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Debit Card vs Credit Card

Credit cards, debit cards. They’re all the same, right? Wrong. A credit card is a plastic card whose holder has been granted a revolving credit line. This piece of plastic provides the holder with the ability to make purchases and/or cash advances up to a predetermined limit. The credit granted can be paid in full by the end of a specified period or in part, with the balance taken as extended credit. Interest can be charged on the transaction amounts from the date of each transaction or only on the extended credit where the credit granted has not been paid in full. Before getting a credit card, do your homework. It is important to know the terms before agreeing to the card. At a minimum, you should know: the annual percentage rate (APR), the grace period to pay the full balance without being charged interest, if there are any annual fees, how finance charges are calculated and if there are any transaction charges for such things as transferring a balance, late payments, cash advances and going over the credit limit.

A debit card (also known as a check card or ATM card) looks like a credit card, but functions differently. A debit card is a plastic card with which a customer can withdraw funds on deposit in their account using an automated teller machine. A debit card can be used in place of writing a check at some merchants. A debit card can also be used as a credit card in order to purchase goods and services. However, payment for the transaction comes directly from the buyer’s account, as opposed to a credit card transaction in which funds are loaned to the buyer by the card issuer. Debit cards typically have no fees involved if you are careful when you use it. Be sure to check if your bank charges a fee if you use another bank’s ATM. The main negative of debit cards is failing to immediately deduct transactions from your checking account. Failing to be careful with debit card transactions can cause a financial disaster.

 

Source: Staff Writer
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