Thread: Difference between credit card and debit card
Difference between credit card and debit card
Itís my big doubt, what is the difference between credit card and debit card?
People please explain the context for me, so that I may not get insulted by my friends again.
What happened last week, we were talking on banking sector process, suddenly I got a doubt which I said you before, and they just teased me for half an hour.
So please explain.
The Debit card is also issued by bank, where you have an account and minimum balance maintained. On payment through debit card, it will be directly transferred or debited from your main account balance to the customer with immediate effect.
The Credit card is issued by the bank even if you do not have an account or not in the bank, bank will pay the money to your customer on credit immediately and later on takes the payment from you. Bank gives this credit normally for 45-50 days interest free period before you make full payment or you can pay in installment/ EMI by paying the bank interest charges.
Hope you have learnt about the credit and debit card.
Simple thing is "A Debit card is your ATM card" OR "Your Savings Bank Account ATM Card is also known as your Debit Card". So when ever you make a payment by swiping ur ATM Card/Debit Card anywhere, you are using ur already existing Money in ur savings account.
Whereas your Credit Card is the just like your Postpaid mobile Sim. You can use the Card for a Month and on the Bill Generation Date whatever payments (Just Like Calls) you have made using ur Card will be Billed and then You have to pay it ON OR BEFORE Bill Payment Date mentioned on the Bill.
In Hindi u can say Debit Card matlab Nakad and Credit Card matlab Udhar.