Visa is the world’s largest American financial services corporation. Founded in 1958 it has grown into an international company that holds 38% of the credit and 70% of the debit marketplace in the USA. The company helps to facilitate electronic funds throughout the world by transferring a value and information among financial institutions, merchants, consumers, businesses, and government. The company facilitates global commerce providing banks and other financial institutions with Visa-branded payment products.
The difference between credit and debit card
With Visa cards, there is the choice of using credit cards and debit cards. The latter is one that is fast growing through use by many people across the globe. As you know, the former has an amount they charge as interest every month. When it comes to debit cards, the withdrawal of money occurs automatically from your savings or checking account when you make a purchase.
The credit card charges you interest on payments based on the rate agreed upon in the respective agreement. Furthermore, they have limits to a certain point on how much you can spend. Debit cards, on the other hand, do not charge interest. Therefore, this means that you can use up to the amount you have in your account with no limit. You, however, need to confirm this with your bank. It is possible to add a credit card to your account as an overdraft protector.
Differences between cards can be seen more clearly in the table below: