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There is no denying on the fact that credit cards and debit cards may look alike, but there is a lot of difference between both the cards. However, on one thing many of you will surely agree is the fact that until and unless you don’t know the basic difference between these two cards, you won’t be able to use your card to the fullest.
Many people still don’t differentiate between these cards, hence won’t be able to use their credit cards properly. In order to use your card at its fullest, it’s important for you to know what features and, basically it stands for? Once you are aware about the ins and outs of these two cards, it becomes easy for you to use them effectively.
So, if you are still getting confused regarding the basic difference between both types of cards, nothing to worry.
Yes, clear all your doubts as this article shares with you the key differences between credit card and debit card.
|Difference||Credit Card||Debit Card|
|Source of Funds||Borrow money from bank or financial institution||Money you have in your account|
|Line of Credit||A line of credit||No credit|
|Interest||If payments are not made within due date||No interest is applicable|
|Limit||Depends on the credit limit which can be increased/decreased by bank||Depends on the money in your account|
|Connected To||No need to connect to any bank account||Connected to savings or current account|
|Fees||Depending on the card type||Depending on the card type|
|Bills/Statements||Statements are generated on monthly basis||Statements are generated on monthly basis|
(Updated on:21st October,2016)