What’s the difference between a debit and a credit transacted in my bank account?

When your account is debited, money is removed from your account. When your account is credited, money is put into your account.

In banking, sometimes ‘credit’ is also used to describe how much money you have available on your loan or credit card.

Understanding interest and the different types

Generally, you’ll earn interest on money you have deposited into your bank account and you are charged interest for money you have borrowed. The interest earned is a percentage of your deposit, just as the interest charged is a percentage of the money borrowed.

The amount of interest on your account varies from bank product to bank product, and from bank to bank. For example, personal loans and home loans will charge different interest rates, and different banks will charge different rates for a personal loan.

What to do when you lose your debit or credit card

The process for reporting a lost card varies from bank to bank. For some banks, you will have to call to report your lost card. For others, you can do this yourself by logging into your online bank account.

At RACQ Bank, call 13 1905 immediately if you have lost your Visa Debit Card or rediCARD. If you have lost your credit card, call 1300 912 667.

No matter who you bank with, it’s a good idea to know your bank’s process for reporting a lost card so you can react quickly. The faster you act, the faster your card can be locked or cancelled and the less time someone may have to make unauthorised transactions on that card.


Banking products issued by Members Banking Group Limited AFSL/Australian credit licence 241195 trading as RACQ Bank. Fees, charges, terms and conditions apply. Contact us for a copy. This is general advice only and may not be right for you.

2017 Card Services is a division of Citigroup Pty Limited ABN 88 004 325 080, AFSL No. 238098, Australian credit licence 238098 (Citi). Citi is the credit provider and issuer of RACQ Bank Credit Cards (Credit Cards). Members Banking Group Limited ABN 83 087 651 054 trading as RACQ Bank (RACQ Bank) promotes the Credit Cards, and assists cardholders, as Citi’s agent, under an agreement with Citigroup. RACQ Bank does not and will not guarantee or otherwise support Citi’s obligations under the contracts or agreements connected with the Credit Cards.