With a humongous advance in modern methods, banking cards have proved to be an efficient means of the transaction for individuals. They don’t just spare you the hassle of running around for cash but also aids you at times of immediate purchases.
Bank cards are specifically classified on basis of their usage, issuance and the payments made by the cardholders. The cards are of three types:
• Credit Cards
• Debit Cards
• Prepaid Card
Credit cards
You walk into a gadget store and lay eyes on a fascinating high-end smartphone. But to your agony, you are not carrying the amount of cash required to purchase it. Well, all you need to do is get your credit card swiped. A list of few basic features of a credit card will include:
1. Through credit cards, also known as plastic money, a person can withdraw amount beyond what they have in their account. However, there is a certain credit limit up to which the extra money can be withdrawn.
2. The cards can be used for transferring money to the debit card, bank accounts and prepaid cards within the country. They can also be used to make transactions through the ATM.
3. The amount of money withdrawn via a credit card must be paid back along with the necessary interest charges applied by the card issuer within a limited time span.
4. E-commerce/Point of Sale (POS) purchases can be made with credit cards through Interactive Voice Response (IVR) or Mail Order Telephone Order (MOTO). They can be used both internationally as well as domestically.
Debit Cards
Debit cards are a good alternative to paying cash or while shopping from your favourite online store.
Prominent features of a debit card include:
1. Debit cards are specifically linked to the customer’s bank account and are issued by the respective banks. Therefore, you can only withdraw money based on how much you have in your bank account.
2. You need to have sufficient balance in your account to make transactions using a debit card. They can be used for withdrawing cash, purchase of services and goods at E-commerce/Point of Sale (POS) both internationally and domestically.
3. Debit cards are useful for domestic fund transfers among individuals.
Prepaid Card
A prepaid card is the best plastic alternative to carrying around cash. Also called ‘everyday cards’ you can pre-load them with money and use as required. Once the amount gets exhausted you can opt for a top up. The basic features of a prepaid card are:
1. For getting a pre-paid card issued, one needs to pay the money in advance. Thus, these cards cannot be linked to your bank accounts.
2. Prepaid bank cards are issued by both banking and non-banking entities.
3. Prepaid cards issued by banks are called Open System Prepaid Cards and can be used to make withdrawals from ATM, purchase services and goods at E-commerce/POS and for domestic fund transfer.
Different types of cards have made life easy with their on-spot transactional features. Relieve yourself from the hassle of cash payments and get your bank card issued today!
Bank cards are specifically classified on basis of their usage, issuance and the payments made by the cardholders. The cards are of three types:
• Credit Cards
• Debit Cards
• Prepaid Card
Credit cards
You walk into a gadget store and lay eyes on a fascinating high-end smartphone. But to your agony, you are not carrying the amount of cash required to purchase it. Well, all you need to do is get your credit card swiped. A list of few basic features of a credit card will include:
1. Through credit cards, also known as plastic money, a person can withdraw amount beyond what they have in their account. However, there is a certain credit limit up to which the extra money can be withdrawn.
2. The cards can be used for transferring money to the debit card, bank accounts and prepaid cards within the country. They can also be used to make transactions through the ATM.
3. The amount of money withdrawn via a credit card must be paid back along with the necessary interest charges applied by the card issuer within a limited time span.
4. E-commerce/Point of Sale (POS) purchases can be made with credit cards through Interactive Voice Response (IVR) or Mail Order Telephone Order (MOTO). They can be used both internationally as well as domestically.
Debit Cards
Debit cards are a good alternative to paying cash or while shopping from your favourite online store.
Prominent features of a debit card include:
1. Debit cards are specifically linked to the customer’s bank account and are issued by the respective banks. Therefore, you can only withdraw money based on how much you have in your bank account.
2. You need to have sufficient balance in your account to make transactions using a debit card. They can be used for withdrawing cash, purchase of services and goods at E-commerce/Point of Sale (POS) both internationally and domestically.
3. Debit cards are useful for domestic fund transfers among individuals.
Prepaid Card
A prepaid card is the best plastic alternative to carrying around cash. Also called ‘everyday cards’ you can pre-load them with money and use as required. Once the amount gets exhausted you can opt for a top up. The basic features of a prepaid card are:
1. For getting a pre-paid card issued, one needs to pay the money in advance. Thus, these cards cannot be linked to your bank accounts.
2. Prepaid bank cards are issued by both banking and non-banking entities.
3. Prepaid cards issued by banks are called Open System Prepaid Cards and can be used to make withdrawals from ATM, purchase services and goods at E-commerce/POS and for domestic fund transfer.
Different types of cards have made life easy with their on-spot transactional features. Relieve yourself from the hassle of cash payments and get your bank card issued today!
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