Credit And Debit Cards In India

Credit cards and debit or a charge card are two different cards available In India. But what is the difference between these two? A credit card, as the name proposes, offers you credit that is apparently for a charge. The days of credit one gets could range from 20 to 50 days depending on the date when one made the purchase. You can choose to pay your entire dues at one go, or stagger them after paying the minimum amount due every month. Besides this, it entitles the member to excess of benefits like travel discounts, discount on retail loans.

A charge card is very much similar to a credit card with one major difference. With a charge card you have to pay the entire dues within the credit period and cannot carry over any balances like a credit card. A Debit card is essentially like an ATM card on the move or in its simple terms, your bank account on the move. It enables you to access your bank account for payment. When you make any purchases using a debit card, then your bank account is instantaneously debited to the extent of the purchase amount.

In India there are mainly three types of cards available i.e. Visa, Master Card and Amex. Participating banks then issue these cards to the subscribers. Both Visa and Master Card have been popular in India and Amex a relatively less popular in India as it issues its cards only through American Express Bank.