What is the difference between credit card and a debit card?
With a debit card, you are pulling existing money out of an existing bank account (savings or checking), and giving that money to the vendor in real time.”On-line” debit cards: These cards usually are enhanced ATM (automated teller machine) cards which work the same as they would in an ATM transaction. It is an immediate electronic transfer of money from your bank account to the merchant’s bank account. To access your account at a store terminal, you must punch in your personal identification number (PIN), as you would at an ATM. The system checks your account to see if it has enough money available to cover the transaction. “Off-line” debit cards: These cards usually look like a credit card and resemble a credit card transaction. The merchant’s terminal reads your card, identifies it as a debit rather than a credit card, and creates a debit against your bank account. However, instead of debiting your account immediately, it stores the debit for processing later — usually within 2-3 d
