My article is my article none of your article. I’m really sorry Salman Khan fans but Race 3 movie is Garibo ki Fast And Furious, that line not only I’m saying, the whole Internet is saying and its true and the reason is Remo D’Souza. If you ask a Choreographer 💃 to direct a movie, he will give you a movie like Race 3, that man took all Fast and Furious movies (1st to 8th part) in a mixer grinder, mixed it and is ready to serve to us on 15 June 2018 😒. I’m very frustrated with this movie because it hurt my feelings let me tell you I’m a HUGE fan of the Fast and Furious franchise and my nickname is Dominic Toretto. Sorry for taking too much time of yours, today’s article is on how does credit card works? how does debit card works?
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So, basically, today in this article 📃 we will discuss how does credit card work, how does debit card work, how chip card work, how do credit cards work technically, how does credit card interest work, how credit card works in India, debit card and credit card difference, what is a credit card, how does debit card work and much doubts are going to clear, I promise.
What Is A Credit Card? 💳
A plastic card that almost looks like a 1.5 Parle biscuit which is used for transaction purpose. We can say, it is a medium to take a Digital Loan!
How Does Credit Card Work? 🛠
You are too smart to understand what is credit card so I’ll neither waste your time nor mine to tell you what it is actually in brief. So, let’s start our journey to know how does credit card works without wasting a single second of yours.
- Imagine, you have a credit card and you visited your nearest shop to buy an iPhone X of Rs. 80000 (because you love iPhone).
- So, when you insert your credit card in card reader machine to make payments, the machine asks your credit card issuer like (VISA, MASTERCARD, RUPAY and many more, depending on which card issuer card you are using) things like whether your card is valid or not or if you pass your monthly limit or not something like that.
- Once, it confirms all these details, it sends a message back to merchant credit card terminal that you are able to do a transaction or not.
- Once, it allows you to buy that iPhone X 📱, that machine ask you to enter your four digit PIN number, by the way, my PIN no. is ****.
- Once, you enter your PIN no., it generates a random code (like 23693) for that particular transaction and after that, the machine uses encryption keys to decrypt your account information through that random code, so that you can buy your iPhone X and show them to your friends.
- This is how every magnetic strip credit cards and chip credit card works.
How Does Credit Card Interest Work? 🕴
Now, you bought your iPhone thought your credit card but what about its interest? Um…do you know how does credit card interest work? If not then please help me to know you.
- Imagine, you have to pay Rs. 5000 every month for your iPhone X.
- Now, two things will happen:
- If you pay your interest at a time then don’t worry everything would go smooth.
- But if don’t pay total Rs. 5000 per month or just miss it paying at a time when your bank 🏦 will charge interest on it.
- Now, you have to pay Rs. 5000 per month but few of problems you could pay only Rs. 2000, then on the next payment you have to Rs. 8000 (Rs. 5000 of this month and Rs. 3000 on previous month with interest)
- In last, if you pay your interest on time you will only pay Rs.80000 (cost of your phone) but if it delays in paying interest then you have to pay extra (depends on your bank interest rate) could be reached to 1 lakh.
How Does Debit Card Work?
The debit card works exactly same as credit cards but the main difference between them it, Debit card is like your piggy bank (you store and you use, you again store and again use). The credit card is like you take a loan and you have to pay it.
Debit Card And Credit Card Difference 🗡
|Debit Card||Credit Card|
|The debit card is like using your piggy bank (you store, you use then you store and again you use)||Using Credit card is like taking a loan and then paying for it.|
|You will not any kind of reward if you use it.||Credit card offers a reward sometimes.|
|You don’t need to pay any kind of interest.||You have to pay.|
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