Debit vs Credit

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What is a Credit Card?

Back

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

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What is a Debit Card?

Back

A debit card is a payment card that deducts money directly from a checking account to pay for a purchase.

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When should you use a Credit Card?

Back

You should use a credit card in emergencies when you are short on cash.

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What is a Checking Account?

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A checking account is an account where money can easily be deposited and withdrawn by means of checks, debit cards, and ATM transactions.

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What happens if a Debit Card is lost or stolen?

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If a debit card is lost or stolen, you should report it immediately to prevent unauthorized transactions.

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What happens if a Credit Card is lost or stolen?

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If a credit card is lost or stolen, you should report it immediately to prevent unauthorized charges.

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Front

What is required to withdraw cash from an ATM using a Debit Card?

Back

You need to enter a Personal Identification Number (PIN) to withdraw cash from an ATM using a debit card.

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Do Credit Cards require a signature for purchases?

Back

Yes, credit cards may require a signature when making a purchase.

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Do Debit Cards require a signature for purchases?

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Yes, debit cards may also require a signature when making a purchase.

Front

What is the main difference between Debit and Credit Cards?

Back

The main difference is that debit cards withdraw money directly from your bank account, while credit cards allow you to borrow money up to a limit.