What is a debit card?

A debit card is a plastic card known as the Citibank Banking Card. This card is a way to "withdraw cash" or "pay now" at an ABM or POS device. When you select "chequing" or "savings" at the ABM or POS device the debit card transaction will be deducted from the linked chequing or line of credit account right away. There's no monthly bill and no interest on purchases (unless the withdrawal activates your overdraft) from your chequing account. In contrast, if you select your line of credit account you "pay later" because you are borrowing money for the purchase.  more

As opposed to credit cards, which extend a line of credit to a user, debit cards are directly linked to a user's checking/savings/money market account. Debit cards are processed in two different ways. A "PIN-based" debit requires the customer to endorse the payment by submitting his Personal Identification Number (PIN) at the point of sale, whereas a "Signature-based" debit does not require entering a PIN. PIN-based Debit Because the customer enters his PIN code, the likelihood of fraud is greatly reduced. Therefore, merchants are generally charged a lower fee for signature-based credit card fees. Signature-based Debit Signature-based debit cards have a Visa or MasterCard logo and are processed like a credit card, meaning no PIN is entered. The merchant generally incurs the same discount rates and fees as credit cards. Merchants can accept signature-based payments via the Internet, telephone, or via a retail terminal.  more

A Debit Card is a card that gives you online access to your Bank Account. The IDBI Bank International Debit-cum-ATM Card allows you to purchase goods at Merchant Establishments and also gives you the freedom to withdraw cash from ATMs in India and abroad.

A debit card looks like a credit card but works like an electronic check. Why? Because the payment is deducted directly from a checking or savings account. If you use a debit card at a retail store, you or the cashier can run your card through a scanner that enables your financial institution to verify electronically that the funds are available and approve the transaction. Most debit cards also can be used to withdraw cash at ATMs (automated teller machines). Why do people use debit cards? For many people, it is more convenient to carry a small, plastic card instead of a bulky checkbook or a large amount of cash. Using a debit card is also easier and faster than writing a check. It's a good way to pay for purchases without having to pay interest, as you would if using a credit card with an outstanding balance. You can even use your debit card to get cash when you make purchases at a store. What kinds of costs are associated with debit cards? There may be fees for using your debit ...  more

Reply: A Debit Card provides access to ATMs for cash withdrawals, balance enquiries and mini statement, on-line electronic payment for purchases from your savings / current (individual) accounts. You can also transfer funds through ATM to your own / other PNB accounts and also transfer / receive funds to / from any MasterCard or Maestro card holder (Debit or Credit card) of other selected banks.

A debit card is a plastic card that can be used in Automated Teller Machines (ATMs) to get money or at Point of Sale (POS) terminals to buy something. Many businesses also allow you to obtain cash when making a purchase. Some businesses add a fee if a debit card is used. Still, debit cards are convenient and some can be used in other countries. Generally, your debit card can be used where you see the logo on your card posted on an ATM, a store's door or a cash register. You usually do not have to show other types of identification when using your debit card. Debit cards are sometimes called check cards because the amount of your purchase is automatically deducted from your checking or share draft account. Be careful not to confuse them with your credit card. Some financial institutions charge a monthly fee and/or a per transaction fee for debit card use. Check with your institution. Types of debit cards: PIN-Based Debit Cards Your Personal Identification Number or PIN (account ...  more

As its name implies, it is not a credit card. Instead of running up a bill for you at the end of the month, the debit card runs down your account at the moment the sale is made. Merchants like these because they get instant payment without worrying about bad checks. Debit cards are convenient. But it's a lot more painful to resolve a problem if the money is gone from your account (as with a debit card) than if it's just numbers on a piece of paper (as with a credit card). And if you lose a debit card, your whole account can be cleaned out with no recourse for you. You decide whether you want to take on that risk. A reader has reported that his Schwab account has a debit-type card associated with it, but it is treated like a credit card for other purposes. In other words, it is a credit card, but the debit is made immediately to his Schwab account. Consumers in the know don't like debit cards because they give you less protection in case of disputes than credit cards do. (See section ...  more

Debit cards look similar to credit cards but act like checks because money to pay for purchases comes out of your checking account. Most banks have upgraded ATM (automatic teller machine) cards with dual-purpose debit cards that carry a MasterCard or Visa logo and are more useful than ATM cards. Debit cards work over the same worldwide networks used to process credit card payments. You can use your debit card two ways: 1) With a personal identification number (PIN) to withdraw cash from an ATM or to request “cash back” at stores when making a purchase and 2) you can use your card with your signature or PIN to pay for goods, meals, gas and services. You can’t use debit cards to charge a purchase and pay it back over time, as you can with a credit card. For your debit card to work, you must have enough money in your checking account to cover transactions unless you have overdraft protection. Don’t confuse your debit card with an ATM-only card. An ATM card is limited in its functions: ...  more

A debit card is a plastic card issued by banks to customers. The card allows instant purchase, removing the correct balance from the user’s attached bank account. Debit cards are distinct from credit cards in that they allow purchase based on available funds in the account to be deducted immediately, instead of by using a line of credit that can be repaid at a later time. Most debit cards have two features: the ability to purchase items at stores that have automated debit or credit card machines, and the ability to withdraw cash from your bank account at an automatic transaction machine (ATM). They are available in most countries of the world, and have nearly supplanted the use of checks in the United States. However, the cards possess many dangers to the user, both in terms of possible identity theft and unexpected bank fees. Most forms of debit card require a personal identification number (PIN) as a security feature. When removing money from an ATM or using an automatic purchasing ...  more

A debit card is a way to 'pay now' using cash you already have in your checking account. In contrast, with credit card you 'pay later' with a line of credit that you borrow from. Because debit card transactions are deducted from checking right away, there's no monthly bill and no interest on purchases (unless the withdrawal activates your HIFS overdraft line).  more