I used to believe that debit cards and credit cards are the same but I was wrong. If you want to know
what is the difference between credit card and debit card in simple terms, just know that
the latter lets you buy things with money you currently have with you and the former lets you buy things with an amount of money which you will need to return later. This is not the sole difference between the two, there are a lot more. Let me share more differences between the two for your better understanding.
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What is the difference between Debit and Credit Card?
| CREDIT CARD | DEBIT CARD |
Allows the user to borrow fund for paying for the goods and pay the money later |
Deducts money instantly from the user’s account while paying for goods |
You can spend more than what you have |
Your payment should be within the money you have in your bank |
The credit card company pays for your goods |
You pay for your goods |
An extra fee needs to be paid since you have borrowed it before |
No extra money needs to be paid |
An interest fee is charged |
No interest fee is charged |
You get several privileges like several discounts and cashbacks four purchase and payments,reward points, insurance coverage and more |
There is no such privilege to enjoy |
If you card gets lost, there is 100% lost liability available for most of the cards |
If your card gets lost, there is no liability of anyone |
I hope now you know the
difference between credit card and debit card.
Read More:What is the difference between Debit Card and Prepaid Card?
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Authors Of The Question
What Is The Difference Between Credit Card And Debit Card?
Jasmeen
962Views
2 Year
2022-09-08T10:22:58+00:00 2022-09-08T10:22:59+00:00Comment
1 Answers
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