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The Similarity and Differences Between Debit and Credit Card

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THE SIMILARITY AND DIFFERENCES BETWEEN DEBIT AND CREDIT CARD
Among many electronic payment systems today, the most popular form is card payments. There are two main types of cards, which are debit card and credit card. Many people are still confused as the similarity and differences between those two cards. However it is not as confusing as it seems. As both cards are similar in appearance, many people assume that both of debit and credit card share similarity with fraudulent protection and shows differences regarding the time of payment, amount of fees charge and interest rate and also in financial access.
According to Rebecca Lindsey (2004), similarity between both cards can be seen in fraudulent protection. Although the way of the law limit consumer liability are different, there is still have a protection service for fraudulent charges that had been noticed when using those debit if you notify the bank within two days of noticing the fraudulent charges. After a couple of days, the liability increases to $500, and up to the issuer entire account balance after two months. Thus, if the theft is reported after two days, the issuer can be held responsible for paying for purchases or charges that he or she did not make. However, if there is no notification of the fraudulent charge in the period of 60 days, the liability could be limitless.
While, James H. Dimmit (2008), assumed that credit card issuer only responsible to make payment for the first $50 of unauthorized charges if the cards are stolen. However, if you notify the credit card issuer before a thief is able to make any charges, and in the meantime if the credit card is not physically present when an authorized or fraudulent purchase is made, we will be free from liability for those charges. Moreover, additional protection against fraudulent use of your credit may also available through your

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