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Types of Debit Cards

IndianMoney.com Research Team | Posted On Monday, April 06,2009, 07:53 PM

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Types of Debit Cards

 

 

What is Debit Card?

A debit card is a payment card that deducts money directly from a consumer’s Bank account to pay for a purchase. Debit card also known as a bank card, plastic card. The debit cards eliminate the need to carry cash or physical checks to make purchases.  

Types of debit card

  • Debit master card
  • Prepaid Cards

Debit Master Card

Debit Master Card is a debit card with the Master Card logo embossed on it. The Debit MasterCard market is regularly gaining ground snatching away market stakes from visa. In an effort to target higher income groups Visa is losing considerable market stake to MasterCard. Debit MasterCard has made itself obtainable to common men and women all over the world irrespective of which income strata they fall into. The Debit MasterCard is used as an option method of payment. Everyday small retail transactions can also be performed with the help of Debit MasterCard.

Prepaid Debit Card

A prepaid debit card is a reloadable debit card which allows the card holder to spend only to the extent of the amount of cash pre deposit in the account. The primary necessary in using a prepaid debit card is one should fill cash into the prepaid debit card. The process of filling cash into a prepaid debit card is the same as filling currencies to the prepaid mobile card. In order to use a prepaid debit card there should be sufficient balance in the account. This saves an individual from getting into debt because the individual is using his own money.

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