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Debit Cards or Credit Cards

Not sure what the difference between a debit and a credit card is? Then you have come to the right place.

How debit cards work

Debit cards are linked directly with your bank account. You can use them to buy goods and withdraw cash where the amount is deducted form your account right away.

If there is not enough money in your account "Solo" and "Electron" debit cards will not let you withdraw or pay for the items. If you have a "Switch", "Visa" or "Delta" card your transaction can go through and you can go overdrawn.

The charges for going overdrawn will depend on whether you have an agreed overdraft or not. If it is agreed, the interest charged will be minimal in comparison to a credit card. If it is not agreed or you exceed the amoung that you did agree on, the charge can be significantly greater.

How credit cards work

Credit cards are a form of borrowing, the money you spend on them is not taken from your bank account and is instantly borrowed from the lender.

You will be charged interest if you do not pay off what you borrowed by the end of the month.

If you do not pay off what you have borrowed the interest can be greater than an agreed overdraft on a debit card.

Therefore it is a nesecessity to pay off your credit cards monthly, preferably with a direct debit incase you forget.