Question
What is the difference between debit and credit cards?
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20th Nov 2009 by Mark P. Cussen, CFP, CMFC
A debit card is an electronic bank card that draws actual money out of a demand deposit account, such as a checking or savings accounts. Some debit cards can also draw money from a home equity line of credit or a 401(k) plan. Credit cards simply draw from a line of preapproved credit, which must be paid back with interest.
A debit card is an electronic bank card that draws actual money out of a demand deposit account, such as a checking or savings accounts. Some debit cards can also draw money from a home equity line of credit or a 401(k) plan. Credit cards simply draw from a line of preapproved credit, which must be paid back with interest.
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19th Nov 2009 In Finance
1 Answers | 88 Views
Subjects: credit card,
debit card,