What is the difference between a debit card or a credit card?
Jun 27, 2009 in
Credit
kisstherain
I live in Canada. I have this red CIBC card that says “convenience card.” How do I know if it is a credit or debit card? Is there any charges if i use them? I never used the cards before. I have a premium grown account. I am 16 if that matters. CIBC is a bank in canada.
I live in Canada. I have this red CIBC card that says “convenience card.” How do I know if it is a credit or debit card? Is there any charges if i use them? I never used the cards before. I have a premium grown account. I am 16 if that matters. CIBC is a bank in canada.
Like this post? Subscribe to my RSS feed and get loads more!
4 comments
.: daniella :. on June 29, 2009 at 11:02 pm
debit is prepaid (better if ur a not pay attention 2 price spneder…) and credit kills u @ the end of each month =D
its a debit card
FreeCreditMend.com on July 2, 2009 at 9:56 pm
Don’t know but call the number on back of the card and ask. See if you can look up the account online. Inquire.
Mrs Apple on July 3, 2009 at 4:48 am
A debit card is a card that is connected to your bank account. Every time you use it, money is deducted from your bank account. A credit card is a card that banks issues to you. You can use the card whenever you need to and the bank will send you a statement to pay after the cycle ends. It’s more like borrowing a loan from a bank where you need to pay at least the minimum amount every month. Since you’re only 16, your card must be a debit card. In the United States, you need to be at least 18 to qualify to apply for a credit card.
Edson on July 6, 2009 at 3:44 pm
In the States a debit card is deducted from your bank account. A credit card is a line of credit that you must pay back at a prearranged rate. A CIBC card is more along the lines of a debit card. It takes money from your Canadian bank account.