atm, debit,credit card-give difference?

Answer 1

An ATM card is linked directly to your checking or savings account. It can only be used at an ATM machine or at a store or other business that displays the various symbols on the back of your ATM card such as STAR network. When you use it, the money is immediately taken from your account.

A debit card works similarly, but carries a Visa or MasterCard logo and can be used anyplace that accepts those credit cards. However, debit cards are NOT credit cards. They are issued by your bank, and when used, the money is removed from your bank account immediately.

A credit card is like a short term, incredibly high interest (usually 18 to 21%) loan. It has a pre-set spending limit (generally from $500 to $5000) and you cannot spend more than your spending limit. It is not attached to your bank account. When you use them, you incur a debt that must be repaid. Most people end up making monthly payments on their credit cards for years and years, and the interest accrues every single month, so even if you pay say, $150 on your debt, you may have accrued $90 worth of interest, so you only paid off $60 worth of your balance. They're a losing proposition.

Answer 2

With ATM Card - You can withdraw money from your Savings Bank Account from a Bank ATM or associated Networked Bank ATM.

With a Debit Card - You can do the above and also
shop upto the amount that you have in your Bank Account with a Designated Daily Shopping limit .

With a Credit Card - You can use it like an ATM Card to withdraw Cash and also use it for Online or Physical Shopping . "But " Credit Card is not linked to any Bank Account as such and you have to Pay the Bank at the end of specified Billing Period .
And If you don't pay by the end of Billing Period , you are charged an Interest on the amount .

Using Credit card is like taking a Short-Term Loan from that Bank .

Answer 3

ATM Card- It is a card through which u can withdraw money(cash) from the atm of that bank. The amount which u withdraw gets deducted from your account. Now a days, ATM Cards also have the facilty of withdrawing cash from the ATM of any bank.

Credit card- For holding the credit card of a particular bank, it is not important that u should be an account holder of that bank. The bank gives u a certain limit in which u have to make ur expenditure. You have to pay after a few weeks of purchase (depends on billing cycle).

Debit card- For holding the debit card of a bank, u have to be an account holder of that bank. There is no certain limit for making purchase from a debit card as the amount gets deducted from your account as soon as u make your purchase. In other words, the balance of your account is the limit.

Answer 4

Hi, an ATM card can only be used to your bank account to transact when you physically visit an ATM. You can use a debit card, to make payments for purchase of purchase products and services at the point of purchase. When you do thisk, the debit card again checks your bank account and if it has enough funds, allows the transaction to go through, depleting your account by the same amount. A credit card does not link to any of your bank accounts. You will have a credit limit and you can make purchases till the time you reach this limit. Once you have reached the imit, or once every month, you have to restore the limit by making payment to the credit card company for the amount due.

Answer 5

with ATM card u can only draw cash frm the atm.
with Debit card i can draw cash from the atm as well as use it during any transcation by swiping and the money gets debited frm your account.
with Credit card u use it in the same way as u use the debit card, only u are given a credit period of 45 days (in general), aft which u have to pay the same to the bank with additional interest.
Hope now u got it.

Answer 6

ATM and debit cards are a way to pay for something with money you have in your bank account. Credit cards are a way to pay for something with a financial institution's money. You then pay the credit card company. If you don't pay off the whole amount, then you also have to pay interest.

Probably the more important difference is that there are certain rights that are attached to each payment type. For example, you will have greater protections against a merchant who sells you a bad product (of service) if you pay by credit card.

Answer 7

ATM
A bank card that gives you immediate access to your funds through an automatic teller machine (ATM). You use a personal identification number (PIN) to authorize the withdrawal of funds from your account.

DebitCard
A plastic card with which a customer may withdraw funds on
deposit in the customer's account using an automated teller machine. Some merchants accept debit cards, treating them the same as cash. A debit card transaction pays the seller of goods or services by withdrawing funds already on deposit in the buyer's account, as opposed to a credit card transaction in which funds are loaned to the buyer by the card issuer.

Credit Card
A card indicating the holder has been granted a line of credit. It enables the holder to make purchases or withdraw cash up to a prearranged ceiling. The credit granted can be settled in full by the end of a specified period or can be settled in part, with the balance taken as extended credit. Interest is charged based on the terms of the credit card agreement and the holder is sometimes charged an annual fee.
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Answer 8

debit card - u can pay using the card as long as you have money in your account

credit card - u are given a credit limit and you need not have account - can pay thru check

atm card - a debit card that can be used only in the atm machine

Answer 9

atm card can only be used on the atm machine to draw available funds from your account, cannot be used in a merchant establishment. if there are no funds in your account you cannnot withdraw. the debit card is also a direct debit to the savings accounts but can be used in merchant establishments as well. the credit card is a borrowing mechanism where if you have a present limit from your card issuer you can withdraw from those atm's that accept the card and also use it in merchant establishments. debit cards and atm cards are not used for borrowing.

Answer 10

ATM - Automatic teller machine - use a valid card to draw money.

Debit card - Pay and use. Should have some money deposited before u use the card.

Credit Card - Use and pay. Buy things or draw money and later pay it with interest.