What is the difference between credit and debit cards?

[Shing1985]

What is the difference between credit and debit cards?​

 

[kirana]

how come you didn’t know the difference as a forex trader?

credit card - you can spend and pay later
debit card - you spend limited to your available cash inside the bank that issue the card

 

[Electric Rainbow]

Credit cards earns when you have credit and debit cards are awarded by the banks when you open account in their banks.

 

[46du114t1f]

I only use debit cards. But if you can use credit cards then congratulations.

 

[Electric Rainbow]

I have many credit cards, but again debit cards are also useful. You need to understand that both have their perks.

 

[RainbowRain]

Credit cards contain borrowed (credit) funds that you take from the bank. They then need to be returned with interest. Debit cards contain your personal money, which you can spend without any interest, paying only a small commission to the bank for servicing transactions.

 

[Aaron_0]

Credit cards allow you to borrow money up to a limit to make purchases, requiring repayment with interest if not paid in full by the due date. Debit cards, on the other hand, withdraw funds directly from your bank account, preventing overspending since you can only use available funds.

 

[RainbowRain]

Credit and debit cards also differ in their application requirements. A debit card is easy for anyone to apply for, while credit card applications are more stringent, requiring the bank to verify your income and solvency, as well as a good credit history.

 

[sunar14]

Debit pulls your own funds instantly; credit uses the bank’s funds and you settle later—often with rewards but potential interest if you don’t clear the balance. I top up my HFM account with debit card only to not pay extra fees

 

[Elijah_0]

Credit and debit cards differ in how they access money. A debit card withdraws funds directly from your bank account for purchases, while a credit card lets you borrow money up to a set limit, which you repay later. Credit cards may offer rewards or interest-free periods, unlike debit cards.