Hello, Today, I am going to write about the differences between credit and debit card. Firstly, Credit cards may allow a consumer more spending freedom with a greater amount of money at his or her disposal. However, the consumer should use caution, creating only the amount of debt that he orshe can repay.Debit cards offer less freedom than credit cards because they do not permit the consumer to pay over a period of time, therefore they limit the size and amount of purchases.
When a debit card is used, the money is immediately withdrawn from the consumer’s checking or other account. Consumersshould be careful since a debit card can overdraw a checking account just like when too many checks are written. Good record keeping is essential when using debit cards. That is the difference between them.Thanks