A debit card traditionally has been defined as plastic with limits – one can only spend today what one has in one’s bank account today. Traditionally, a credit card has been defined as plastic without some of the limits – one can spend today more than one has in one’s bank account today, up to the credit limit established by the card issuer, with a legal obligation to eventually pay it all back later, with interest.

But now there’s a new form of credit that’s been created by the opportunistic folks at Kwedit, a new payment network targeting the young and the otherwise unbanked, a group that is most likely financially unsophisticated.   Continue reading