What is debit and credit card?

Debit vs Credit card

Everyone had seen the problem of not having cash since November 2016. Necessary goods had to be taken but there was no cash in hand to buy them. To avoid the problem of cash the government promoted digital payment vigorously and people also started adopting this new trick and the process of cashless payment started increasing everywhere. Many people benefited from this because now the problem of taking cash in the pocket has been overcome and we can easily shop anywhere at any time through digital payment.

1. ATM CARD:  ATM  card is such a card with the help of which you can withdraw money only from the  ATM machine in this card you will not see any kind of logo ( master, visa, rupee). This card is linked to your bank, so you can withdraw as much money as you have in your account through this card. with this card, you cannot use the card anywhere except at the ATM machine.

2. DEBIT CARD: this card looks exactly like an ATM card but on its front side you will get to see the logo of a rupee visa or master you can withdraw as much money as you have in your account with this wherever this card is accepted you can also pay by swapping this card.

   

 Types of Debit cards: 

 Nowadays ATM card or debit card has become very important for people. it is not safe to carry cash while going from one place to another. In such a situation, an ATM card or debit card is our companion and helps us to withdraw cash easily.

(I)  RUPAY Debit card: The RUPAY debit card is issued by NPC. It operates in India itself and makes transactions more convenient. people do not even have to pay extra charges on this.

(II) Visa debit card: you must have seen VISA  written on the card. this card is operated by our company. It is also used in international transactions but there is a fixed fee payable on it.

(III) Master card  Master card can also be used for online payment. It can be used abroad. It is also operated by a US company. It can be used in 210 countries.

(IV) Contactless debit card: 

this card Near Field Technology (NFC), which is safe and secure. to make a payment, you just need to tap or gently wave the card at the merchant's payment, terminal and you e did. 

Daily transaction limit of RS. 2000/

Credit card

A credit card is a card issued by a financial institution, typically a bank, and it enables the cardholder to borrow funds from that institution. The cardholder agrees to pay the money back with interest, according to the institution's terms. 

credit card uses 

If you buy something using a credit card, you can repay the amount in monthly installments. Benefits like cashback, vouchers, etc... are available with this card.

you will be given a credit score that will be deducted if you do not pay your dues to the bank on time.

Credit cards are issued in the following categories:

• Standard cards
• Reward card
• Premium cards
• Balance transfer cards
• Secured credit cards
• charge cards