In look and feel, a credit card is the same as a debit card.
Debit credit banking verification#
The reverse side contains the signature strip, along with a 3-digit CVV or card verification value. Your bank issues you a debit card when you open an account, and the card is linked to your account.Įvery debit card comprises a 16-digit unique card number and expiry date on the front side. You can just as easily use the card to pay for purchases at brick-and-mortar stores or buy products online. Typically, banks provide you with an ATM-cum-debit card to withdraw money at ATMs. What is a debit card?Ī debit card is a plastic card that gives you instant access to the funds in your account. Let us find out more about them, starting with their meanings, in this article. And while the two types of cards look the same and have similar fundamental uses, there are quite a few significant differences between a debit card and a credit card. Be it visiting your favourite restaurants or shopping centres or making online purchases, you can do it all without withdrawing cash from your account. You can withdraw cash on both, but you have to pay interest on credit card withdrawals.īanking transactions are easy and convenient today, thanks to debit and credit cards.Banks offer debit cards as an accessible, complimentary facility, whereas you have to apply for credit cards.Credit cards usually involve interest payment on late repayments of outstanding bills.A credit card works like a loan, which you can repay on a fixed, future date.A debit card is linked to your bank account, and money is instantly debited when you use it.Wondering what is the difference between debit card and credit card? Find out in this article.