A cash transaction uses currency (dollars and cents) to pay for products or services. A credit transaction means that you are posting the transaction to a credit card or loan. In this case, the merchant gets paid (often the next day) for products or services rendered, and you pay the loan issuer or credit card company back. Sometimes, there are fees involved (a percentage of the transaction amount) to use a credit card - especially if you don't pay the issuer back within the established terms, which is called interest and finance charges. Happy spending!!
In banking parlance, Credit refers to a transaction where funds came into the account under question and Debit refers to a transaction where funds were taken out from the account. For ex: If your company deposits your salary into your bank account, it will be a credit transaction. Similarly, if you use your ATM Card and withdraw some money, it will be a debit transaction.
The banks that have the lowest transaction costs would be Credit Unions which typically do not charge transaction fees. Other banks such as HSBC have transaction fees that amount to $2.50 per transaction.
Yes you are able to request one equafax credit report every year. This is due to the Fair and Accurate Transaction act. Equifax and two other major credit report agencies are required to give you a free credit score yearly.
