Compare Debit Cards

Published on 12 July 2012 by Raffick Marday

What Are The Online Debit Cards All About – Know All About The Cards

The online debit cards are considered to be an updated version of the Automatic Teller Machine or ATM machine card. The cards can be used for services and goods like the same way cards are used in the ATM transactions. Once the transaction is over, the funds get automatically transferred from one account to the other. The checkout stations with digital pin pad system enable the card holder to swipe their card and thereafter enter the 4-digit secret pin number. The procedure, as said above, is not different from the ATM machine card. Pin pad system checks if there are available balance in the account.

The offline debit cards and the online cards are not same. Most of the offline transactions are verified electronically to see if there is the required balance to support the purchases you make. The consumer is required to sign a receipt which is similar to those of the receipts of credit cards. In case of the offline cards you are not required to enter any pin number in the pin pad system. Sometimes, the difference the offline and the online cards can no doubt appear a bit confusing.

Some important factors need to be considered when it comes to choosing the right kind of debit card. There are plenty of financial institutions that levy extra charge as transaction fees whenever any purchases are made. Again there are merchants who accepts card which come along with the secret pin number for completing the transaction procedures. Since both the online as well as the offline cards have features of their own, there are a number of users who love to use both of the cards.

Security Of The Debit Cards:

Irrespective of whatever card you use, the ultimate responsibility of security of the card remains in your hands. The financial institution must be immediately notified if your card gets stolen. The receipts must be kept in a secured place. You must be fully aware of the fact that even when the debit cards are in your pocket, these cards can be fraudulently used in the cyberspace.

To get a detailed idea about the necessary safety concerns you can get in touch with the professionals of the financial institution. There are also plenty of sites available online which you can refer to know more about the use and the safety concerns associated with the online as well as offline debit cards.

Want To Attain A Debit Card? Let See The Process To Attain A Debit Card

A debit is a perfect means to properly manage and keep track of your finances. It is a plastic card that holds a certain amount of cash and the cash gets immediately subtracted when you use the card or withdraw money from it. A debit card is usually attached to a account you open up with a bank. You can spend only the amount that is credited to that account.

  • The good thing is that unlike credit cards, on using debit cards you dont have to pay any extra charges in form of a interest. However, you might to pay something extra on withdrawing money from ATMs. Every debit card has its own unique PIN number, which means that the money is absolutely safe as only the user has access to this number.
  • Now, if you want to attain a debit card then you have to open a new savings, checking or money market account. Once done that, you might get the card immediately, or like some banks prefer, will be mailed to your residence. To activate the card you need to call on specific number, or visit a website, or use the card in a machine. In case you have opened up a savings account, which is usually long-term venture, then the bank might ask you if you need a card or not. But nowadays, even with a savings account a card is issued for the sake of convenience and easy access to money.

The best part of debit card is that you can get it without much worrying about your credit history, as no credit checks are done. Furthermore, theres absolutely no fear of you running into debts as the card doesnt hold any credit or overdraft facilities. You can also keep a track of where, how, and when did you spend your money, by asking for a list from the bank of your card usage.

So, the best thing is to open a bank account and maintain it with which the card is attached properly. It is the best alternative to carrying cash, which might get stolen or get lost anytime. With debit cards, the money stays with you. Even if you lose the card, all you need to do is to get the card locked and re-issue a new one. No one can toy with the amount in your card, since you are the only one who knows its PIN number.

Flexibility and Freedom That You Can Enjoy With The Use Of Debit Cards!

Debit cards which are tied with major credit cards of the world have become very popular these days. Those trying to develop a habit of itemized spending definitely benefits from the use of debit cards. The cards are directly linked to the bank accounts of the cardholder.

The basic idea behind use of these cards is you are free from writing cheque every time you want to make any transaction. The cards can also be used as ATM cards. There are a number of banks which do not levy any additional charges for accessing the ATM. The debit cards are issued by banks after opening of the savings account. You can however choose from the credit cards and the debit cards offered. While you choose the debit cards, the amount that you spend gets deducted from your account directly. In case of the credit cards, the amount gets added to the monthly card payments.

The Deduction System In The Debit Cards:

The deduction system in the debit cards are mainly of three kinds and these are e-purse system, offline debit system and online debit system. In case of the offline debit, no online transaction is required. There is no pin numbers involved in this case. The total amount spent on purchases gets deducted from the account within 2-3 days. In case of the online debit systems, there is a secret pin number given which must be used in cases of transactions. This helps to secure the card during online processes. The e-purse system is a different electronic savings that remains connected to the card. You can replenish this with funds that are available in your account.

Advantages Associated With The Use Of Debit Cards:

People with poor debit scores find it difficult to apply for credit cards and it is in this case that the debit cards play very important roles. The application for debit cards gets submitted very easily in this case. The banks are definitely a lot more convenient in this case. Apart from this, the risk of the high unpaid debts also gets reduced to a considerable extent and the improvement in your credit scores gets reflected automatically.

The risk associated with high unpaid debts also gets reduced to a considerable extent. The cards work like the cheque systems, however the good news is that the cards offer simpler and faster transaction facilities. So when it comes to managing the finances and the expenses, the debit cards are definitely a very good option.

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