Credit cards and Debit cards might often appear identical and offer multiple standard features. Both debit cards and credit cards have a unique 16-digit card number, personal identification numbers or PIN codes, an expiry date, and a CVV number.
Common Features of Credit Cards and Debit Cards
Some of the characteristic features of credit cards and debit cards include:
Both these cards allow cardholders to make cashless transactions and purchases, both online and offline.
Both these cardholders are offered online banking facilities wherein they can check their purchases and transactions, statements of account, etc.
Both these cards offer robust security features such as unique PIN codes, SMS-OPTs for online transactions ensuring that your cards are not misused in case these are lost or stolen.
Both these cards can be easily blocked, either using online banking or contacting the customer care of the issuer of the card in case the card has been lost or stolen.
Difference Between Credit Cards and Debit Cards
Here are some differences between Credit Cards and Debit Cards:
While Debit cards allow you to make transactions using the money you already have in your bank account, Credit cards act as short-term lending to the cardholder to make purchases and transactions.
While Credit card expenses need to be paid back by the cardholder, debit cardholders pay for their transaction directly from their bank accounts at the time of their transaction.
While Credit cardholders can access details of their transactions and expense on their credit card statements, debit cardholders need to refer to their bank statements to track their payments and transactions
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