Credit Card Vs. Debit Card: The Complete Beginner’s Guide

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Whether for personal use or business, it’s of the utmost importance to understand the difference between using a debit card and using a credit card.

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What is a Debit Card?

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What is a Credit Card?

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Getting a Credit Card

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Credit Card Limits

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Credit Limit Example:

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Credit Card Vs. Debit Card: The Complete Beginner’s Guide

Whether for personal use or business, it’s of the utmost importance to understand the difference between using a debit card and using a credit card.

What is a Debit Card?

A Debit Card is what your banks gives you when you open a checking account. These cards directly access your funds. No money in your account? Your card will be declined for insufficient funds.

What is a Credit Card?

A credit card is a financial tool that you can use to buy items on credit with the understanding that you will pay the credit card company back for those purchases at an agreed upon time.

Getting a Credit Card

You have to apply for a credit card, unlike a debit card that is provided by your bank when you open an account. To a degree it’s much easier to open a credit card than a debit card since you can do it from the comfort of your couch and you do not need an initial deposit.

Credit Card Limits

Credit card companies want to have an idea as to how much credit to give you. The amount of credit they extend to you is called a credit limit.

Credit Limit Example:

The company agrees to provide you with a $10,000 limit. You can spend up to $10,000 total on the card. Any transaction after $10,000 will be declined. Pay off $5,000 on your credit card? You now owe $5,000 but since you have a $10,000 limit, you can spend up to $5,000 more.

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