Debit
Cards
What is a debit card?
With a debit card, you can shop at many merchant
locations without having to carry cash or remember
your checkbook. Just present your debit card anywhere
you see the card's logo, and have the purchase
amount deducted directly from your checking account.
Debit cards are "pay now" products that quickly
debit - or subtract - money from your checking
or savings account, as if you were taking out
cash. So, for your debit card to work, you must
already have the money in your account to cover
the transaction.
This differs from credit cards
which are "pay later" products that
draw from a credit line-money made
available by your card Issuer - and
give you a grace period to pay. If
you do not pay in full by the end
of this period, you are charged interest.
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