What is difference between atm or debit card?
1 An ATM (Automated Teller Machine) card can be obtained for an account you have at a bank. Basically it allows you to use the ATM for your account instead of entering the bank and dealing with a human teller. You can also use it at stores like supermarkets and gas stations as if you were writing a check against your account.
But this depends on the store. Since it is electronically connected to your account, any charges are immediately deducted from your account. A debit card is like a credit card except that you deposit money in advance to be drawn against when you make charges.
Since you have deposited the money in advance you do not need good credit to get one. It is a good way to built a credit history.
2 a credit card is a card you use at vendors (stores) and you get a bill for the total. A debit card is also used at vendors (stores) but every purchase is automatically deducted from your checking account as it happens. Many ATM cards now double as debit cards - if your ATM card has a visa or mastercard logo on it, then it is also a debit card.
- some stores have an ATM like terminal and process it like an ATM card, or you can have them process it like they process a credit card (though it still charges your bank account immediately. ) .
Debit cards and credit cards are accepted at the same places. Debit cards all carry the symbol of one of the major types of credit cards on them, and can be used anywhere that credit cards are accepted. They both offer convenience.
The fundamental difference between a debit card and a credit card account is where the cards pull the money. A debit card takes it from you banking account and a credit card charges it to your line of credit. Debit cards offer the convenience of a credit but work in a different way.
Debit cards draw money directly from your checking account when you make the purchase. They do this by placing a hold on the amount of the purchase. Then the merchant sends in the transaction to their bank and it is transferred to the merchants account.
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