Credit and Debit Cards........

Credit Cards

A credit card is a type of loan, where the money you spend is actually borrowed from the card provider rather than debited from your personal account.

What is a credit card?

A credit card is a plastic card that gives you access to credit you can spend to make purchases, reduce debt, and earn rewards. A credit card may be issued by a bank, building society, or other type of credit lender.

How do credit cards work?

Credit cards essentially work as a loan, but instead of getting money in your bank account you get credit on your credit card. Your lender will set you a credit limit, and you’ll be able to spend as much of it as you need before paying back some or all of your balance each month.

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Debit Cards

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

What is a debit card?

A debit card is a plastic card that is used as a payment method to cash when buying things. It is similar to a credit card, but unlike a credit card, it does not borrow money.

How do debit cards work?

Like a credit card, a debit card is a payment card that lets you make secure and easy purchases online and in person. Unlike a credit card, a debit card draws directly from your checking account. You're not borrowing; the money on your debit card is your own. And you can use it to access your cash at ATMs.