1.

Distinguish between Debit Card and Credit Card

Answer»
Debit CardCredit Card
(i) Debit card is issued only when a person has a deposit account in his bank.(i) It is issued to a person without any deposit account in his bank
(ii) Payment done through debit card is deducted directly to the deposit account of the customer.(ii) Payment done through credit card is to be paid after a certain time interval.
(iii) Easy to obtain. Banks generally issue debit cards to their deposit accounts holders at the time of opening of a deposit account by a new customer, or mere on application to the existing customer.(iii) Involves an application and verification process. It takes few days to issue a credit card to the applicant.



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