Hello everyone! In this blog is about credit card and debit card… 

Debit Card-A debit card works just like a checking account in a bank. Just like any checking account, you get money deposited into your account each month.Each time you swipe your card at a merchant location, the transaction shows up on your statement as an entry in your balance…

Credit Card - A credit card works similar to a loan. You use the money in your account to pay for the purchase. When you make a payment on your credit card bill, the amount paid appears as a reduction in your outstanding balance and reduces your monthly payment…

Debit cards are a payment method in which money is deducted directly from your bank account. Credit cards work similarly, except they add money to your account before charging interest. Both types of cards have advantages and disadvantages. Credit cards tend to be easier to use than debit cards - if you make a mistake, you can often correct it.However, you cannot dispute charges after the fact. Debit cards do not allow you to dispute them later, but they provide more security since both your name and number are on the card and your information stays confidential until you authorize it to charge to your account.

Credit/debit cards usually require some sort of identification (driver's license, passport, etc) to confirm identity. If you lose your ID, you may need to pay off the entire amount owed to get the card back. You might be able to temporarily secure the card using a temporary driver's license instead of having to give out personal information.

You can find the terms “credit” and “debit” written on the front and back of each card. “Charge” means that someone else owes money to you. “Credit” means that you owe money to someone else. A credit card company does not actually loan money; it only records your promise to pay. When you use a credit card to buy something,you are simply letting the seller know that he or she may expect to receive payment from you at a later date. If you don't pay, the seller can then go to the credit-card company and ask it to pay what you owe the seller.

If you fail to pay, the credit-card company still won’t actually fund your purchase – i.e., lend you any money. Instead, it will take over the debt and charge you interest. If you're charged late fees or failure to pay late fees, these are in addition to the interest charged. Many people feel that interest rates are unfair, but the lender doesn't care whether you think so or not. The lender is obligated by law to collect its money. If you can afford to pay your bills on time, you should avoid paying late fees.

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