Debit cards do offer some of the convenient ways of that a credit card but it happens to work in most of the cases in a quite different way from that of the credit cards. Through debit cards it is possible to withdraw money directly from that of the account when a purchase is being made. But it is necessary to input a PIN in case of a debit card in the stores of ATMs. But whether the credit and debit cards are a form of money is really an interesting question. For this, we need to look into the different components of money. In case of the M1 form of money, it takes into account the currency which remains in the hands of the public along with that of the traveler’s checks, demand deposits and many others for which it is possible to represent in the form of checks.