What are the important differences between credit and debit?

Basically, debit is instant payment straight out of your bank account, whereas charge is not an instant payment and you will be invoiced/billed for the purchase at the end of the month.

--Debit cards pull funds directly from your checking/savings account.

--Credit cards build up a balance for which you are billed at the end of each month long cycle.

--Most banks will not allow you to spend more money on your debit card than you have in your account.

--For every pay period that goes by without you paying your full balance on a credit card you are charged interest (at least 18%), meaning that they charge you 18 cents for every dollar you have spent. they do this EVERY month.

IMO, stay away from credit cards; they cause more headaches than they are worth!

Are you talking about credit and debit cards or crediting and debiting as in accounting? If your credit an account you are adding to it, if your are debiting an account you are subtracting from it.

If you use credit you are adding to your debt, if you use a debit card you are subtracting from your own funds.

credit takes a couple of days to clear your account and can cost you interest

debit is taken out right away and 0 interest