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Pay with Debit Cards…Debt-Free, Good for the Heart
People start looking for other methods to enhance their purchasing capacities when they enter into the working age and most of them think of credit cards and cash cards, instated of debit cards. If the comparative study on characteristics of each card type is conducted, we will find only a few differences among them. However, using debit cards for cash advance is free of interest charges.
items |
Credit Card |
Cash advance card |
Debit card |
---|---|---|---|
Annual fees |
Depending on a card issuer |
Depending on a card issuer |
Depending on a card issuer |
Cash Advances |
Yes (considered as |
Yes (considered as |
Yes (considered as |
Purchasing Goods & Services |
Yes |
Depending on a card issuer |
Yes |
Interest Charges |
Yes (for late payment or paying the minimum amount due |
Yes (from the date of the cash advance) |
No |
Limitations of Application |
Minimum income requirements |
Minimum income requirements |
No requirement |
The above table shows that the key difference of a credit card, cash card and debit card is “debt burden”. A debit card is a card linked to a bank deposit account. Each transaction must not exceed the available account balance. Example advantages to limit the debit card spending include:
Find the SCB debit card that's right for you