Difference between Credit Card and Debit Card

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Presentation Description

Credit and Debit cards look alike but have distinct characteristics and features. Learn about difference between Credit Card and Debit Card.

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Presentation Transcript

DIFFERENCE BETWEEN CREDIT CARD AND DEBIT CARD:

DIFFERENCE BETWEEN CREDIT CARD AND DEBIT CARD (C) Axis Bank Ltd.

Source of Funds:

Source of Funds (C) Axis Bank Ltd. Credit Card Money is borrowed from a Bank or Financial Institution . The customer has to pay back the amount at a fixed rate of interest by a specified date. Debit Card Debit cards are linked to the accounts of the customers and the funds they spend using their card are directly deducted from their own bank account.

Line of Credit:

Line of Credit (C) Axis Bank Ltd. Credit Card Carries a Line of Credit. Debit Card No Credit.

Interest:

Interest (C) Axis Bank Ltd. Credit Card Interest is applicable if complete payments are not made within the due date. Debit Card No interest is applicable as the funds are directly deducted from your account itself.

Limit:

Limit (C) Axis Bank Ltd. Credit Card Depends on the credit limit assigned by the bank which can be increased/decreased. Debit Card Depends on the funds in your account.

Connected to:

Connected to (C) Axis Bank Ltd. Credit Card Need not be connected to any Bank Account. Debit Card Connected to Current Account or Savings Account.

Fees:

Fees (C) Axis Bank Ltd. Credit Card May or may not be applicable, depending on the card type. Debit Card May or may not be applicable, depending on the card type.

Bills/ Statements:

Bills/ Statements (C) Axis Bank Ltd. Credit Card Statements are generated as per monthly usage. Debit Card Frequency depends on the savings account.

SUMMARY:

SUMMARY (C) Axis Bank Ltd. It is clear that Credit cards and Debit cards may look alike but have distinct characteristics and features. Learn more about difference between Credit Card and Debit Card at It’s All About Money.

Slide10:

THANK YOU V isit www.itsallaboutmoney.com to know more. (C) Axis Bank Ltd.

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