Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.

A friend of mine is arguing that the credit symbol (Visa) on my debit card doesn%26#039;t actually %26quot;build%26quot; my credit. I%26#039;m telling her it does. That i can use my debit card like a credit and pay the money back. The money is drawn from my bank account because i have the money and im in debt to the bank. She%26#039;s saying it%26#039;s my money to begin with. If i didn%26#039;t have the money in my bank acount i%26#039;m overdrawn; being in debt to the bank anyway. She also argues that when u are in bad standing with a bank, it DOES NOT go on your credit; decreasing your credit score, giving bad credit. Correct me if i%26#039;m wrong, i%26#039;m only 17, still things about credit i don%26#039;t know, but i know i%26#039;m right on this.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

Debit cards only build credit with YOUR bank. If you want to build real credit get a credit card with no annual fees and freeze it in a bucket of water in your freezer. That way you don;t get in debt but at least you are building credit with time. :-)

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

I agree with your friend! However, over time, it MAY help to boost you credit rating

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

debit cards do not affect your credit

it is not a line of credit nor a loan

it is linked to your checking account if the funds are there it works otherwise declined transaction

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

A 17 year old is not old enough to enter into a legally-binding credit contract (which is what a credit card is). The Visa logo is only there so you can use the card at places that don%26#039;t take debit cards. I don%26#039;t think it does anything to your credit score.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

There%26#039;s NO SUCH THING as a credit rating! You can build up a credit %26#039;score%26#039; with your bank, and new banks will %26#039;score%26#039; you based on what you tell them. Only bad debt goes on a database for banks to make credit decisions. As far as your card goes, if it says %26#039;credit card%26#039; you will get a bill every month stating how much you owe etc. If it says %26#039;debit card%26#039; then the money comes straight from your account. I fully recommend you speak to your bank if you are unsure - if you leave it too late tou will muck up your finances and get into trouble. Please listen to a bank, not your friends.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

debit card logos just tell you what atm machines you can use . if your travelling , you have to find a machine with a same logo on in order to use it.