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- Managing Credit Cards & Payment Options
Credit Card and Debit Card
Where is the difference between credit cards and debit cards?
The main difference is the "sight" (debit) or "postpaid" (credit card).
Each type of card works like?
To make it easy, start with a debit card.
With debit cards, you do not have a credit limit of banks. And so,
Money is deducted directly into your bank account every time a debit card is used, this means
Consumers using debit cards can not exceed your account balance.
For credit cards,
Banks give you a credit line.
When your customers, basically you are "borrowing" money from banks.
Usually you have 20 to 45 days to repay without interest.
If you do not pay, you will be charged interest on the amount owed.
If you are not a consumer careful and clever, credit cards can make you pay very dearly for the fees and interest rates.
On the other hand, fraud prevention is more important than with debit cards because your bank account directly deducted when used. If a debit card falls into the wrong hands, can the entire balance will be erased.