The basic difference is that credit means funds added to an account, while debit menas charging funds against an account.
These notions occur in accounting and debit or credit cards are also associated with them. In accounting or bookkeeping, it means that in every business transaction is recorded at least two accounts in the double-entry system. One account receives the debit entry, that is, the amount of money that is entered in the left side of the account. Another account receives the credit entry, meaning the amount which has to be entered in the right side. The challenge of double-entry is to know which account is to be debited and credited. Their abbreviations are Dr and Cr. In other words, the source account for a transaction is credited, and the destination account is debited. As for debit or credit cards, former is used to pay for goods in shops and the money is withdrawn at cash machines immediately and you need to have enough money to cover the transaction, in case of the latter, it is the credit facility that enables you to buy goods up to a pre-arranged limit. You have to pay this amount back for the bank.
