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What is difference between credit card and debit card?
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Answer / vinod
The fundamental difference between a debit card and a credit
card account is where the cards pull the money. A debit card
takes it from you banking account and a credit card charges
it to your line of credit.
A credit card is a card that allows you to borrow money in
small amounts at local merchants. You use the card to make
your basic transactions. The credit card company then
charges you interest on your purchases, though there is
generally a grace period of approximately thirty days before
interest is charged if you do not carry your balance over
from month to month.
Debit cards offer the convenience of a credit but work in a
different way. Debit cards draw money directly from your
checking account when you make the purchase. They do this by
placing a hold on the amount of the purchase. Then the
merchant sends in the transaction to their bank and it is
transferred to the merchants account. It can take a few days
for this to happen, and the hold may drop off before the
transaction goes through. For this reason it is important to
keep a running balance of your checking account to make sure
you do not accidentally overdraw your account. It is
possible to do that with a debit card.
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