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.
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).
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.
