A PAYMENT CARDS? AND A DEBIT CARD ? HERE ARE SOME WAYS HOW TO USE IT IN DIFFERENT COUNTRIES.

On the following content below we are going to talk about a credit card and a debit card to understand what is the use of credit card how to use it in many majority around the world know about credit card and how we use it for our purchase and to buy items.

credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services, or withdraw cash, on credit. Using the card thus accrues debt that has to be repaid later.[1] Credit cards are one of the most widely used forms of payment across the world.[2

There are a number of types of payment cards, the most common being credit cards, debit cards, charge cards, and prepaid cards. Most commonly, a payment card is electronically linked to an account or accounts belonging to the cardholder. These accounts may be deposit accounts or loan or credit accounts, and the card is a means of authenticating the cardholder. However, stored-value cards store money on the card itself and are not necessarily linked to an account at a financial institution.

It can also be a smart card that contains a unique card number and some security information such as an expiration date or with a magnetic strip on the back enabling various machines to read and access information.[2] Depending on the issuing bank and the preferences of the client, this may allow the card to be used as an ATM card, enabling transactions at automatic teller machines; or as a debit card, linked to the client’s bank account and able to be used for making purchases at the point of sale; or as a credit card attached to a revolving credit line supplied by the bank. In 2017, there were 20.48 billion payments cards (mainly prepaid cards) in the world.[3]

SEE ALSO SMART CARD AND EMV

Historically, bank cards have also served the purpose of a cheque guarantee card, a now almost defunct system to guarantee cheques at point of sale.

The first bank cards were automated teller machine (ATM) cards issued by Barclays in London in 1967,[4] and by Chemical Bank in Long Island, New York, in 1969.[5] In 1972, Lloyds Bank issued the first bank card to feature an information-encoding magnetic strip, using a personal identification number (PIN) for security.[6]

The smart card, which was introduced in the 1970s, was adapted for use as a payment card. Smart payment cards were introduced to the banking sector in 1979,[7] and came into wider use in the mid-1980s.[8]

A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank’s name, a card number, the cardholder’s name, and an expiration date, on either the front or the back. Many of the new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder’s bank account at the time of the purchase and is immediately transferred directly from that account to the merchant’s account to pay for the purchase.[1][2]

DidSome debit cards carry a stored value with which a payment is made (prepaid cards), but most relay a message to the cardholder’s bank to withdraw funds from the cardholder’s designated bank account. In some cases, the payment card number is assigned exclusively for use on the Internet, and there is no physical card. This is referred to as a virtual card.

In many countries, the use of debit cards has become so widespread that they have overtaken checks in volume or have entirely replaced them; in some instances, debit cards have also largely replaced cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country-specific, resulting in a number of different systems around the world that are often incompatible. Since the mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases.

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Debit cards usually also allow an instant withdrawal of cash, known as a cash advance, acting as an ATM card for this purpose. Merchants may also offer cashback facilities to customers so that they can withdraw cash along with their purchase. There are usually daily limits on the amount of cash that can be withdrawn. Most debit cards are plastic, but there are cards made of metal and, rarely, wood.[3]

Credit cards from the South African Absa Bank

Some debit cards carry a stored value with which a payment is made (prepaid cards), but most relay a message to the cardholder’s bank to withdraw funds from the cardholder’s designated bank account. In some cases, the payment card number is assigned exclusively for use on the Internet, and there is no physical card. This is referred to as a virtual card.

A FIDOR BANK DEBIT CARD

In many countries, the use of debit cards has become so widespread that they have overtaken checks in volume or have entirely replaced them; in some instances, debit cards have also largely replaced cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country-specific, resulting in a number of different systems around the world that are often incompatible. Since the mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases.

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