Judging from the bank cards issued by major banks at present, there is no difference between savings cards and debit cards. A savings card is a debit card. But historically, savings cards and debit cards have similarities, but there are also some differences.
To understand the similarities and differences between them, let's first understand their functions.
Debit cards are more powerful. It can be used to deposit and withdraw cash, transfer consumption, pay water, electricity and gas, shop online, buy wealth management products, stocks, futures, funds and other financial services. To put it bluntly, debit cards can achieve almost any function except the overdraft function of credit cards.
Relatively speaking, the function of savings card is limited. Savings cards are limited to functions such as deposit and withdrawal, transfer, remittance and payment of living expenses. Can't buy stock funds and other financial products.
From the functions of debit card and savings card, we can see that the functions of debit card include all the functions of savings card, while the functions of savings card are only part of the functions of debit card.
A savings card is a debit card by function, but a debit card is not necessarily a savings card, because a savings card is just a kind of debit card, and a debit card also has the functions of other types of bank cards. The relationship between the two is a mother-child relationship.
Speaking of this, many friends may have questions. Since the debit card already contains all the functions of the savings card, why do banks need another savings card? In fact, this is a historical issue. A long time ago, banking business was not so complicated. Banks could be divided into many kinds of bank cards. These bank cards can be divided into transfer cards, special cards and stored value cards (stored value cards), all of which are called debit cards.
Transfer card is a bank card with the functions of transfer, cash deposit and withdrawal and consumption.
A special card is a bank card dedicated to a specific area. It also has the function of transferring and depositing cash.
A savings card is a prepaid wallet debit card in which the bank transfers funds to the card for storage according to the cardholder's requirements, and directly deducts money from the card during the transaction. It has the functions of deposit and withdrawal, transfer and post-consumption payment.
However, with the continuous development of banking business, the scope of banking business is increasing, and customers have to issue different cards for different businesses, which is troublesome, inconvenient to manage and inefficient. So later, the bank unified these three types of cards into a debit card, and a debit card has all the functions of a special card, a savings card and a transfer card.
Therefore, most banks now issue debit cards and rarely issue savings cards, so most of the bank cards in everyone's hands are debit cards. However, a debit card has all the functions of a savings card. Many people are still used to calling this debit card a savings card, or some banks directly print the words savings card on the card surface, but it is a standard debit card.
So as far as the current bank card is concerned, in fact, a savings card is a debit card, and a debit card is a savings card. There is no difference between the two, but the names are different.
In fact, debit cards are relative to credit cards.
Strictly speaking, there are only two kinds of bank cards at present, one is debit card (savings card) and the other is credit card (credit card).
Simply put, a debit card can only be used if the user wants to recharge the bank card, and the consumption amount cannot exceed the balance on the bank card. The balance on the debit card bears interest, because the money on the card belongs to the user's own money.
Credit card users don't need to recharge themselves, they can overdraw their consumption, brush it casually within the bank's credit limit, and pay it back after the billing date comes out.
To put it bluntly, a debit card means that the user deposits money in the bank, and a credit card means that the bank lends money to the user.
Related questions and answers: The difference between debit card and savings card A debit card is a card with multiple functions, such as cash deposit and withdrawal, shopping, transfer, fund trading, stock trading and payment. However, the main function of the savings card is to deposit and withdraw money at networked ATMs and savings offices and spend it at networked POS machines. They have different functions. Debit cards have more functions than savings cards. : I. Classification of bank cards Bank cards (UnionPay cards) are divided into credit cards and debit cards, and credit cards are divided into credit cards and quasi-credit cards. Debit card is an ordinary savings card, which belongs to current deposit account and can be used for consumption, ATM deposit and withdrawal, etc. Credit cards can be used for spending, ATM deposits and withdrawals, etc. The biggest advantage is that you can overdraw (with a certain credit limit). Credit card refers to the credit card that the issuing bank gives the cardholder a certain credit limit, and the cardholder can spend first and then repay. Quasi-credit card refers to a credit card in which the cardholder deposits a certain amount of reserve fund according to the requirements of the bank, and when the reserve fund is insufficient to pay, it can be overdrawn within the credit limit stipulated by the issuing bank. Debit cards are divided into transfer cards, special cards and stored value cards according to different functions. Debit cards cannot be overdrawn. The transfer card has the functions of transfer, cash deposit and withdrawal and consumption. Special card is a special-purpose debit card used in a specific area (except for department stores, restaurants and entertainment industries). It has the functions of transferring money and depositing and withdrawing cash. Stored value card is a prepaid wallet debit card in which the bank transfers funds to the card for storage according to the cardholder's requirements, and directly deducts money from the card during the transaction. 2. What's the difference between a debit card and a savings card? 1. What is a debit card? Debit card refers to a bank card that has no overdraft function after deposit. According to their different functions, it can be divided into debit cards (including savings cards), special cards and stored-value cards. Debit card is a credit tool with the functions of transfer settlement, cash deposit and withdrawal, shopping and consumption. It also has many functions such as transfer, fund trading, stock trading and payment, and also provides many value-added services. Debit cards can also be withdrawn by ATM transfer without overdraft. The amount in the account pays interest according to the current deposit. Savings card is a kind of financial transaction card issued by banks to provide financial services for depositors. Its main function is to deposit and withdraw money at networked ATMs and savings offices, and to spend money at networked POS machines. There are only two kinds of bank cards, credit card and debit card. Savings card is a kind of debit card, which can only deposit and withdraw money, handle transfer, remittance, pay water and electricity bills, etc. Debit card is a savings card that we use to save money and withdraw money. Cannot overdraw. You must deposit money in the card before you can use it. There is interest on saving money. So debit card and savings card are the same card, there is no difference, but the name is different. Debit cards are also called savings cards, and "debit" means "debit". The cardholder's payment is deducted from his bank account, and the cardholder spends the money in the account, so there is no credit consumption.