Question

what is the difference between a debit card and a credit card?
credit cards vs. debit cards
credit cards

• money comes from credit card issuer
• money must be paid back monthly
• impacts credit score

debit cards

• money comes from checking account
• no monthly payment required
• does not impact credit score

source: lexington law
how often do you receive a credit card statement?
when do you have to pay the credit card bill?
what do they base the interest charges on my credit card?

Explanation:

1. What is the difference between a debit card and a credit card?

From the infographic: Credit cards get money from the issuer, require monthly repayment, and impact credit scores. Debit cards draw from a checking account, have no monthly payment requirement, and don’t affect credit scores.

Typically, credit card statements are issued monthly, as credit card users are required to make monthly payments (per the infographic’s credit card info), and statements summarize monthly transactions.

From the infographic, credit cards require monthly repayment. Usually, there’s a grace period (e.g., 21 - 25 days after the statement closing date), but the key is monthly, typically by the due date on the monthly statement.

Answer:

• Credit Cards: Money comes from credit card issuer; Money must be paid back monthly; Impacts credit score.
• Debit Cards: Money comes from checking account; No monthly payment required; Does not impact credit score.

2. How often do you receive a credit card statement?