Difference Between Debit Card and Credit Card:
Debit Card
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Credit Card
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1. Debit card id equal to your account value.
2. It is an Asset
3. To use a debit card customer should have sufficient balance in his / her bank account.
4. It is like a Prepaid system
5. You cannot buy an item with price higher then your balance.
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1. When you use Credit Card. You are Actually borrowing money from bank/financial institution
2. It is Liability
3. To use a Credit card customer may not have sufficient balance.
4. It is like a Postpaid system
5. You can buy an item with price higher then your bank balance (upto your credit limit.)
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