Question

What is the difference between debit and credit cards?

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20th Nov 2009 by Mark P. Cussen, CFP, CMFC

A debit card is an electronic bank card that draws actual money out of a demand deposit account, such as a checking or savings accounts. Some debit cards can also draw money from a home equity line of credit or a 401(k) plan. Credit cards simply draw from a line of preapproved credit, which must be paid back with interest.

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This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



19th Nov 2009 In Finance 1 Answers | 639 Views
Subjects: credit card, debit card,

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