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The terms credit card and debit card are the most commonly used by people to make all kinds of payments. These two cards make it possible to make any purchase from stores or even online. Not only that, both cards look almost identical with their 16 digit number, expiration date, CVV code and EMV chip. However, the use of these two cards is different.
The terms credit card and debit card are the most commonly used by people to make all kinds of payments. These two cards make it possible to make any purchase from stores or even online. Not only that, both cards look almost identical with their 16 digit number, expiration date, CVV code and EMV chip. However, the use of these two cards is different.
Debit card: The debit card is issued by the bank in your checking account or savings account. The debit card is linked directly to your bank. With the help of a debit card, customers can only use the amount of money in the bank which means every time a customer makes a certain amount of payment, that amount will be immediately debited from their account. Debit cards generally do not charge cash withdrawal fees, especially if you make transactions at your bank’s ATM. However, debit cards have limits on daily spending and cash withdrawals. Using a debit card will not help build any kind of credit score. Payments made via certain bank debit cards do have cashback and discounts. Some debit cards have low to zero fees. For debit cards, the minimum balance must be kept in a bank dependent account. Debit cards that are payroll accounts do not require a minimum balance.
Debit card: The debit card is issued by the bank in your checking account or savings account. The debit card is linked directly to your bank. With the help of a debit card, customers can only use the amount of money in the bank, which means that every time a customer makes a certain amount of payment, that amount will be immediately debited from their account. Debit cards generally do not charge cash withdrawal fees, especially if you make transactions at your bank’s ATM. However, debit cards have limits on daily spending and cash withdrawals. Using a debit card will not help build any kind of credit score. Payments made via certain bank debit cards do have cashback and discounts. Some debit cards have low to zero fees. For debit cards, the minimum balance must be kept in a bank dependent account. Debit cards that are payroll accounts do not require a minimum balance.
Credit card: Banks and some non-banks (or NBFCs) generally issue such credit cards. However, other approved entities may also issue this card. Credit Card is nothing but a card where the customer has the benefit to buy now and pay later. When payment is made by credit card, the bank gives you credit for a certain period of time and the customer must pay the bank for their purchase within the given due date. Banks provide monthly credit limits, depending on the type of card or even your creditworthiness. You can purchase goods and services at PoS/e-commerce terminals via credit card. Credit cards can help you build a good credit score if bills are paid on time. This card can be used domestically or internationally as long as it is activated for such use. While credit cards can also be used to withdraw cash from ATMs, you shouldn’t do this as you will usually be charged up front based on the amount you withdraw. You may also transfer money to bank accounts, debit cards, other credit cards and prepaid cards in India, subject to agreed limits and conditions.
Credit card: Banks and some non-banks (or NBFCs) generally issue such credit cards. However, other approved entities may also issue this card. Credit Card is nothing but a card where the customer has the benefit to buy now and pay later. When payment is made by credit card, the bank gives you credit for a certain period of time and the customer must pay the bank for their purchase within the given due date. Banks provide monthly credit limits, depending on the type of card or even your creditworthiness. You can purchase goods and services at PoS/e-commerce terminals via credit card. Credit cards can help you build a good credit score if bills are paid on time. This card can be used domestically or internationally as long as it is activated for such use. While a credit card can also be used to withdraw cash from an ATM, you shouldn’t do this as you will usually be charged up front based on the amount you withdraw. You may also transfer money to bank accounts, debit cards, other credit cards and prepaid cards in India, subject to agreed limits and conditions.
