#1
In the store you have the option of using a debit card as debit or credit. My bank confirmed this too and explained what the difference was but I can't remember.

What's the difference?
#3
yeah I know that... I'm just wondering if if you put it as credit it takes longer to charge to your bank account or something (instant of being instantaneous)
#4
debit card takes money right out of your account, with a credit card the company will send you a bill eventually. you dont't have to pay the complete amount all at once but they charge interest, thats how credit card companies make their money
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#6
well with, credit, if you pay the amount you owe, before the monthly date, then you gain credit or something like that, but with debit it just comes out of your bank account, how old are you? also i think i am completely wrong lol
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#7
Credit works using theoretical value while debt charges directly into your money fund.

...modes and scales are still useless.


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#8
debit takes it right out of the checking account. Credit puts it on your line of credit, and you pay it when the billing cycle ends.
#9
Ok just to clarify I DON'T HAVE A CREDIT CARD.

I only have a debit card, but it still lets me choose between using it as debit or credit. The only difference I'm aware of for sure is that pressing credit means I don't have to type in my pin.

EDIT:

Pak does that apply to using a debit card as "credit" (pressing the credit button)? When does the cycle normally end? Is there interest? (since it's not an actual credit card)
#10
Quote by WNxScythe
Ok just to clarify I DON'T HAVE A CREDIT CARD.

I only have a debit card, but it still lets me choose between using it as debit or credit. The only difference I'm aware of for sure is that pressing credit means I don't have to type in my pin.

EDIT:

Pak does that apply to using a debit card as "credit" (pressing the credit button)? When does the cycle normally end? Is there interest? (since it's not an actual credit card)


There are always interests (normaly)

Always...everywhere...

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#13
Debit: enter your pin and get receipt.
Credit: you have to sign the receipt.
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#14
Quote by WNxScythe
Ok just to clarify I DON'T HAVE A CREDIT CARD.

I only have a debit card, but it still lets me choose between using it as debit or credit. The only difference I'm aware of for sure is that pressing credit means I don't have to type in my pin.

EDIT:

Pak does that apply to using a debit card as "credit" (pressing the credit button)? When does the cycle normally end? Is there interest? (since it's not an actual credit card)

I've never heard of a debit card that's both credit and debit. Maybe you should ask your bank to calrify again, because as far as I know, one can't be both . It's called a debit card for a reason.
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#15
Sometimes your bank/credit union has a limit on how many times you can withdrawal from the atm a month. Some of these banks count "debit" purchases as a "withdrawal" from the atm. If this is the case, just say credit. Either way, the money comes out of your account.
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#16
Get a debit card. You should never use money other than your own especially nowadays.

You shouldn't take out loans either..
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#17
If your card requires you to enter a PIN, choose debit.

If your card does not require you to enter a PIN, choose credit.

I have a debit card and always choose credit. Check cards are typically debit cards that function as credit cards. I feel like I'm the first person to successfully answer this.
#18
Say you buy something for $25 with your debit card, it'll freeze that $25 until it officially clears with the bank. You can't just put something on it and then still have that money until the next cycle. That's credit.
#20
Quote by SRX700
I've never heard of a debit card that's both credit and debit. Maybe you should ask your bank to calrify again, because as far as I know, one can't be both . It's called a debit card for a reason.


My debit card also doubles as a credit card. I never use it as a credit card though, as I know I'd probably get myself into debt.
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#21
[quote="'Tommy[fin"]']Out of interest, what's the minimum amount of a withdrawal in ATMs in the states?

$20.
#23
Quote by KwikKopy
If your card requires you to enter a PIN, choose debit.

If your card does not require you to enter a PIN, choose credit.

I have a debit card and always choose credit. Check cards are typically debit cards that function as credit cards. I feel like I'm the first person to successfully answer this.


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#24
Eh credit cards you pay interest on them. The credit card is an agreed amount you can borrow, and you pay back on purchases made with 18% interest annually. Its a rip off.

A debit card is a bank card that you can use to make purchases and withdraw money from your account provided you have the necessary funds in your account to make the payment. You do not pay any interest on purchases because you are using your own money.

Credit card is a loan and you pay interest on it.

Debit card, you use your own money and do not pay interest on it.

At least thats how it is in the UK.
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#25
I also have a debit card that doubles as a credit card. Whenever I use it as a credit car, I don't get billed later, the money is immediately taken out of my account (except gas purchases... they only take a dollar out right away, and then take the rest later).

The only real point I can see in having a debit card double as a credit card is when making purchases online or paying bills over the phone.
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#26
Quote by SavageNights
Get a debit card. You should never use money other than your own especially nowadays.

You shouldn't take out loans either..


Flawless truth.

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#27
[quote="'Tommy[fin"]']Out of interest, what's the minimum amount of a withdrawal in ATMs in the states?

usually $10 or $20, depends on the machine.
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#28
Wot Wickerpeedeeyer tolld mee:

A credit card is part of a system of payments named after the small plastic card issued to users of the system. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the same shape and size as specified by the ISO 7810 standard.

A debit card (also known as a bank card) is a plastic card which provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account (often referred to as a check card), or from the remaining balance on the card. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card.The use of debit cards has become widespread in many countries and has overtaken the cheque, and in some instances cash transactions by volume. Like credit cards, debit cards are used widely for telephone and Internet purchases. Debit cards can also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a cheque guarantee card. Merchants can also offer "cashback"/"cashout" facilities to customers, where a customer can withdraw cash along with their purchase.
#29
Quote by KwikKopy
$20.

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#30
Quote by Kid_Thorazine
usually $10 or $20, depends on the machine.


Completely off-topic, but slightly interesting and ATM-related.

I used a cash machine the other day and it gave me £5 notes... I was rather amazed.

I know its been said already several times, but so as to contribute something useful:

Debit card is spending money you have - it's debited from the bank account.

Credit card is spending money you don't have, which then has loads of interest heaped on top of it.

Debit card ftw!