Economics · Banking and Finance
What is the primary difference between a debit card and a credit card?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Debit cards typically accumulate higher interest rates than credit cards on outstanding balances.
- 2Debit cards withdraw money directly from a bank account, while credit cards allow borrowing up to a certain limit.✓
- 3Credit cards require a PIN for all transactions, while debit cards require only a signature.
- 4Debit cards are used only for online transactions, while credit cards are used only for in-person purchases.
Correct answer
Debit cards withdraw money directly from a bank account, while credit cards allow borrowing up to a certain limit.
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