Credit and Debit Cards
Credit and Debit Cards - Types, Examples, MCQs Credit and Debit Cards Payment cards are essential financial tools that allow users to make purchases or withdraw money. They are broadly classified into Credit Cards and Debit Cards, along with variants like Charge Cards, Prepaid Cards, Co-branded Cards, and Contactless Cards. Types of Cards Credit Card: A card allowing users to borrow funds up to a preset limit to pay for purchases or withdraw cash, with repayment typically due monthly. Charge Card: Similar to a credit card but requires the entire balance to be paid off every month. No revolving credit. Prepaid Card: A card preloaded with money by the user; it is not linked to a bank account. Debit Card: A card linked directly to a bank account. Funds are debited in real-time during purchases. Co-branded Card: A card issued by a bank in association with a retail partner or brand, offering special rewards or benefi...