Banking has become so convenient and easy in the modern age. In fact, our bank cards have become those objects on which we rely on the most in our everyday lives. You can walk out of your home without cash, but you cannot do so without your card. Whether it is an ATM card, a debit card, or a credit card, each one comes with various special benefits and specifications, making our financial lives easy. Here are the different cards in India which facilitate smooth banking.
ATM Cards: Meant to facilitate bank customers with a sense of flexible banking, especially during non-banking hours, ATM cards are offered by all banks. Besides giving you the flexibility to withdraw money at any given time, ATM cards also allow you to make deposits, transfer money between accounts and check your account balance. You can also get a cash advance on your ATM card and make a loan payment at any time with this card. All you have to do is visit the nearest ATM of your bank. Furthermore, you can use your ATM card to withdraw money at any other bank ATM for a specified number of transactions per month.
Debit Cards: Indian banks issue ATM cum debit banking cards which are backed by either MasterCard or Visa. Debit cards essentially function like a bearer check, in that the amount is immediately debited from your account when you swipe your card at a merchant establishment. To ensure that your card is not swiped without your authorization, you must enter your ATM pin for the transaction to follow through. Additionally, you can authorize the use of your debit card when you travel to international destinations.
Credit Cards: Unlike ATM or debit cards which are issued by your bank with your account, you can get a credit card from any bank, even if you do not have an account with them. You do not necessarily have to link a bank account to your credit card. Credit cards are basically like loans that a user can take on their card. You can put all your expenses on a credit card and pay them monthly. If the dues are paid on time, the bank does not charge you any interest for the money loaned, however if you fail to pay them on time, the interest rate keeps compounding until the payment is completed. Credit cards come in very hand if you know how to utilize them well.
Prepaid cards: If you’re travelling abroad and are on a budget, you could consider purchasing a prepaid card. Prepaid cards are simple in that, you can load a pre-determined amount of money on the card and use it like you would a debit or credit card. You can refill this bank card when it runs out of money and use it again. A Forex card is a good example of a pre-paid card on which you can load money in different currencies.
ATM Cards: Meant to facilitate bank customers with a sense of flexible banking, especially during non-banking hours, ATM cards are offered by all banks. Besides giving you the flexibility to withdraw money at any given time, ATM cards also allow you to make deposits, transfer money between accounts and check your account balance. You can also get a cash advance on your ATM card and make a loan payment at any time with this card. All you have to do is visit the nearest ATM of your bank. Furthermore, you can use your ATM card to withdraw money at any other bank ATM for a specified number of transactions per month.
Debit Cards: Indian banks issue ATM cum debit banking cards which are backed by either MasterCard or Visa. Debit cards essentially function like a bearer check, in that the amount is immediately debited from your account when you swipe your card at a merchant establishment. To ensure that your card is not swiped without your authorization, you must enter your ATM pin for the transaction to follow through. Additionally, you can authorize the use of your debit card when you travel to international destinations.
Credit Cards: Unlike ATM or debit cards which are issued by your bank with your account, you can get a credit card from any bank, even if you do not have an account with them. You do not necessarily have to link a bank account to your credit card. Credit cards are basically like loans that a user can take on their card. You can put all your expenses on a credit card and pay them monthly. If the dues are paid on time, the bank does not charge you any interest for the money loaned, however if you fail to pay them on time, the interest rate keeps compounding until the payment is completed. Credit cards come in very hand if you know how to utilize them well.
Prepaid cards: If you’re travelling abroad and are on a budget, you could consider purchasing a prepaid card. Prepaid cards are simple in that, you can load a pre-determined amount of money on the card and use it like you would a debit or credit card. You can refill this bank card when it runs out of money and use it again. A Forex card is a good example of a pre-paid card on which you can load money in different currencies.
No comments:
Post a Comment