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Explain : Debit Card

Answer»

A debit card looks like a credit card but it is linked with a current or a savings account. Whenever a person uses a debit card the money gets deducted from the balance in his bank account.
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Debit card:

  • A debit card looks like a credit card but it is linked with a current or a savings account. Whenever a person uses a debit card the money gets deducted from the balance in his bank account.
  • Debit card can be used to make payments at shopping malls, online tickets, ATM centre for withdrawing money, etc.
  • When a person buys something from a merchant he gives his debit card. The merchant swipes the card in a portable machine and asks the customer to put his PIN. The billed amount then instantly gets debited from the customer’s account. A customer can use debit card only upto the balance available in his account.


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