What is the difference between Debit and Credit Card?
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Answer / anonymous
credit card are that card from which we can purchase any
goods and services on the behalf on payer(bank), the bank or
lending company pay the amount, after the specific time
limit (differ by credit limit) we have to pay the money to
bank if we fails to pay the money then interest will charge.
debit card are those card from which we can incurred any
expenditure the amount deduct one's banks accounts.
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Answer / manoharnsr
A debit card permits you to pay from your account where as
by using a credit card you are actually borrowing from the
issuer of such a credit card promising him to pay at a
later date. Depending up on the terms and conditions and on
teh nature of transaction you either pay interest to teh
lendor or enjoy a interest free credit period. There is no
interest in case of debit card as there is no borrowings.
Note: Usually some merchants collect an additional 2% when
you pay by card. you can insist non payment of taht 2% if
you are paying by debitcard.
FUNDA: This 2% the merchant collects from us is nothing but
the interest collected by bank for teh free credit period -
only that it is collected from the merchant.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / shanky sethi
A Debit Card is a Financial Document or a Plastic Money
through which we can do Shopping,Withdraw cash any time
through out the world.A Debit Card is that card in which we
have our own money to pay the expences we cannot do
shopping above that amount which we have in our debit card,
in others words in debit card we have our own money.
where as credit card is also a financial document in which
a bank grants us a limit to do shopping after a certain
period of time (depends on bank cycle) bank charges intrest
if the customer is not been able to make payment
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Answer / wahab
Debit Card no need promise & no liability, credit card need promise and liability.
| Is This Answer Correct ? | 0 Yes | 0 No |
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