“The credit on my statement shows a $50 purchase I made.”
Usage Entry 1107 / 1605 60-second read
Debit vs. Credit
Money taken out versus money put in.
The comparisoni
“The debit on my statement shows a $50 purchase I made; a credit would be a refund.”
The ruleii
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DEBIT = out. CREDIT = in.
In everyday banking, a DEBIT takes money out of your account, a CREDIT puts it in. Accounting uses the terms differently — by account type — but the personal-finance rule holds for most consumers.
Memory aidiii
Remember it like this
DeBit = Bill. CRedit = Refund.