How Do Debit and Credit Cards Differ?

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Long ago, physical money (bills and coins) was put to rest in favor of debit and credit cards. Today, most people have at least one debit card and one credit card in their wallets/purses.

At the same time, not everyone has a clear understanding of the similarities and differences between these two primary means of exchange for goods and services.

With that in mind, we want to use the following discussion to focus on a comprehensive comparison between debit and credit cards.

The Similarities and Differences Between Debit and Credit Cards

The similarities between debit and credit cards are pretty much straightforward. They look the same with a 16-digit card number, EMV chip, and magnetic strip on the back. They are also generally the same size.

Additionally, you can use both debit and credit cards for in-person and online transactions.

These two payment cards differ in the fact that debit cards are only issued by a bank or credit union. In contrast, credit cards can be issued by banks or any other payment processing institution…