With the advance in technology, the banking industry has evolved as well over the years. Who knew we would not have to carry hard cash anymore and a plastic card would suffice for all kinds of transactions. Indian banks and financial institutions offer various kind of cards that are custom-made for all your need and requirements.
These bank cards are divided into debit cards, credit card, ATM card and charge card. With the help of such cards, you can carry out many financial transactions such as depositing money, withdrawal of cash, transferring of funds, etc. All this can be done without standing in long queues. Same is the case with net and mobile banking.
Of these, debit and credit card have their variations:
Credit card:
You can purchase goods and services on credit, the money for which you have to pay at the end of the month. You can either choose to pay the full amount or a minimum fixed amount by the end of the month. Remember, if you pay a minimum amount, you will be charged interest on your outstanding dues. These cards function exactly like a loan. There are 15 types of credit bank cards. Let us learn about some of the important ones:
1) Business credit cards: The card is used to obtain funds instantly to run the business. They are also known as corporate credit cards. Some of the benefits a business credit card offers are insurance, business saving plans, lucrative travel, etc.
2) Balance transfer credit cards: It allows the credit card owners to transfer funds from one card to another. If you are facing a huge backlog, you can use this kind of bank cards.
3) Credit card for women: With women etching their mark in businesses as well, banks have started offering credit cards for them. The main focus of such bank cards is shopping rewards, cashback, etc. The card also offers insurance, surcharge waiver, etc.
4) Credit card for online shopping: If you are a shopaholic, then this card is ideal for you. It offers plenty of online shopping benefits such as e-voucher, discounts and option of shopping on EMI.
5) Classic credit cards: The main features of this card are global acceptance, interest-free credit period, card lost insurance and dedicated customer support.
6) Prepaid credit card: It is further divided into forex card and domestic currency. Prepaid cards are similar to debit cards. The issues such as clearance of dues are minimal under this card.
Debit cards:
Indian banks nowadays offer ATM cum debit cards that are associated with VISA or MasterCard. A debit card acts as a bearer cheque that is debited from your account immediately whenever you swipe the card at a retail merchant. Following are the kinds of debit bank cards offered:
1) VISA debit cards: They are issued in association with VISA payment services and can be used at all VISA online merchants.
2) VISA electron debit cards: These bank cards are similar to VISA debit cards. However, they do not carry the overdraft feature.
3) MasterCard debit cards: It can be used worldwide, especially for online transactions through the MasterCard SecureCode platform
4) Maestro debit cards: Maestro is an international debit card service from MasterCard. It is a popular debit card adopted at over 13 million locations. You can easily acquire funds from international ATMs and online resources with the help of Maestro.
These bank cards are divided into debit cards, credit card, ATM card and charge card. With the help of such cards, you can carry out many financial transactions such as depositing money, withdrawal of cash, transferring of funds, etc. All this can be done without standing in long queues. Same is the case with net and mobile banking.
Of these, debit and credit card have their variations:
Credit card:
You can purchase goods and services on credit, the money for which you have to pay at the end of the month. You can either choose to pay the full amount or a minimum fixed amount by the end of the month. Remember, if you pay a minimum amount, you will be charged interest on your outstanding dues. These cards function exactly like a loan. There are 15 types of credit bank cards. Let us learn about some of the important ones:
1) Business credit cards: The card is used to obtain funds instantly to run the business. They are also known as corporate credit cards. Some of the benefits a business credit card offers are insurance, business saving plans, lucrative travel, etc.
2) Balance transfer credit cards: It allows the credit card owners to transfer funds from one card to another. If you are facing a huge backlog, you can use this kind of bank cards.
3) Credit card for women: With women etching their mark in businesses as well, banks have started offering credit cards for them. The main focus of such bank cards is shopping rewards, cashback, etc. The card also offers insurance, surcharge waiver, etc.
4) Credit card for online shopping: If you are a shopaholic, then this card is ideal for you. It offers plenty of online shopping benefits such as e-voucher, discounts and option of shopping on EMI.
5) Classic credit cards: The main features of this card are global acceptance, interest-free credit period, card lost insurance and dedicated customer support.
6) Prepaid credit card: It is further divided into forex card and domestic currency. Prepaid cards are similar to debit cards. The issues such as clearance of dues are minimal under this card.
Debit cards:
Indian banks nowadays offer ATM cum debit cards that are associated with VISA or MasterCard. A debit card acts as a bearer cheque that is debited from your account immediately whenever you swipe the card at a retail merchant. Following are the kinds of debit bank cards offered:
1) VISA debit cards: They are issued in association with VISA payment services and can be used at all VISA online merchants.
2) VISA electron debit cards: These bank cards are similar to VISA debit cards. However, they do not carry the overdraft feature.
3) MasterCard debit cards: It can be used worldwide, especially for online transactions through the MasterCard SecureCode platform
4) Maestro debit cards: Maestro is an international debit card service from MasterCard. It is a popular debit card adopted at over 13 million locations. You can easily acquire funds from international ATMs and online resources with the help of Maestro.
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