Credit Cards Vs. Debit Cards
I cover the key differences between debit cards and credit cards.
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Debit cards are issued through your bank and run on the amount of money that you have in your checking account. Once you hit zero, you can’t spend anymore. Banks do offer overdraft features that let you spend more without fees, but generally once you’re out of money, you’ll start paying overdraft fees. Credit cards are issued through credit card companies and based on your credit history, they’ll give you an amount of credit that you can spend. Generally, you’ll get about a $500 limit starting out, but it’ll grow over time. Make sure to pay off your statement balance in full to avoid interest charges. If you carry a balance, you’ll be looking at about 15-25% interest annually.
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