Different types of ATM Cards
Key difference: ATM is a payment card which is used by the respective customers for carrying their financial purposes. The card is also known as a bank card, client card, key card, or cash card; hence it is applicable in different financial sectors and fields. There are different types of ATM cards which are used as per the need; some of the most common are listed below.
In today’s advanced era, ATM card has become a need, as it is the fastest source to carry out any relevant financial transaction. It can be used for several purposes, hence helps top keep records and consume time. As of the advantages, the card also has its own disadvantages; hence there are methods which can stop the card from any misuse.
ATM is a payment card provided by a financial institution to their customers; it enables the customer to use an automated teller machine (ATM) for transactions such as: deposits, cash withdrawals, obtaining account information, and other types of banking transactions, often through inter-bank networks. Some ATM cards are also used for paying loans and getting cash advances, however ATM cards cannot be used for making purchases. There are several different types of cards that fall under the category of an ATM card.
Comparison between known different types of ATM Cards:
An ATM debit card can function similar to that of a normal ATM card, with an additional functionality of debiting or removing the cash from any account. ATM debit cards can be used for purchasing purposes in online mode also. They look similar to that of ATM credit cards, but does not work like them. These cards are used for removing money purposes.
ATM Credit Cards:
This type of card has all features of both, the ATM debit card and that of the credit card. It’s one among the new types of debit cards available in some banks. Along with the checking account, the card is also attached to the line of credit. Here, if the person overdrafts their accounts, then they will not obtain any of the fees back; instead the money from their account would be taken off with interest when the funds would be available.
Some banks also offer ATM and ATM debit cards, which are used in the form of Picture ID. This is done for the security purposes, a small picture can be added on the card after a relevant payment. Besides these added features, there are also options to change the appearance of the card. Hence, even the ATM cards can be designed according to the customer’s wish or desire.
Besides these there are also, combo cards available in the financial institutes, which functions as per their policies and rules. ATM card have gained importance in recent year, due to its conformability and speed. The technology has made easy to access the money from any ATM centre, enabling an easy accesses.
Image Courtesy: oraclebanking.blogspot.com, affordablecebu.com, vectors4all.net