Since you’re not borrowing money when you use a debit card, there’s no interest applied to purchases or transactions. When considering a debit card vs. a credit card, it’s essential to understand how they operate and their respective features. When a purchase is made with a credit card, the cardholder is borrowing from the issuer, with the obligation to repay the borrowed amount within a specific period to avoid interest charges. Debit and credit cards are two common plastic payment methods to choose from when you pay for something. While both offer convenience and ease of transactions both online and at your favorite retail stores, they operate on different principles and serve distinct purposes. An Overdraft allows an individual or business to withdraw more than the available balance in their current account, up to a pre-approved limit. Banking Businesses might also face foreclosure charges if they are unable to repay… read more
