What is debit card and credit card?
Credit and debit cards,popularly known as plastic money have undoubtedly become the most popular cash alternative in the modern world. Be it a businessman or a salaried employee – most people nowadays carry at least one of these cards and use them for transactions like bill payments, grocery shopping, flight bookings, etc. However, there continues to be a raging debate on which should be a preferred. While some prefer credit cards for their convenience, many believe that debit cards offer more security.
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What is the difference between credit card and debit card?
While both the cards look similar in appearance, they function differently. A debit card is linked to the bank account of the customer and hence, once swiped, the amount is directly deducted from the bank account. Credit card, on the other hand, allows the card holder to purchase goods and services on credit and pay it back over time. This card is issued by the banks on the basis of the credit history and eligibility of the customers.
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