How are credit and debit cards similar or different?
A debit card is a card used in payment that directly deducts money from the consumers checking account to pay for a purchase. Credit card on the other hand is a card that allows a consumer to borrow money for purposes of paying for goods. Debit and credit cards have various differences and similarities as here by summarized. The major different is that in debit card the amount is washdown from an account linked to it which is no the case with credit cards. There are also interests charged on credit cards. The similarity is that both offer convenience of not having to carry cash and both are also issued by financial companies.