Credit cards are divided into credit cards and quasi-credit cards.
Credit Card refers to a credit card in which the card-issuing bank gives the cardholder a certain credit limit, and the cardholder can consume within the credit limit first and repay later. A credit card is a credit card in the true sense, with functions such as credit consumption, transfer settlement, and cash deposits and withdrawals. It has the following characteristics: consume first and repay later, enjoy an interest-free payment period (up to 56 days), and has a minimum repayment amount. Customers can repay in installments if they have overdrafts.
Quasi-credit card (SemiCreditCard) means that the cardholder must first deposit a certain amount of reserve fund as required by the card-issuing bank. When the reserve account balance of the quasi-credit card is insufficient, payment can be made at the card-issuing bank. A credit card that is overdrafted within the specified credit limit. (Current quasi-credit cards do not require deposits)
Debit Card refers to a bank card that deposits first and then consumes (or withdraws cash) without an overdraft function. According to their different functions, they can be divided into debit cards (including savings cards), special cards and stored-value cards. Debit card is a credit tool with functions such as transfer settlement, cash deposit and withdrawal, shopping and consumption, etc. It also has many additional functions such as transfer, fund buying and selling, stock trading, payment, etc., and also provides a large number of value-added services. Debit cards can also be used for transfers and withdrawals through ATMs. Overdraft is not allowed, and interest is calculated on the amount in the account based on current deposits.
A savings card is a financial transaction card issued by a bank to provide financial services to depositors. It is a type of debit card. Its main function is to make deposits and withdrawals at networked ATM machines and bank counters, and to make purchases at networked POS.