What is the name of the card that draws money directly from the consumer's checking account when a purchase is made?

A debit card is designed to draw money directly from the consumer's checking account at the time of a purchase. When a transaction is completed using a debit card, the funds are immediately deducted from the account linked to the card. This means that consumers can only spend what they have in their account, which can help manage spending and avoid debt.

In contrast, a credit card allows consumers to borrow money up to a certain limit, with the obligation to pay it back later, often with interest. A charge card operates similarly but typically requires the balance to be paid off in full each month. A gift card, on the other hand, is preloaded with a specific amount of money and can be used until that amount is depleted, but it does not directly access a checking account.