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Debit card

Debit card is a card which allows bank or financial institution customers to instantly access funds on their accounts electronically. With debit cards purchases are paid as soon as the transaction is completed. That means there is no float or gap between purchase and payment.

Notice that debit card gives us access to our own funds and as we make electronic purchases or ATM withdrawals our account will be reduced by the purchase price or amount withdrawn plus any transaction and service fees involved.

Debit card vs. credit card

Debit card gives us electronic access to funds in our account, while credit card gives us access to electronically borrow money from the credit card company account up to the agreed credit line limit.

Unlike debit card, credit card cash withdrawals are treated as cash advances and are charged differently from credit purchases.