Type of bank cards

In China, bank cards are of two types: debit cards and credit cards.

The debit card, or savings card, is opened with the real name on the ID card and can only be used after money is deposited. The deposit is divided into current deposit and fixed time deposit. Current deposits can be deposited and withdrawn at any time, and are interest-bearing. Fixed time deposits are mainly comprised of whole deposits and whole withdrawals, and installment savings. The interest rate is much higher than that of current deposits. Besides, it can be withdrawn with the ID card when there is a temporary need.

The credit card is a kind of bank card that can be overdrawn. This kind of card is mainly used for buying things with payment expected after consumption. When applying for a credit card, you should provide your ID card, and some other relevant proofs, such as proof of employment or proof of wage income.

Tips: It is not recommended to use a credit card for cash withdrawal, because it may incur a service charge and high monthly compound interest.