A woman using a debit card at an ATM.
(plural debit cards)
- A card much like a credit card, but which takes money directly from the bank account, rather than borrowing the money from the issuer of the card.
debit card - Investment & Finance Definition
A plastic card that has a magnetic strip on one side that can be swiped. A debit card is used to pay for goods and services. The bank or financial institution issuing the debit card pays the merchant and then deducts the amount of the transaction from the debit card holder’s bank account immediately. In contrast, a credit card balance doesn’t have to be paid for many months after a purchase.