🚀 go-pugleaf

ewl@panix.com (Emery Lapinski) writes:

>In article <354ntq$ibs@pdn.paradyne.com> steve@paradyne.com (Steve Fowler) writes:

>[ stuff about "Debit" Cards ]


>Aren't these just "secured" credit cards?

No, because a secured credit card requires that you deposit cash as
collateral, which you then cannot touch. In return for this, the bank agrees
to lend you a certain amount of money. Often, but not always, this amount is
the same as your collateral. Nonetheless, a borrowing/lending transaction is
taking place, which is not the case with a debit card - the money comes right
out of your account.

Now if you're asking whether these two cards might have the same overall
IMPACT on the user, perhaps, but the legal and accounting ramifications
are quite different.

Also, your collateral pays you anywhere from zero to 5% (maybe higher, but
that's the highest I've seen) interest, while you pay up to 20% or more for
the money you borrow.
-- 
| Andrew Laurence                           Oakland, California USA  |
| laurence@netcom.com                 Pacific Daylight Time (GMT-7)  |
|--------------------------------------------------------------------|
| _TV_Nation_ Poll:  10% of Americans would pay $5.00 to see Orrin   |
| Hatch fight a big, mean dog on pay TV. 86% would root for the dog. |
|--------------------------------------------------------------------|