What is plastic money? What is ATM Card? What is debit card and credit card and what is the differen
Technology 07, Aug, 2021
What is plastic money. What is ATM Card? What is debit card and credit card and what is the difference between the three, know complete informationPlastic money refers to the hard plastic cards we use every day in place of actual bank notes. ... Debit card is used to withdraw money from your bank account at the time of payment for something and credit card is used to generate credit in the name of your bank account for the purpose of electronic payment.
ATM Card Vs Debit Card Vs Credit Card:In the era of digital banking (online banking), banks or other financial institutions provide the facility of card based transactions. Under this, people do money transactions through ATM cards, debit cards and credit cards. But there are some special differences between these different cards which differentiate its use. These cards make shopping easy for people. Along with this, it is also helpful in meeting the billing requirements of the retailers. Let us know here what is the difference between these three cards.
What is ATM card. Full form of ATMAn Automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs.
ATM card can be used for withdrawing cash only at ATM machines.
You need a Personal Identification Number (PIN) to transact with this card.
The ATM card is linked to your current account or savings account maintained with the bank.
ATM card does not offer credit and hence money is deducted on real time basis. If the transaction is being done from the ATM in the ATM machine of any other bank, then there is a charge to be paid for withdrawing money from the ATM.
What is Debit CardDebit card has all the facilities which are in credit card but it does not allow credit.
Like an ATM card, you need a four-digit personal identification number to complete your purchases. Apart from ATM machines, debit cards can be used in stores or restaurants and can also be used for online payments. Could.
Like ATM cards, debit cards allow you to access money from your savings account.
It is different from a credit card as the customer does not have to pay interest.
What is Credit CardCredit cards also provide the facility of withdrawing money from ATMs, it is mostly used as an alternative to loans and these are issued by banks only after checking the credit of the customer.
Your credit score affects your credit card application. Many credit card applications have a negative impact on your overall score.
With a credit card, a customer can buy any product that is within his spending limit and later pay for it.
Many brands also offer attractive discounts on the service on credit card transactions.
There are several types of credit cards that offer a wide range of activities. It has facilities ranging from shopping and dining to booking flight tickets.
The credit card bill has to be paid within the stipulated time frame. Failure to do so will result in payment of penalty and interest.