ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A Debit Card is a plastic currency or plastic money. You can use it to buy things when you don’t have cash. Typically, the banks issue a Debit Card to Savings Account holders, and it is linked to your account. All transactions made through your Debit Card are reflected in your bank account statement.

Detailed explanation-2: -A debit card is usually a rectangular piece of plastic, resembling any charge card. It is linked to the user’s checking account at a bank or credit union. The amount of money that can be spent with it is tied to the account size (the amount of funds in the account).

Detailed explanation-3: -If you use a debit card at a retail store, you or the cashier can run your card through a scanner that enables your financial institution to verify electronically that the funds are available and approve the transaction. Most debit cards also can be used to withdraw cash at ATMs (automated teller machines).

Detailed explanation-4: -Plastic card – is a personalized payment tool that provides the ability to use your card the face of non-cash payment for goods and services, as well as withdraw cash at bank branches and ATMs.

Detailed explanation-5: -Credit card is also known as plastic money. Credit Card is a small plastic card that is issued by financial institutions such as banks.