Century of advanced technologies and developed world banking system has long been offering its clients a lot of different services and maps. In this variety it is easy and confusing, but still some of the basics should be known. Exactly answer the question, what is a debit card can, figuring out the nuances.
What is a bank debit card?
A payment card of the bank that allows you to make various payment and banking transactions within the amount that is on its account - that's what a debit card means. Its peculiarity is that the user spends only his own money. You can start such a card at the age of fourteen. This does not require a certificate of income and other similar documents.
What is the difference between a debit card and a credit card?
There are no external signs of difference and all bank cards look almost identical. Both varieties are a payment instrument. The difference between a debit card and a credit card:
- allow you to use only your own means;
- often banks provide a service for calculating interest on a certain balance at the end of the month on a debit card.
What is a debit card? The credit card contains funds of the banking organization, which the client has the right to use on certain conditions, then puts them back on the card, only paying interest for using credit money. Also, on credit lines, limits are set for withdrawing cash. On a debit card, there are no such limits.
What is the difference between a debit card and an overdraft card?
There is a kind of card, like a debit card with an overdraft . At the moment when own funds are available for use on the payment card, a card with an overdraft allows you to take out loan funds. Do not need anything additional. Borrowed funds in a certain amount (this point is discussed during registration) and so are on the card.
Advantages and disadvantages of debit cards
Payment cards are much more frequent than credit cards. Among the minuses I would like to note that the withdrawal of cash means a percentage. If you use overdraft money, then the interest rate will be high. Pros of a debit card:
- cashless settlement in any store;
- payment for services through Internet resources or bank terminals;
- Do not need to carry a thick purse, you can just take a thin "piece" of plastic;
- safe way of storing money.
There is also the opportunity to carry out banking operations without leaving home, to make currency exchange. Banking applications for mobile phones - no need to stand and think how much money on the card, you can make a couple of moves and come SMS with an affordable amount of money on the card. The right to use an overdraft means that you do not need to make an additional loan.
Types of debit cards
The main key to the bank account is a debit card. When calculating such a payment card in specialized stores, you receive bonuses, which you can also spend after making purchases. In simple terms, such a card is a real opportunity to avoid a lot of trouble in the modern pace of life, because thanks to it, you do not have to stand in lines and have something to prove to someone.
Types of bank payment cards.
- Ready-made debit cards are issued instantly.
- Standard - as a rule, are given out in the framework of salary projects of various organizations.
- Electronic have a minimal commission on maintenance.
- Virtual: their purpose is to buy online, they have a low maintenance cost.
- Affiliate.
- Gold can be issued as a salary, helps to save large amounts of money.
- Platinum - for VIP clients, the user receives the maximum of services.
How do I use a debit card?
Some of the payment cards have a function such as the accrual of interest on the balance of cash. It is easy to set up the function of calculating funds on the piggy bank when you buy or when you enter funds into the account, a certain amount immediately goes into it. How to replenish the debit card - through the terminal of the corresponding bank.
- Insert a payment card into the card reader.
- Dial your PIN code.
- Select on the screen the option to replenish the card with the presence or by number.
- Make money. You should not make more notes than the terminal can accept at the moment.
If there are no cards with you, selecting the same option on the screen as in the previous paragraph, dialing your card account number, entering the amount you need to replenish, and making money. You can easily transfer money from one card to another, using the online control of your personal account. This is the advantage of a debit card.
How do I close a debit card?
Bank cards need to be closed properly. The system is arranged in such a way that even if the expiration date has expired, the organization can continue to provide paid services and as a result, a person becomes a debtor. How do I cancel a debit card?
- To apply to the banking institution with a request to close the account.
- The bank must issue a certificate stating that the account was closed.
- If you change your mind about starting a card, the simplest option is not to pick it up. According to the law, employees store stored cards for several months with pins, and then destroy them.
What does the debit card mean? A kind of purse that gives a number of advantages. However, you need to carefully familiarize yourself with the conditions of banking organizations for issuing and closing any cards. Often, it is easy to get a card, but to close the account later without problems in some institutions is problematic. Carefully read the contract and see what you sign, so as not to end up in an unpleasant situation.