How to settle debt with debit card and credit card 

by Layla Kent Sunday, April 24, 2011
Life has become easier with the advancement of technology and one of the best examples would be the plastic cards that we use for monetary transactions. These plastic made cards that we are talking about are debit or credit cards. There are many people who hold a debit card or a credit card for the first time and think what to do with these cards. Some even think how a small looking card works equivalently for monetary transactions. If you have any such doubt or you want to know more detailed information about these cards and their usages, there is nothing to shy about. Rather, it is good to have a clear understanding so that you can make the best utilization of these cards. One of the best ways to find details about debit pr credit cards is searching online. There are several sites that provide detailed information about how to settle debt electronically.

The appearance of a debit card and a credit card has quite a lot of things in common. Both look small plastic-made cards, generally of 85x54 mm size. Banks, credit unions or other types of financial institutions generally issue such cards. You can use these cards as an alternative to monitory transactions. There are certainly several types of differences between these cards. Here, you will learn about some major differences.

The basic difference lies in the name of the cards itself. A credit card means you will be provided credit to conduct monetary transaction up to a certain limit. Suppose you want to purchase something that costs $2000, but only have $1000 left on your credit card. You can still continue with the purchase procedure and get the item. The remaining amount needs to be paid within the specified limit, generally 30 days. It gives you complete liberty to access the card and do shopping, eat at restaurants, book holidays and much more without worrying about paying money instantly.

By using a debit card, you can enjoy similar facilities as well. Now, you might wonder how a debit card is different from a credit card. For using debit cards, it is essential that you have sufficient balance in your account. What happens with credit cards is that you are allowed to continue making transactions up to a certain limit even if you do not have sufficient money in your account. With debit cards, the amount you are using for any transaction is directly deducted from your account. The disadvantage is that if you do not have sufficient money left in your account, you cannot purchase a favorite item that you want to buy. However, the disadvantage with credit cards is that it sometimes increases spending spree beyond necessity. It can be alarming and mount up huge debt. Therefore, proper usage of both debit and credit cards is what you should do.

Resource Box: To you want to know how to settle debt and make monitory transactions electronically? Read out detailed guide on credit card and debit card usage.

General | Categories: financial
0    submitted by Layla Kent
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