Question

what is credit and debit ? what is the difference between among them?

Answer 1

Hi friend,

Nice question....

Debit card
a card allowing the holder to transfer money electronically from their bank account when making a purchase.

Credit card
a small plastic card issued by a bank, building society, etc., allowing the holder to purchase goods or services on credit.

DIFFERENCE
Debit cards are like digitized versions of checkbooks; they are linked to your bank account (usually a checking account), and money is debited (withdrawn) from the account as soon as the transaction occurs.

Credit cards are different; they offer a line of credit (i.e., a loan) that is interest-free if the monthly credit card bill is paid on time.

Hope this helps u.

Answer 2

debit card is the savings account card we can purchase anything​ up to we have
credit card is a card bank can estimate amount based on your income
suppose
I buy a car I have not money I can use credit card
process : bank give amount to the car company then we repay amount to the bank with interest (emi)