Basics of Credit Card and Debit Card

Debit cards allow you to spend money by withdrawing money that you have deposited at the bank. If you use a debit card, the  amount of your purchase will be debited from your checking account in near real time. Credit cards allow you to borrow money from the card issuer, up to a certain limit, to purchase items or withdraw cash. If you use a credit card, the amount will be charged to your line of credit, which means you  pay the bill at a later date, which also gives you more time to pay. 

Pros and cons of debit and credit cards

Debit Card Pros There is no debt as you are using your own money. It is cheaper to use as there are no interest charges. It also doubles as an ATM card, so you can use it to withdraw money from an ATM.Approving a debit card is easier and faster. Building a credit history doesn't help. 

Debit Card Cons You have no option to keep cash in your account as the money is debited directly. You can make it harder to balance your savings account at the end of the month if you don't keep track of your spending.If you withdraw money from another bank's ATM, you may be charged a fee. There is very little protection against debit card fraud. Check your eligibility

Credit Card Pros Credit cards are extremely practical and save you  having to carry cash with you. Credit cards help you build your credit score. The rewards you earn are much higher than with debit cards. come with relatively high credit limits. 

Credit Card Cons If you don't pay your bills on time or in full, you will be charged  high interest. Credit cards have different fees. Missing a payment (even for real reasons) can negatively impact your credit score. You have to work a lot harder to build it. Although there is a credit limit, you could always be tempted to spend more than  you have.This leads to debt.