge10(m): 2:01pm On Jan 14, 2016 |
marieolae:why? Credit card is really cool if you spend wisely and try to pay all your balance before/on due date |
Re: The Difference Between A Credit Card And A Debit Card by charlesucheh(m): 2:03pm On Jan 14, 2016 |
MadCow1: |
Re: The Difference Between A Credit Card And A Debit Card by kachnov(m): 2:09pm On Jan 14, 2016 |
Good info...it's safe to stay away from credit cards |
Re: The Difference Between A Credit Card And A Debit Card by linearity: 2:09pm On Jan 14, 2016 |
souleymon: It will be hard to live in countries like the US that uses the credit rating system...the system establishes trust and score individuals base on their trust levels. You can’t rent a car with your debit card or huge pile of cash, but with a credit card, you are in and out within minutes. You can't buy a house without credit, even if you have the cash in your bank to do it, you want to refresh from doing it, because any cash or check transaction of $10k and above is reported to the FBI by law, so they will dwell on your case and satisfy themselves that it is not illegal money and that you are not laundering money, also make such your taxes are up to day; too many wahala with it that, people just opt for the credit card and establish a disciplined pattern of paying it off each time. The idea is simple, the car rental place, or the next bank or business believes that if a prior bank trust you enough to give you a credit card, then they too can trust you and will give you a credit or believe that you will return their card...and the more banks and institutions that trust you, the better and old trust relationships are valued higher than new ones, that is why you do not want to close that old credit card account simply because you do not need it. 2 Likes |
Re: The Difference Between A Credit Card And A Debit Card by MadCow1: 2:12pm On Jan 14, 2016 |
Re: The Difference Between A Credit Card And A Debit Card by oluseyiforjesus(m): 2:13pm On Jan 14, 2016 |
fighal:Bros Thanks for dis But Wich one can I use in buying Application online |
Re: The Difference Between A Credit Card And A Debit Card by MadCow1: 2:14pm On Jan 14, 2016 |
marieolae: Then you can't live in the U.S or Canada well. Those people run their economy on credit. 2 Likes |
Re: The Difference Between A Credit Card And A Debit Card by MadCow1: 2:15pm On Jan 14, 2016 |
kachnov: Safe.. But you cant do without it in in the U.S. My advice is simply pay your credit card bills on time. 1 Like |
Re: The Difference Between A Credit Card And A Debit Card by linearity: 2:16pm On Jan 14, 2016 |
MadCow1:Mastercard, Visa, American Express, etc do not issue the credit cards, they only act as intermediaries aka middlemen between the various banks or financial institutions that issues these cards and the vendor or merchants that accepts the cards for payments. |
Re: The Difference Between A Credit Card And A Debit Card by Nobody: 2:18pm On Jan 14, 2016 |
marieolae: You're loosing out on free money. 1) 0% interest rate for starters but you should pay off your cards every month. 2) No annual fee 3) Reward program, I get up to $500 cash back annually from using my credit cards and paying it back monthly when it's due. 4) Credit worthiness, the major way to build credit worthiness is by having revolving credit that is well maintained. Low utilization rate and on time payment. 5) Purchase protection, when you buy stuff your credit card will be behind you to make sure that you get satisfaction. I bought a project car from out of state and paid with credit card via PayPal. When I received the car there was no engine in it. Contacted the seller who told me to go pound sand. Contacted my credit card, they refunded my money in full and charged the seller back. Imagine if I had paid in cash. I was now in the drivers seat and seller had to work with me. I ended up getting the car for free because I charged him storage fees of 105 days at $75 per day before he can pick up the car and towing fees of $1,500 Your credit worthiness is looked at when doing innocent non bank stuff like buying car insurance,employment and renting a house. 1 Like |
Re: The Difference Between A Credit Card And A Debit Card by Segadem(m): 2:30pm On Jan 14, 2016 |
Shortyy:I too was once banned in phone session, I made a typographical error so I decided to modify it, then I was shocked to see that I have been banned. |
Re: The Difference Between A Credit Card And A Debit Card by Nobody: 2:32pm On Jan 14, 2016 |
linearity: Maybe a typo but you DON'T pay interest during grace period on new purchase. If you buy on credit and pay off the balance within that 20 - 25 day grace period then no interest is charged. |
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