Bank cards are basically plastic cards that are issued by the bank against an account. These cards come equipped with a small magnetic strip of magnetic chip that are encoded with an identification code unique to that of the account holder. The cards that are directly associated with the depository account are ATM cards or debit cards. Visa and Mastercard are also bank cards and fall under the category of a credit card. If you have an account with a bank you will be given one or more cards to handle. Although there are two categories of cards; credit and debit cards, there are numerous types of cards within the sub-category of credit cards. Credit cards are more limiting and there are different credit cards that are used for different purposes. So, are you aware of all these bank cards?
Types of Cards
• Debit Cards- Debit cards are actually multipurpose as not only do they help when it comes to the withdrawal of cash but also can be used for making in-store payment. Debit cards can also be used to make online purchases.
• Standard Low APR Cards- APR stands for annual percentage rate. This rate is the price at which the issuer of the credit card lends you money. Most basic credit cards come with the lowest most APR.
• Credit Building Card- If you are a candidate with a really bad credit score then you are better suited to the credit building type of card. These cards come with really low limits in terms of credits and very high APR’s. The basic concept of this card is to help you get steady with paying back the loan that you took from the bank. As you keep paying back the money to the concerned bank your rating will keep on increasing.
• Reward Cards- People who have a moderately decent card score can avail for reward cards. These cards are available in a number of shapes as well as sizes. The functionality of the card is as you spend money by making use of the card, you gain certain rewards. Rewards usually come in the form of earning points that can be redeemed for example when you purchase a ticket from an international flight. These are sometimes linked to a particular bank. The catch is when you use that particular bank’s credit or debit card to make the purchase of the international plane fare, you will get additional discounts.
Bank cards are extremely utilitarian and beneficial if you don’t want to keep liquid cash on you. You can withdraw money from the ATM machine with your debit card at any point of time in the day. The only thing before you take your own bank cards, ensure that you learn all about its facilities.
Types of Cards
• Debit Cards- Debit cards are actually multipurpose as not only do they help when it comes to the withdrawal of cash but also can be used for making in-store payment. Debit cards can also be used to make online purchases.
• Standard Low APR Cards- APR stands for annual percentage rate. This rate is the price at which the issuer of the credit card lends you money. Most basic credit cards come with the lowest most APR.
• Credit Building Card- If you are a candidate with a really bad credit score then you are better suited to the credit building type of card. These cards come with really low limits in terms of credits and very high APR’s. The basic concept of this card is to help you get steady with paying back the loan that you took from the bank. As you keep paying back the money to the concerned bank your rating will keep on increasing.
• Reward Cards- People who have a moderately decent card score can avail for reward cards. These cards are available in a number of shapes as well as sizes. The functionality of the card is as you spend money by making use of the card, you gain certain rewards. Rewards usually come in the form of earning points that can be redeemed for example when you purchase a ticket from an international flight. These are sometimes linked to a particular bank. The catch is when you use that particular bank’s credit or debit card to make the purchase of the international plane fare, you will get additional discounts.
Bank cards are extremely utilitarian and beneficial if you don’t want to keep liquid cash on you. You can withdraw money from the ATM machine with your debit card at any point of time in the day. The only thing before you take your own bank cards, ensure that you learn all about its facilities.
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