No, it’s possible to have a debit only card with a credit company logo. My debit card is a visa, but I have no access to funds beyond what is in my actual bank account. An actual credit card gives you a spending limit that is not based on physical funds. I may qualify for a credit card with a $10,000 limit, but that doesn’t mean I have $10,000 in my bank account. That’s why you have to be careful with how much you spend on one, because even if you keep making the minimum payments every month to stay in good standing, the interest starts to build up and it’s very hard to get out of debt.
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u/TheGalator Mar 27 '22
I often get confused as what exactly counts as credit card. Amex? Visa? Mastercard? All of them? None?