Things To Know About The Payment Card
Any card that can be used instead of hard currency in order to complete a transaction is called as payment card
. There are different types of cards available using which you can securely transact money. This includes cash cards, credit cards and debit cards. Different financial institutions issue these cards and you can use them as per the rules and regulations specified by them. You need to make sure that certain things are followed without fail in order to avoid misuse of these cards.Cash cards are issued by certain banks to the customers using which they can withdraw funds from their accounts. This is a payment card that does not allow the users to make payments. You will not be able to make online transactions using this card nor will you be able to swipe the card at a merchant store. These cards are usually given to customers who have a savings account with a bank. These are now an outdated banking option.
Debit cards are one of the popular variants of cards made available to customers by the financial institutions. You need to have money in your bank account in order to use this payment card. This can include the overdraft amount issued by the bank. You can make online purchases using this card and also swipe it at merchant stores when you buy something. Different types of debit cards are available and each of them will have different features. Your bank provides you with additional benefits like insurance coverage along with these cards as a promotional strategy. You no longer have to carry cash while on the go when you have debit cards. If you have sufficient balance in your bank account, you can walk to an ATM counter to withdraw funds from your checking account. Usually the debit cards are provided along with your checking accounts.
Credit cards are the most used mode of payment these days. They are considered to be a secure way of transacting especially because the merchant does not immediately get the money that you authenticate to pay using this payment card. When you make a payment, the amount is placed on hold by the financial institution. This is an automatic process and does not require manual override. When the merchant claims for the funds within a specified period of time, the funds get transferred to the merchants account. If something goes wrong with the transaction and if the merchant does not need the funds, they will not claim the funds and the money gets credited back to your account.
Banks issue credit cards based on your credit scores. If you have a descent credit score and sufficient income, you can opt for such a payment card. It is one of the most commonly accepted payment methods internationally and hence it is always good to have a credit card. You need to make sure that the credit card information is not shared with any third person as it can cost you a lot of money. If someone misuses your credit card information without your consent, you can register a complaint with the bank who will re-credit the funds after doing a good round of investigation.
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