What is a Credit/Debit Card?
These cards are a convenient way to make payments (so you don’t need to carry cash). These cards are relatively safe, secure and make life easier for you and merchants/businesses. With a debit card – payment is made directly from your bank account – it is like going to the bank, getting cash and making a purchase. It just saves the bother of the cash part. With a credit card you are taking a loan from the bank in order to make a purchase. The bank will pay the merchant and you will have a bank loan that must be repaid with interest.
BEWARE: it can feel when you use a credit card that it is not costing you anything – but you have to pay the credit card company back – and usually the longer it takes you to pay, the higher the interest payments you will have to pay.