Do you know friends first I thought that there is no difference between debit card and credit card. But later when I went for shopping with my friends, one of my friends used his credit card for payment.
The difference between debit card and credit card are as follows:
Debit Card
Debit cards are directly linked to our main account. When we are doing payment with our debit card then the money is automatically deducted from our main account.
Most of the time when people are going for shopping then it is not easy to carry lots of money with them at that time the debit card plays a very efficient role.
By the use of debit card people do shopping and the whole payment of the shopping is done by their debit card. It also helps you to have control on your savings. We can get the full details of saving and the details of all transaction through internet banking. In this way we can have control over our expenditures.
Credit Card
Credit card is far different from debit card. Credit card is not linked directly to your main account. When you do shopping with your credit card, the whole cost of your payment is added to your credit account.
You will get the last date to pay your credit. But if you don’t pay the credit on time then you will have to pay interest on it and as the day increases the interest also increases. So it is better to pay the amount on time for less interest.
Main Difference Between Debit Card & Credit Card
Basic difference between debit card and credit card are that debit card are linked to your current account but in comparison credit cards are not. In debit card you will have to submit the draft before using the card whereas in credit card you will have to submit the desired amount after using the card.
MUST READ: What Are Visa Card And MasterCard?
I think that with this article your confusion about the difference between credit card and debit card has been clear. As that of mine. 🙂
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