How does a debit card differ from a credit card?
Curious about debit cards
A debit card is linked to your bank account and allows you to spend the money you have in your account. It works by deducting the purchase amount from your available account balance immediately or within a few days.
A credit card, on the other hand, allows you to borrow money up to a certain limit set by the issuer. You are required to pay back the borrowed amount along with interest and any other charges, usually on a monthly basis. If you do not pay the balance in full, interest is charged on the outstanding amount, which can accumulate over time and make the debt difficult to pay off.
In summary, a debit card lets you spend the money you have in your account, while a credit card lets you borrow money that you need to pay back later.
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