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The Debit Cards- the Plastic Transaction

By Anni Subscribe to RSS | January 11th 2012 | Views:
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The card with debit….

The plastic cards that allow the electronic access to the cardholder bank account are debit cards. When making purchases it comes to rescue as an alternative payment method for cash. The cards are designed exclusively for use on internet. The presence of the physical card is negligible. Some countries cater to the vast number of population of the cards in the market. The use of the debit cards has been such that it has overcome the check instance and cash money at a time.

How Debit works…..

The transfer of the funds using the debit cards unlike the credit cards, are immediately done from the bearer’s account. The user doesn’t have to pay back the money at the later date. The instant withdrawal of the cash can be done through the debit cards from the ATM machines. The withdrawal of the cash is done through ATM, which acts as a check guarantee card

The cash back facilities are offered by the merchants to the customers. Customers avail the facility of withdrawing the cash along with the purchase.

Types of debit cards…..

The cards can be categorized into online debit cards and offline debit cards (also known as signature cards).

Let’s discuss the former online debit card system:

• The user’s account reflects the debits and the transactions require electronic authorization.

• The security of the transaction is done through personal identification number (PIN). The transaction requires authentication for the enhanced automatic teller machine (ATM) cards.

• The electronic authorization device at the point of sale (POS) is the necessity. Sometimes PIN pad is used for PIN. The method or the technique is used for all card transactions in most of the countries.

The latter (offline debit cards) has a primarily a similar role.

The logos of major debit card companies are embedded on the cards. The different type of debit cards varies from countries.

The use of the debit cards is made like the credit cards (with payer’s signature).

A limit is set for the funds to be withdrawn in a day. The maximum amount may be set by the debit card companies.

What’s in store for you….?

The unlucky customers can now avail debit cards to make plastic transactions unlike some of the credit cards companies refusing the availability of the cards to the customers who cannot avail credit.

The check writing can be avoided with use of check cards for most transactions.

The funds are debited from the user’s account with check cards on the spot. The transaction is thus finalized at the purchase.

The security of the individual is protected with less identification requirement by the merchants. This saves time and makes the transactions quicker.

The higher fees and interest rate charged by the credit card are predominant and provide as an opportunity to the debit cards.

Anni - About Author:
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