Debit Card vs. Credit Card
What is Debit Card?
Debit Card is one, where you have pre balance into your account. By Debit Card, you can use your bank account from anywhere, anytime. It is a kind of ATM card. You do not need to bother, to carry out the hard cash all time. It removes the difficulties associated with having writing the cheque and showing ID card. You can withdraw money, limited by your saving, or you can make purchases. When you use Debit Card for making purchases, this means you allow to vendor to transfer the buying amount, by swiping on an electronic machine, from your bank account to his account. Therefore, you make the shopping easily without actual delivery of cash.
What is Credit Card?
Credit Card is a kind of card, which give you option to borrow money for your purchases. When you use Credit Card for payment, in fact you are using a borrowed money provided by your bank. Moreover, it is your liability to return the money along with markup to bank according to bank stated time and conditions. Normally banks issues Credit Card to their permanent customers who keep up a regular account with the bank and are trustworthy. It has heavy interest rate and service charges with it.