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

The main difference between a credit card and a debit card in Oregon is that a credit card allows you to borrow money from a lender, while a debit card only allows you to spend the money that you have already in your checking or savings account. A credit card allows you to take out a loan from a financial lender, such as a bank or credit union. The amount of the loan will depend on your creditworthiness, and it is generally necessary to make monthly payments in order to pay off the loan. The interest rate on the loan can be affected by factors such as your credit score. On the other hand, a debit card is connected directly to your checking or savings account, and the money is taken from the account when you make a purchase. The money must already be in the account in order for the purchase to be made. There are generally no fees or interest rates associated with using a debit card. In Oregon, the law is fairly similar for both credit and debit cards. There are consumer protection laws that protect against fraudulent use of both cards, and consumers have the right to dispute erroneous charges on either type of card. Both credit and debit cards must also adhere to the same terms of service outlined by the financial institution that issued the card.

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

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