Debit Card for interest free transactions,Debit card limits you from overspending! Many banks provide debit cards to their customers, also acts as an ATM card. Debit card allows you to make instant cashless purchases; the amount spent is instantly debited to your bank account. Debit card allows purchases subject to availability of funds in the accounts, unlike the credit card it lets you use a line of credit and the amount can be repaid later (plus interest).
The history of debit cards can be traced to the late 70s, issued for the first time ever by the First National Bank. Those who enjoyed a good credit standing got one. Initially the debit system operations utilized credit card and ATM systems. Further technology validated the debit card systems, subtracting debit expenses became instant, electronically. MasterCard and Visa or Plus are symbols usually found on the card. Unlike credit card the debit card holder does not enjoy credit spending, for as soon as the purchase happens the amount is debited to your personal or saving account, usually no extra fees charged. Debit card is an extension to the normal savings accounts chequebooks and all.
Debit cards have two main features: one it lets you make purchases at select stores authorized by the bank, where automated debit machines are installed which instantly debits the amount to your account. Second-it lets you use it at the ATM automatic transaction machine for instant withdrawals. As it requires a PIN code, it poses threat to the users. The PIN (personal identification number) is a security feature requirement of debit card, needed at ATM centers and automatic purchasing machines. Every transaction of this kind needs you to enter the PIN for verification, for security measures some cards include photograph of the card holder, or digital signature imprint on the card.
The usage of debit card at the bank’s own ATM is free of charge, at other ATM centre you shell out minimal transaction fee which is charge to your account. Debit card holders are compelled to spend less in accordance to the availability of funds in the bank account. Otherwise the debit card is as good as credit card- both are cashless purchases, the absence of interest the only difference. Some banks have their own debit card system at can be accessed at only at authorized ATM machines and select stores in a special arrangement. Debit card carries account name, account number, the bank name, bank logo and the credit card logo on its face, while an ATM carries the same without the credit card logo and the credit issuer’s name.
The debit card automatically deducts the amount spent from your account. It should be borne in mind that it is a convenience and the debit card mustn’t be used for unnecessary spending. It a great help when you suddenly run out cash, or inaccessible to a credit card. And don’t let your PIN fall into wrong hands. Debit Card is money in hand without a bother of paying back.
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