Debit card - Financial definition
Concise definition of the term debit card
A debit card is a payment card linked directly to a bank account, allowing the cardholder to make purchases or withdraw cash.
Comprehensive definition of the term debit card
In finance, a debit card functions similarly to a credit card in facilitating transactions, but instead of borrowing funds, it directly accesses the cardholder's bank account, deducting the purchase amount immediately. It offers convenience and widespread acceptance, often used for everyday purchases, bill payments, and ATM withdrawals, making it a fundamental tool for managing personal finances and maintaining liquidity.