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Why are debit cards called debit cards?

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2011-04-20 13:36:08
2011-04-20 13:36:08

in the language of bank and other financial institutions debit means withdrawl. so by naming debit card as debit card bank says '' it is a card by using which u can do any purchases and in return we will debit ur bank balance by that amount. so in debit card u are not borrowing cash from bank (as u do in credit card), but u are using your own money which u have earlier deposited in bank.

so in short: debit card is a card by using which u are debiting ur bank's credit balance.

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