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What is the difference between Debit and Credit Card?
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Answer Posted / 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 |
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