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Credit & Debit Cards & Remittance Products
What is the primary difference between a credit card and a debit card?
A credit card allows the holder to borrow funds from the issuing bank up to a pre-approved limit, while a debit card draws directly from the cardholder's own bank account balance.
What is a 'balance transfer' facility offered by credit card issuers?
Moving outstanding balance from one card to another, often at lower interest.
Which RBI circular governs the issuance of credit cards by banks in India?
RBI's Master Directions on Credit Card and Debit Card – Issuance and Conduct Directions govern the issuance and conduct related to credit and debit cards in India.
What is the purpose of a 'credit limit' on a credit card?
Maximum amount a cardholder is authorized to borrow from the issuer.
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