Credit+Card,+Debit+Card

Definition
==== Credit cards - plastic payment card, which is connected to the bank and when purchase is done, money will be taken from that bank, in a condition that the card holder will give money back to bank in a specific period of time. ====


 * ~  ||~ =====** Credit Card **===== ||~ =====** Debit Card **===== ||
 * =====** About **===== || ===== Credit cards are lines of credit. When you use a credit card, the issuer puts money toward the transaction. This is a loan you are expected to pay back in full (usually within 30 days), unless you want to be charged interest. ===== || ===== Any time you use a debit card to buy something, money is deducted from your account. With a debit card, you can really only spend the money you have available to you. ===== ||
 * =====** Connected to **===== || ===== Not required to be connected to a checking account. ===== || ===== Checking or Saving account ===== ||
 * =====** Monthly bills **===== || ===== Yes ===== || ===== No ===== ||
 * =====** Application process **===== || ===== Somewhat difficult, depending on one's credit score and other details. ===== || ===== Easy, with basically no barrier to receiving a debit card. ===== ||
 * =====** Spending limit **===== || ===== The credit limit set by the credit issuer. Limits increase or stay the same over time as a borrower's creditworthiness changes. ===== || ===== However much is in the bank account connected to the card. ===== ||
 * =====** Interest charged **===== || ===== If a credit card bill is not paid in full, interest is charged on outstanding balance. The interest rate is usually very high. ===== || ===== No interest is charged because no money is borrowed. ===== ||
 * =====** Security **===== || ===== Credit cards in the U.S. are not very secure in and of themselves because many still use dated card security technology. However, consumers are not held liable for this poor security. ===== || ===== A PIN makes them secure so long as no one steals the card number and PIN, and as long as you don't lose the card itself. If the card/info is stolen, debit cards are very insecure. ===== ||
 * =====** Fraud liability **===== || ===== Low. Rarely held liable for fraudulent activity. If you are, you are only held liable for a maximum of $50. ===== || ===== High. If someone steals your card and makes purchases, that money is removed from your bank account. Investigating this damage takes time. The longer you wait to report the fraud, the more likely you will be held liable for your own losses. ===== ||
 * =====** Credit history **===== || ===== Responsible credit card usage and payment can improve one's credit rating. Credit cards typically report account activity to at least one of the three major credit bureaus on a monthly basis. ===== || ===== Does not affect credit history. ===== ||
 * =====** Overdraw fees **===== || ===== Low. Some credit card companies allow to overdraw amount over the maximum credit line with a fee. ===== || ===== High "overdraft" fees. Possible to overdraw amount over the account limit. ===== ||
 * =====** PIN **===== || ===== In the U.S., this is uncommon, but PINs are being phased in. ===== || ===== Usually ===== ||

Specific examples
||= Debit card of Bank of America's customer (Visa) || ||= Credit card of HBL's customer (Visa)  || media type="youtube" key="B9WZyWaGa50" width="560" height="315" = Credit vs. Debit Cards - The Differences =  media type="youtube" key="c0mSo6PN5yw" width="560" height="315" **Bank of America: When to Use Credit vs Debit**
 * = Debit card of Chaffey College's student (Master Card)
 * = Credit card of BPI Family Savings Bank's customer (Master Card)

Resources

 * Debit Card vs. Credit Card. (n.d.). Retrieved December 2, 2014, from http://www.diffen.com/difference/Credit_Card_vs_Debit_Card
 * HBL CreditCard. (n.d.). Retrieved December 8, 2014, from http://www.hbl.com/individual-customers-creditcards.php
 * Aguilar, B. (2013, March 24). Credit Card, to be or not to be? Retrieved December 8, 2014, from http://ourfullestlife.com/2013/03/24/credit-card-to-be-or-not-to-be/
 * Chaffey College Financial Aid. (n.d.). Retrieved December 8, 2014, from http://www.chaffey.edu/finaid/HigherOne.shtml
 * Goldberg, J. (2012, October 18). Credit card numbers, checksums, and hashes. The story of a robocall scam. Retrieved December 8, 2014, from https://blog.agilebits.com/2012/10/18/credit-card-numbers-checksums-and-hashes-the-story-of-a-scamming-attempt/
 * Credit vs. Debit Cards - The Differences. (2011, May 3). Retrieved December 10, 2014, from https://www.youtube.com/watch?v=B9WZyWaGa50
 * Bank of America: When to Use Credit vs Debit. (2013, September 23). Retrieved December 10, 2014, from https://www.youtube.com/watch?v=c0mSo6PN5yw