Credit Card vs. Debit Card

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What is a Debit Card?

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A debit card is a payment card that withdraws money directly from a checking or savings account when a purchase is made.

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What is a Credit Card?

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A credit card is a payment card that allows the holder to borrow funds from a pre-approved limit to pay for goods and services.

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What happens if you spend more than what is in your account with a Debit Card?

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Hefty fees may be charged if you spend more than what is in the account.

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Can you avoid interest charges on a Credit Card?

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Yes, by paying the entire balance each month.

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What is a PIN?

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A Personal Identification Number (PIN) is a security code used to authorize transactions with a debit card.

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How does a Debit Card work when making a purchase?

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The money is withdrawn directly from the user's checking or savings account.

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What is the main difference between a Debit Card and a Credit Card?

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A debit card uses funds from your bank account, while a credit card allows you to borrow money up to a certain limit.

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What is a common feature of Credit Cards?

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Credit cards often come with rewards programs, such as cash back or points for purchases.

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What should you do if you lose your Debit Card?

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Report it to your bank immediately to prevent unauthorized transactions.

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What is a common fee associated with Credit Cards?

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Interest charges can apply if the balance is not paid in full each month.