Bank debit cards have changed the way in which transactions is undertaking . The increase number of debit cards has provided us quicker access to funds. These cards can also be used for paying bills or online purchases at domestic and international shopping websites. This wallet sized card comes with a horde of benefits.
A debit card is issued by the bank where the individual has a savings or current accounts. Debit cards are also issued to corporate entity. Such cards are linked to the current account. When you swipe your debit card for a transaction, the cash is ‘debited’ from your account.
There are various types of debit card. It is important to understand the features of each card. This helps you to use your card optimally. It is also helpful to know the various financial instruments available in the market.
Types of Bank Debit Card
- Visa Card
- Verve Card
- Visa Electron
- Contactless Debit cards
MasterCard Bank Debit Card
MasterCard debit card fall within the popular types of debit cards. It is one of the world’s most accepted forms of electronic payment. With a MasterCard, you can access your savings or current account through the company’s Secure Code payment platform.
The World Debit MasterCard, the standard debit card and the enhanced debit card are some of the most popular types of MasterCard debit card. These debit cards are particularly popular for their service and excellent customer support. MasterCard also offers a host of excellent benefits and a rewards program.
Visa Debit Card
Visa debit cards are regarded as the most globally accepted debit cards for all kinds of online and electronic transactions. Such types of debit cards are issued by banks that have tied up with the international Visa Payment System network. Online transactions take place through the secure Verified by Visa payment platform. The cardholders also have an overdraft facility.
There are different types of Visa Debit cards. Usually, banks issue Visa Classic Debit Card, Visa Gold Debit Card, Visa Platinum Debit Card, Visa Signature Debit Card, and Visa Infinite Debit Card. Each card has its own unique features.
Verve card is a local payment card used for making payment for goods/service on Point of Sales (POS) terminal or Merchant’s Website as well as cash withdrawal from the Automated Teller Machine (ATM). These Verve cards are acceptable at merchant locations, websites and ATM terminals where the card scheme brands are displayed.
Maestro Debit Card
Maestro (stylized as maestro) is a brand of debit cards and prepaid cards owned by MasterCard that was introduced in 1991. These maestro debit cards are obtained from associate banks and are linked to the cardholder’s current account while prepaid cards do not require a bank account to operate. The cards can be used at point of sale (POS) and ATMs. Payments are made by swiping cards through the payment terminal, insertion into a chip and PIN device or by a contactless reader. The payment is authorized by the card issuer to ensure that the cardholder has sufficient funds in their account to make the purchase. The cardholder then confirms the payment by either signing the sales receipt or entering their 4- to 6-digit PIN, except with contactless transactions below a specified amount for which no further verification is required.
Visa Electron Debit Card
Visa Electron is a debit card product that uses the Visa payment system. It is offered by issuing banks in every country with the exception of Canada, Australia, Argentina, Ireland and the United States. The difference between Visa Electron and Visa Debit, a similar product, is that payments with Visa Electron require that all the funds be available at the time of transfer, i.e., Visa Electron card accounts may not normally be overdrawn. Visa Debit cards, on the other hand, typically allow transfers exceeding available funds up to a certain limit. For that reason, Visa Electron cards are more commonly issued to younger customers or customers that have poor credit.
Contactless Debit Card
Contactless debit cards allow the payments to be made without swiping the card. Simply wave this card over the payment machine. The transaction is automatically processed. These debit cards offer a faster method of cashless transaction.
These debit cards work on the (Near Field Communications) or RFID (Radio Frequency Identification) principle. Through these technologies, the card is connected to the PoS terminal. Such types of debit cards are a very safe way of making electronic payments. You don’t have to hand over the card to the cashier. This prevents the cashier from duplicating or storing the details of your debit card.
Each bank debit cards has its own bank transaction limits. Before applying for debit card, your have to check the transaction you can perform with the card as we have given the information in this article. With the explanation above, we believe you can make a better choice while choosing debit cards which helps you optimally use your card.