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What is the difference between credit card and debit card?

Posted by Sunidhi Singh 5 years, 4 months ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 5 years, 4 months ago

Debit card	Credit card
Deducts money directly from your saving’s bank account or your current account.	Allows you to borrow funds to pay for goods and services.
Your savings bank account or current account.	Credit extended to you by your card issuer. It gives you access to money you otherwise do not have (like a very short-term loan).
You can only spend how much you have.	Can spend more than what you have.
Annual fees and PIN regeneration fees are applicable	Credit cards have multiple fees applicable. These include joining fees, annual fees, late payment fees, and bounced cheque fees among others.

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