Banking terminology

credit card : bank offer line of credit (loan ) that is interest free if the monthly credit card bill is paid on time .instead of being connected to personal bank account , credit card is connected to any financial institution that issue the card .credit card offers credit that that be used to make payment , balance transfer and cash advances and this credit needs to be paid by you on monthly basis by the due date on the balancec.so , credit card has reward program but they require an annual fee to use. it is an electronic cheque which enable you to pay on the purchase of goods and services from merchant outlet and also borrow money if needed for payment.for example everest bank limited provides credit card named "visa domestic credit card " and teh eligible candidate for geting that visa card is : Any nepali citizen above 21 who has monthly salary 25000 or above or froeign nationals having passport ,certificate of registration issue by embassy . limited transacton limit and charge fee are also applied in VISA CREDIT CARD . card can be used by use of ATM or use of POS Machine.

Debit card : most debit card are free and are connected to an individual account which provide service of balance enquiry , money withdrawl etc from ATM. so debit card deduct money directly from your bank account .it is used to withdraw money from your own bank account from atm or pos machine.