Whats the difference between credit and debit?
From an accountants point of view, a credit would be a PLUS to any account, while a debit is a MINUS from any account. From an individual’s point of view, it is defined the same way. If you are referring to a DEBIT card: you can use it traditionally, as a debit. It is debited OUT of your account at a slower speed than if you say that you would like your transaction to be a credit. Credit transactions at merchants are generally debited from your account balance the instant you generate them. They also have a charge that is levied against the merchant, in the same way a credit card charges a merchant a percentage point (anywhere between 2 to 4%). If you use your debit card like a credit card, you will find that it might (should) pay you reward points the same way a traditional credit card does. Hope this helps explain…
