Ques. 1:- What is the difference between Debit card and Credit Card?
Ans. Debit Card and Credit Card are used for financial transactions. The difference between these two can be seen from the table below-
| Debit Card | Credit Card |
|---|---|
| i. It can be used at any time and money is deducted from your account. You can withdraw only the available amount of money. | It is also a card and payment is done in terms of loan. You are expected to pay it within 30 days otherwise you are charged to pay interest. |
| ii. There are no monthly Bills. | There are monthly Bills. |
| iii. It does not affect credit history. | Responsible credit card usage and payment can improve one's credit rating. |
| iv. It is connected to Current or savings Account. | No Need to connect it with any kind of account. |
| v. It is very easy to receive a debit card. | It is quite difficult & depends upon one’s credit score and other details. |
| vi. It offers high fraud liability. | Whereas it offers low fraud liability. |
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