Debit Cards- Your Quick Mode Of Payment-yuanmu

Finance Easy to use, a debit card is one of the most preferred modes of payment by many people across the world. This instant-method of obtaining money is known to give a person electronic access to their bank accounts. Having a fixed stored value on them, these cards are linked up with a person’s savings account and money can be added to the card simply by adding more money to the account. These cards can be utilized at any ATM (automatic teller machine) across the country. A person is allocated a 4 digit pin code which can be changed as per the discretion of the person and this number has to be entered each time a person wants to withdraw money from the bank. A debit card is usually of two different service providers: VISA or Master Card. While VISA cards have a higher acceptability, internationality both offer the same services. They are both .petitors in the same field and offer different benefits. There are also certain cards which are only accepted within a particular country. A person can use these cards in different manners. He can withdraw money from an ATM and withdraw money, or swipe the card at a retail store/restaurant. When a person withdraws money from the bank he has to enter in his 4 digit pin code to verify the money withdrawal and only then can he/she withdraw the selected amount. He is also issued a receipt of transaction indicating the balance of the account after the withdrawal. For all those transactions which are made by swiping the card at a restaurant/ shop, the payment often gets processed after a period of two-three days. This is then reflected on a person’s account. This method of payment has made payments extremely easy for people as they can make purchases without having to carry around large amounts of cash with them each time they want to purchase something. Unlike a credit card, a debit card is tied up to the bank account where a person is entitled to spend only that amount which is already present in the bank account. In case, the debit card is misplaced/gets damaged it is easy to call up the bank’s helpline and nullify the card. However, a person must be careful to immediately do so as their card may be misused by another person who may have found it. In case, a person for any reason wants to return a particular item which he/she had bought using the debit card, there are certain merchants who offer cash back facility to its customers. They can also be used to obtain a mini-statement of a person’s financial transactions over the past month. This can help a person keep a track of how much money has been spent using the card. This, in turn gives him/her clarity on his financial habits, especially if he/she relies on the card for majority of his transactions. Thus, the bank too keeps a record of each and every time that a person withdraws money from the account or swipes it for a certain purchase. 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