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What is Debit Card?

Debit cards offer an excellent way of paying for things or items without the involvement of any physical cash. Debit cards are issued by the respective banks in which you hold an account and are used to serve as virtual means of storing, monitoring, and making transactions through the bank account.

The debit cards can be used wherever they are acceptable towards paying for items, withdrawing money from the particular bank’s ATM branch or carrying out multiple transactions in the most seamless manner. You can directly take money out of a debit card that has been linked to the respective checking account in some bank. Debit cards are usually associated with any major credit card companies or service providers. Thus, you will observe that the debit cards usually come with the unique Visa or MasterCard logo on them. When you wish to use the Debit Card towards making transactions or withdrawing money from the ATM, you are required to make use of the special PIN given to you.

How a Debit Card Works?

When you make use of the debit card, the concerned merchant will practice a hold on the respective bank account for the particular amount of money related to your transaction. The merchant then carries out the given transaction as requested by you by submitting the transaction to the bank. Then, the required amount of money is taken out from your account and this gets reflected in your bank transaction records.

Some of the merchants related to the debit cards might sometimes take longer to file the given transaction. When you use the debit card at a hotel or car rental services, the merchant company might put a larger hold on the given account towards covering the extra costs accrued by you.

Some Debit Card Features

Most of the debit cards function in more or less the similar manner. However, there are some features that you would like to consider while using the debit cards:

  • Visa or MasterCard: One of the most significant things to look out for in a debit card is whether it is a Visa or a MasterCard. However, there is not much of a difference between the two. This is because both of these types get accepted universally.
  • Linked Bank Account: As you would use a debit card towards carrying out financial transactions, it must be linked to a bank account.
  • ATM Access: Understand the ease of accessing the ATM with your debit card –number of free transactions allowed, fees charged, and others.

How to Use the Debit Cards?

There are several uses of a debit card. Here are some of the common instances wherein you can use the debit card for your purpose:

  • Debit cards can be used for purchasing things when you have run out of cash. All you need to do is to swipe the card in the given machine and then enter the PIN to complete the transaction.
  • Debit cards can also be used for taking out money directly from your respective checking account.

Benefits of a Debit Card

When you make use of a debit card from your concerned bank, there are certain benefits that you might get out of the same. Here are some points to consider:

  • Ease of Use: One of the major advantages of a debit card is that is has been designed to offer ultimate ease of use to the card-holders. Even when you are not aware of the backend technology behind its working, you can still use the debit card for ensuring seamless transactions.
  • Additional Safety: There is no denying that keeping cash in hand is a risky affair. Therefore, when you have a debit card with you, it offers additional safety to carry your money in a virtual manner.
  • Ease of Acceptance: Mostly all the debit cards issued by any bank are accepted all across the country with much ease.
  • Enhanced Convenience: The debit cards offer highly convenient ways of doing transactions wherever you go, whenever you want.

Avail the top-class benefits of debit cards!


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