The instant debit card is an electronic payment method in which the amount is deducted almost instantly.  

In other words, its direct link with the current account means that the purchase amount is automatically deducted from your current balance.

The debit card has physical and virtual formats, therefore suitable for in-person and online purchases. Read more on E-Complish

What is the difference between a debit card and a credit card?

The main difference between credit and debit is when the purchase amount is deducted from your account.

As we mentioned previously, the debit function reduces your balance immediately, except in specific cases that can take up to 24 hours.

On the other hand, purchases made with a credit card will only be deducted at the time of the monthly payment of the invoice, allowing the amount to be paid in installments.

In this way, the credit function is a kind of personal loan granted to the user since the bank guarantees that the purchase is made and that the customer subsequently pays the amount due.

Attention: credit and debit functions have spending limits, but their amounts may differ.

How Does The Debit Card Work?

The credit card works directly linked to the current or savings account, offsetting the amount at the time of purchase.

To use this function, it is recommended to have enough balance for the transaction. After all, if you spend an amount above that available in your current account, the bank will automatically activate the use of an overdraft.

This “circumstantial loan” is available whenever you have a negative balance.

However, be aware that there is a maximum overdraft limit and daily fees applied to its use.

When to use the debit card?

A debit card with instant debit card funding is an excellent option for avoiding debt accumulation, as payment will be settled at the time of purchase. Therefore, prefer the debit function for everyday expenses if you have a sufficient balance.

Monitor your financial transactions through the banking application so you don’t lose control of your budget.

In addition, debit is widely used to speed up the delivery of purchases, as payment is processed and approved quickly.