Credit Card or Debit Card : What is the difference?
Just like in France, using a Debit Card automatically withdraws funds from your attached bank account. The money is immediately taken from your checking account.
With Credit Cards, you will receive a monthly invoice of all your purchases. You then send a check to the credit institution/bank, or pay via internet to pay this invoice. You can choose to pay the full OR partial amount- there is a minimum amount due according to your plan. Unfortunately, if you do not pay the total amount from your invoice, you will pay interest. Interest can vary from 6% to 30 %.
The “credit history” is your banking history, referring to any credit card payments/purchases. This history is viewable and can effect whether or not you are eligible to buy a car. If you want to apply for a card in a store, of Macy’s or others, or you want to make a credit purchase, to buy a car, to ask for a loan for an accommodation, or to open a bank account, first the store will check your ” credit history “.
“Credit history” consists of an accumulation of points going from 350 to 850 points. The more you have, the better is your “credit history” and better will be the rates which will be proposed to you to make a credit purchase, buy a car or ask for a loan for an accommodation as indicated higher.
To establish your “credit history” you will have to use your card at most. The more you pay with your credit card, the more you will earn points every month. More points you will have, better will be your ” credit history “. A good level of credit history has to be up to 700 points.
You have the possibility of asking to consult your “credit history”, free of charge, once a year. You can get in touch with one of the three official institutions : Experian, Equifax or Transunion.
Our Banking partners
BANK OF THE WEST
The HSBC International Banking Center provides customers options to open personal deposit accounts outside the U.S. as well as inside the U.S. for non-U.S. residents