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08/11/2010 / craigmartinallen


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debit card (also known as a bank card or check card) is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account, or from the remaining balance on the card. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card.

By Douglas Mudd May 2007
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder’s promise to pay for these goods and services. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
The money of the future in the United States is increasingly identified with the credit card – an interesting development in our lifetimes that has important ramifications for the future. Americans are used to easily available credit – something that is not common in the rest of the world. Europeans use credit cards as well, but the card of choice is the stored value card that has a fixed amount of money associated with it – something that has not gone over particularly well with the American public either in the form of smart cards or debit cards.


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