Recently, my husband applied for my credit card and debit card. Now, I am curious to know what is the exact difference between both of these.
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1 Answer
We all use debit and credit cards in our daily life. Some use credit cards and others use debit cards. Even no. of people own both the cards. Now, we will discuss how debit card is different from credit card.
While making the payments from debit card, money is generally deducted from securing account and while using credit cards, money is borrowed from credit card issuers. In case of credit card, ATM withdrawals are chargeable in case of debit card.
Credit cards have monthly credit limit while debit cards have no credit limit. You can get 50 days of interest free credit on credit card but debit card is totally interest free. Credit card is applicable on all online websites but debit card may not be applicable on some websites.
You can get credit card only if you have CIBIL score but you can get your debit card if you have bank account,
While making the payments from debit card, money is generally deducted from securing account and while using credit cards, money is borrowed from credit card issuers. In case of credit card, ATM withdrawals are chargeable in case of debit card.
Credit cards have monthly credit limit while debit cards have no credit limit. You can get 50 days of interest free credit on credit card but debit card is totally interest free. Credit card is applicable on all online websites but debit card may not be applicable on some websites.
You can get credit card only if you have CIBIL score but you can get your debit card if you have bank account,