Credit and debit cards are two different types of financial instruments used for monetary transactions. There are several key differences between these two cards:
Source of Funds:
Credit Card: A credit card is a form of authorized borrowing. When you use a credit card, the money spent is provided by the bank, and you are responsible for repaying that amount to the bank. You are given a limited credit line, and you can spend within that limit.
Debit Card: The primary purpose of a debit card is to withdraw funds directly from your bank account. When you use a debit card, the money is deducted directly from your bank account, and if you don’t have sufficient balance, the transaction may not go through.
Purpose:
Credit Card: The primary purpose of a credit card is to facilitate personal or business expenses and to obtain loans if needed. It can also be used in financial emergencies when you don’t have enough funds.
Debit Card: The main purpose of a debit card is to withdraw money from your bank account and manage your finances.
Interest and Fees:
Credit Card: Credit cards usually accrue interest if you don’t pay off your balance on time. You may also incur penalties if you fail to pay your outstanding balance on time.
Debit Card: Debit card transactions typically do not involve interest charges.
Business Use:
Credit Card: Credit cards can be used for both personal and business expenses, but they are primarily designed for personal use.
Debit Card: Debit cards are commonly used for business and commercial transactions, withdrawing funds from business accounts.
Credit and debit cards are designed for different purposes based on your financial needs and goals, and you should choose one based on your financial objectives and requirements.
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