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CREDIT & DEBIT CARDS
What is the primary difference between a credit card and a debit card in terms of funds used?
A credit card allows the holder to borrow funds from the issuing bank up to a pre-approved credit limit, whereas a debit card directly draws funds from the cardholder's linked bank account.
What is a virtual credit card and how is it used for online transactions?
A digital card number generated for secure online purchases only.
Which RBI guideline governs the issuance of credit and debit cards by banks in India?
RBI's Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions, 2022 governs the issuance and conduct of credit and debit cards by banks and non-bank entities in India.
What is a prepaid card and how does it differ from a debit card?
Preloaded card not linked to a bank account, unlike a debit card.
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