A debit card is a plastic payment card that
can be used instead of cash when making purchases.
It is a card used for fund transactions. and one can get electronic access to your savings account in any bank using the ATM.
You can deposit and withdraw as per your convenience this way without having to worry about standing in long queues.
There are different types of debit cards available all enabling you to spend only what you can afford unlike credit cards.
Banks issue four types of debit cards:
Visa
VISA Electron
MasterCard
Maestro
A Debit Card will contain the following information:
1. Full Name.
2. Card Expiration Date
3. CVV code
Note: For Visa, this password is called Verified by Visa.
For MasterCard, this password is called 3D SecureCode.
Debit cards are issued by banks, mainly for convenience and to give bank customers flexibility in their banking transactions.
It can be used to withdraw money, make deposits, transfer money between accounts, find out your balance, get a cash advance, and even make loan payments as per your convenience.
When you pay with a debit card, you will find that the money is automatically deducted from your savings account.
Banks issue debit cards that can be used wherever credit cards are accepted.
Debit cards are preferred for two reasons:
A debit card uses funds directly from your savings account unlike a credit card where you can borrow funds on credit, leaving disposable cash in your account.
Using your debit card for ATM transactions can be expensive if the ATM is not affiliate with the concerned service provider.
It is difficult to maintain the balance on your account may be difficult unless you record every debit card transaction.
One needs to guard your debit card against loss or theft as most financial institutions will try and protect their customer from debit card fraud but you could be potentially be liable to pay for fraudulent debit card transactions
It is a card used for fund transactions. and one can get electronic access to your savings account in any bank using the ATM.
You can deposit and withdraw as per your convenience this way without having to worry about standing in long queues.
There are different types of debit cards available all enabling you to spend only what you can afford unlike credit cards.
Banks issue four types of debit cards:
Visa
VISA Electron
MasterCard
Maestro
A Debit Card will contain the following information:
1. Full Name.
2. Card Expiration Date
3. CVV code
Note: For Visa, this password is called Verified by Visa.
For MasterCard, this password is called 3D SecureCode.
Debit cards are issued by banks, mainly for convenience and to give bank customers flexibility in their banking transactions.
It can be used to withdraw money, make deposits, transfer money between accounts, find out your balance, get a cash advance, and even make loan payments as per your convenience.
When you pay with a debit card, you will find that the money is automatically deducted from your savings account.
Banks issue debit cards that can be used wherever credit cards are accepted.
Debit cards are preferred for two reasons:
A debit card uses funds directly from your savings account unlike a credit card where you can borrow funds on credit, leaving disposable cash in your account.
Using your debit card for ATM transactions can be expensive if the ATM is not affiliate with the concerned service provider.
It is difficult to maintain the balance on your account may be difficult unless you record every debit card transaction.
One needs to guard your debit card against loss or theft as most financial institutions will try and protect their customer from debit card fraud but you could be potentially be liable to pay for fraudulent debit card transactions
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