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2.
A conjunction of "credit" and "debit" used by retail check-out clerks to determine whether a customer is using a credit card or direct debit card.
A customer hands Elisha a charge card to pay for her nail extensions.

Elisha: "Crebit?"
Customer: "Hunh?"
Elisha: "Is that a credit card or a debit card?"
by Jonnyslots June 14, 2007
 
1.
A combination of the words credit and debit - essentially when one action cancels out another - Can apply to excercise cancelling out the damage done by alchohol - Also any other negative activity, like watching crap TV being counterbalanced by reading a quality book - essentially good deeds cancelling out bad ones
Joe asked Dave 'What did you do at the weekend' Dave replied 'on friday night i had a skinful of vodka and shagged that skanky bird from the pub - and then on saturday i went to the gym and cooked a meal for my mum and sister - so the crebit's all good'
by rriikk1 November 27, 2010