Credit and Debit Cards Details

Credit Card Details:

• A Credit Card allows you to borrow money from your bank to make your purchases.
• As long as you pay back the money you borrowed within the grace period, you don’t have to pay extra. 
• If you don't pay it back in that time period, you will have to pay interest, a percentage of the money you owe the bank on top of what you borrowed.

An example of the front in a typical credit card:

1. Issuing Bank Logo
2. EMV chip (only on "smart cards")
3. Hologram
4. Card number
5. Card Network Logo
6. Expiration Date
7. Card Holder Name
8. Contactless Chip

An example of reverse side of a typical credit card:

1. Magnetic Strip
2. Signature Strip
3. Card Security Code

Advantages:

• No searching for ATM or keeping cash on hand
• Credit card statements can help you to track your expenses
•  You can build up your credit score, which will be useful later on.

Disadvantages:

• You can easily dig yourself into debt if you’re not careful about your spending
• The ease of using credit cards can cause you to overspend.

Debit Card Details:

• Debit card also known as a "Bank Card" or "Check Card".
• It is a plastic payment card that can be used instead of cash when making purchases.
• It is similar to a credit card, but unlike a credit card, the money comes directly from the user's bank account when using a debit card.

An example of the front in a typical debit card:

1. Issuing Bank Logo
2. EMV chip (optinal and may depends on issuing bank)
3. Hologram(in some cards it is located at the back especially in most MasterCard)
4. Card number(may vary length)
5. Card Brand Logo
6. Expiration Date
7. Card Holder Name

An example of reverse side of a typical debit card:

1. Magnetic Strip
2. Signature Strip
3. Card Security Code

Advantages:

• We don't need to bring cash with us
• Security because we have pin code for our card
• We can check the bank transaction at any time by ATM's.

Disadvantages:

• When you withdraw money from other bank ATM's it will charge for you