Banking
RM💥💥Types of cards💥💥
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💳💳Cards can be classified based on their usage, issuance, and payment by the cardholders. There are three types of cards-💳💳
💳💳1. Debit cards💳💳
💳💳2. Credit Cards💳💳
💳💳3. Prepaid Card💳💳
🌟🌟Debit Cards🌟🌟
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☀☀A debit card can be used to withdraw cash up to the customer’s bank account’s limit. Therefore, debit cards are linked to bank accounts and issued by banks.☀☀
☀☀To, use debit cards customers should have enough balance. Debit cards are used for withdrawing cash from an ATM, purchase of goods and services at Point of Sale (POS)/ E-commerce (online purchase) both domestically and internationally. Also used for domestic fund transfer from one person to another.☀☀
🌟🌟Credit Cards🌟🌟
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☀☀In the case of credit cards, a customer can withdraw money beyond the amount of money present his bank account. However, there is a credit limit for the cardholder up to which the extra money can be withdrawn.☀☀
☀☀Also, the withdraw money will have to be paid back as dues along with interest charges as applied by the issuer of card within a time limit.☀☀
☀☀It issued by banks / other entities approved by RBI.☀☀
☀☀These cards are used to purchase goods and service at E-commerce (online purchase)/ Point of Sale (POS) through recurring transaction/ Interactive Voice Response (IVR) or Mail Order Telephone Order (MOTO). In addition, it can be used domestically and internationally (provided it is enabled for international use).☀☀
☀☀These cards are can be used to withdraw money from ATM and for transferring money to bank accounts, credit cards, debit cards, prepaid cards within the country.☀☀
🌟🌟Prepaid Cards🌟🌟
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☀☀The usage of Prepaid cards depends on who has issued the card. It issued by banks/non-bank entities.
☀☀For issuing a prepaid card, one has to pay the amount in advance for using the money whenever required. Therefore, this type of card is never linked to any bank account.☀☀
☀☀The prepaid cards issued by banks can be used to withdraw money from ATM, purchase of goods and services at E-commerce (online purchase)/ Point of Sale (POS) and for domestic fund transfer from one person to another. This one known as open system prepaid cards. However, when it issued by authorized non-bank entities for the same usage it is known as semi-closed system prepaid cards. It can be used only domestically.☀☀
☀☀One can store maximum Rs. 50,000/- at any point of time.☀☀
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💣💣The Difference between Debit, Credit and Prepaid card.💣💣
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🌟🌟DEBIT CARD🌟🌟
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💡💡In debit card when you purchase something, money is deducted from your bank account.💡💡
💡💡Application process is easy.💡💡
💡💡Debit card linked to bank account when issued by bank💡💡
💡💡Debit card only issued by bank.💡💡
💡💡Can store any amount (i.e. present in bank account.💡💡
💡💡Can be used at ATMs.💡💡
💡💡One cannot withdraw extra money than available in his account in debit card.💡💡
🎊🎉🎊🎉🎊🎉📌🎊🎉🎊🎉🎊🎉
🌟🌟CREDIT CARD🌟🌟
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💡💡In credit card, the issuer puts money toward the transaction, which is a loan and have to pay back within time limit.💡💡
💡💡Application process is difficult, depending on one’s credit score and other details.💡💡
💡💡Credit card also linked to bank account.💡💡
💡💡Credit card can be issued by bank/ other entities approved by RBI💡💡
💡💡Can store any amount (amount present in bank account + extra amount permitted to drawn).💡💡
💡💡Can be used at ATM to withdraw cash.💡💡
💡💡If one withdraws extra amount one has to pay back the amount with the rate of interest.💡💡
🎊🎉🎊🎉🎊🎉📌🎊🎉🎊🎉🎊🎉
🌟🌟PREPAID CARD🌟🌟
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💡💡In prepaid card, one can withdraw up to the amount present in this card.💡💡
💡💡Application process is easy. Once you load your card with funds, you can start using it.💡💡
💡💡Prepaid card is never linked to account.💡💡
💡💡Prepaid card can be issued by bank/non-bank