Nowadays, it is normal for everyone to have several credit cards and debit cards, but many people do not know the difference between credit cards and debit cards. So, credit cards What is the difference between a credit card and a debit card? Let’s learn more below!

What is the difference between a credit card and a debit card?

1. Different properties

What is a debit card? Debit cards and credit cards are credit cards. With savings cards, users must deposit money into the account themselves before they can make purchases, transfers, etc. With credit cards, there is no need to deposit money in the card. You can use the credit limit of the credit card to swipe the card. You can first Repay after consumption.

2. Application conditions are different

The application for a debit card is relatively simple. The applicant needs to be over 16 years old and bring his or her valid ID to a bank branch to apply for a debit card; while for a credit card There are many application conditions. The applicant needs to be over 18 years old, have a stable job and income and provide relevant certification materials, and the personal credit status is good to have the opportunity to apply. After the applicant submits an application for a credit card to the bank, the bank will The applicant's comprehensive situation will be evaluated and the bank will issue a credit card to the applicant only after the bank's review and approval.

3. Different categories

Deposit cards can be divided into magnetic stripe cards and chip cards, while credit cards are divided into credit cards and quasi-credit cards. Credit cards are generally credit cards. Card.

4. Different conditions of use

With a savings card, users can only spend money after depositing funds into their account. They cannot consume with overdraft. However, credit cards do not require a balance deposit to consume, which is equivalent to advance payment. After consumption, the bank will conduct an accounting of the entire month's output in the next month, and then settle the payment.

5. Fees are different

If the user only has one debit card in the bank, the annual fee and small account management fee can be waived, and the charging standard of the credit card is related to the card limit. related. Typically, the higher the limit on a credit card, the higher the annual fee, but most banks offer free annual fees by swiping the card or using credit card points.