Credit
In banking, a credit is a transaction that increases the balance in your account. On your bank statement, credits represent money coming into your account through deposits, transfers received, and interest earned.
The term 'credit' has different meanings in finance. As a bank transaction, it adds money to your account. As a loan concept, it refers to borrowed money and is the counterpart to a debit. Credit cards extend a line of credit that you repay later.
Related Terms
Debit
In banking, a debit is a transaction that decreases the balance in your account. On your bank statem...
Bank Statement
A bank statement is a document issued by a financial institution that summarizes all transactions in...
Balance
A balance is the amount of money in a bank account at any given time. Banks typically report both th...
Direct Deposit
Direct deposit is an electronic payment method where funds are deposited directly into a checking ac...
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