Term | Definition |
Debit: What you'll do after swiping | Enter your four-digit PIN number |
Credit: What you'll do after swiping | Select "credit" and sign a charge slip or terminal pad |
Credit Card: What you'll do after swiping | Sign a charge slip or payment terminal pad |
Debit: Money comes from | Your checking account instantly |
Credit: Your money comes from | Your checking account, within a few days |
Credit Card: Your money comes from | Your line of credit with the issuer (account billed monthly) |
Debit: Able to get cash back with purchase? | Yes |
Credit: Able to get cash back with purchase? | No |
Credit Card: Able to get cash back with purchase? | No |
Debit: Returned-item refund amount issued as | Cash or store credit |
Credit: Returned-item refund amount issued as | Credit to your bank account |
Credit Card: Returned-item refund amount issued as | Credit to your credit card |
Debit: Cost to use | Fees vary; check with your bank about any pos fees |
Credit: Cost to use | None |
Credit Card: Cost to use | Interest on unpaid balance for purchases for cash withdrawals; maybe an annual fee |
Debit: Your maximum liability by law for unauthorized transactions made on your account | $50 if you report within 2 business days; $100 if within 60 days |
Credit: Your maximum liability by law for unauthorized transactions made on your account | $50 if you report within 2 business days; $500 within 60 days |
Credit Card: Your maximum liability by law for unauthorized transactions made on your account | $50 if your credit card is lost or stolen; $0 if card is fraudulently obtained |