marieolae:
Never have any never will own a credit card.

fighal:

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

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

charlesucheh:
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

marieolae:
Never have and never will own a credit card.

marieolae:
Never have and never will own a credit card.

souleymon:


You will when you live legally in countries that offer it

fighal:

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

marieolae:
Never have and never will own a credit card.

MadCow1:



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.BUT, AM SURE THE CARD IS LINKED TO A PARTICULAR BANK ACCOUNT RIGHT? THAT'S JUST WHAT I WANT TO KNOW AND TO BE SURE OF THE IDEA THAT YOU DON'T DEPOSIT YOUR CASH DIRECTLY WITH THE CREDIT CARD COMPANY.

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.

souleymon:


You will when you live legally in countries that offer it

charlesucheh:
..

fighal:

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

marieolae:
Never have and never will own a credit card.

kachnov:
Good info...it's safe to stay away from credit cards

MadCow1:




Mastercard, Visa, American Express..

marieolae:
Never have and never will own a credit card.

Shortyy:
I was actually banned. But for what?

linearity:


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.