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CREDIT CARDS AND DEBIT CARDS
What is the primary difference between a credit card and a debit card?
A credit card allows the holder to borrow funds up to a pre-approved limit, whereas a debit card directly draws funds from the cardholder's linked bank account.
What is a charge card and how does it differ from a credit card?
Charge card requires full payment each month, no revolving credit.
Which RBI circular governs the issuance and operation of credit cards in India?
RBI's Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (updated) governs credit and debit card operations for banks and NBFCs.
What is the role of a card issuer in the credit card payment ecosystem?
Card issuer is the bank that provides the credit card to the customer.
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