What is the difference between Debit Card and Credit Card | Debit Card | Credit Card | ATM Card

What is the difference between Debit Card and Credit Card? Debit Card vs Credit Card

Debit Card vs Credit Card: We are always used to hearing about Debit Card and Credit Card. We can use both Debit Card and Credit Card when purchasing goods.

So many times we do not understand, what is the difference between Debit Card and Credit Card? What are the advantages of any card, what are the disadvantages of any card?

We regularly try to bring up various issues of banking sector in our writings. So that our readers get the right idea about different loans, cards, insurance, funds, etc. in India.

In continuation of this, today we will discuss with you what is the difference between Debit Card and Credit Card. Let's see the difference between Debit Card and Credit Card.

Differences between Debit Card and Credit Card:

Debit Card and Credit Card look a lot the same, we often think of the two as the same, but there are many differences between these two Debit Card and Credit Card.

The main difference between the two cards is that the bank lends you money when using a credit card which you will repay later which you will have to pay monthly interest if there is a delay in payment, you must deposit your money in the bank while using debit card.

You can spend that money. We will try to see some more differences between Debit Card and Credit Card below.

Comparison analysis of Debit Card and Credit Card

Subject	Debit Card	Credit Card
Definition	It will cost money from your savings account	Money will be lent from the bank to buy the product
Source of money	Your own account	Bank, you have to pay interest if you spend money, otherwise you don't have to pay.
Advantages of use	You can only spend your own money.	You do not have to spend your own money.
Who will pay the money?	You pay for the purchase of your product.	The bank will pay the money on your behalf
Bill	There is no billing issue here.	You will receive your monthly bills and transaction statements.
Payment	There is no question of payment.	You have to pay according to the bill.
Fees and charges	Annual fees and PIN change charges apply.	There are many types of fees including annual fees, delay fees, check bounce fees.
Interest	There is no interest to be paid here	You have to pay interest according to the money spent from the card
Limit	You can withdraw as much money as you have in your account.	You will be able to spend money up to the limit specified by the bank.
Reward	Rewards are usually low.	There are many types of rewards.
Special benefits	There are usually no special benefits	Many times special benefits are given in different shopping or restaurants.
Liability if the card is lost	The defense is relatively low to protect against card theft.	Most cards have a much better defense system. So that it is relatively difficult to withdraw money by stealing.

 

Which card is better for the user?

Here we discuss the comparative difference between Debit Card and Credit Card. Which card is better between Debit Card and Credit Card depends on the needs of the customer.

If you can't control your spending, debit cards are good for you. Otherwise you can get into a lot of debt using credit cards.

You can use a credit card to get large installment benefits. At the same time, credit cards will give you extra benefits when you travel, as most credit cards can be used anywhere.