So is the char field type faster than text field type? Because that's what I really need to know although it's a bugga it will consume more space for faster performance.
Not really, no. The field itself isn't faster.
What makes it faster is that it will always have the same size for every row. If you create a
CHAR(50) column and only put 20 characters into one of the fields, MySQL will still use 50 characters to store that field. It would append 30 spaces to the original 20 and store that. (And then remove the 30 spaces when you fetch the data, so no worries there.)
TEXT and VARCHAR (and VARBINARY) are variable-length fields, which shrink to fit the data each field stores. This means that when MySQL searches the table, it has to calculate the position of the data within the data-file on a per-row basis, whereas when you only use fixed-length fields, it can assume all the rows are the same size and calculate where the data is for the entire table before it starts searching.
So in short, yes, CHAR is faster than VARCHAR, but only if ALL the fields in the table are fixed-size. If you have 3 VARCHAR, TEXT or VARBINARY fields in a table, swapping one out won't change anything. It's all or nothing.