Debit / Credit Card

The primary difference between a credit card and a debit card stems from the ways you can use them and where the money comes from.

• Exchange A student debit card allows you to spend the amount already in your bank account. Money is directly deducted from your account when you make a purchase. You can also withdraw cash from ATMs using a debit card.
• Fee You're borrowing money from the card issuer to make purchases while using a student credit card. This essentially means that you're essentially taking out a short-term loan from the issuer, which you'll need to pay back later. Depending on the terms, you will be able to spend a specific limit set by the issuer, known as your student credit limit. You will also receive a statement showing your purchases at the end of each billing cycle, and you are expected to repay the borrowed amount by a due date to avoid interest charges.