Debit Card

A Debit Card is a payment card that deducts funds directly from a customer’s checking account to pay for a purchase, facilitating a digital and seamless transaction process. Debit cards provide an efficient alternative to carrying physical cash or checks, providing consumers with convenience and simplicity.

A key distinction between debit cards and credit cards lies in their funding source. Unlike credit cards — which provide a line of credit to customers — debit cards enable bank customers to spend money by drawing on the funds they have already deposited in their bank account.

As such, debit card usage can help customers manage their spending and avoid accruing credit card debt.