Question

Differentiate btw debit and credit??? class 11

Answer 1

Answer:

• When you use a debit card, the funds for the amount of your purchase are taken from your checking account in almost real time. When you use a credit card, the amount will be charged to your line of credit, meaning you will pay the bill at a later date, which also gives you more time to pay.

Answer 2

Answer:

Credit cards allow you to borrow money from the card issuer up to a certain limit in order to purchase or withdraw cash

Debit card allow you to spend money by drawing on funds you have deposited on the bank