ATM Credit and Debit Cards

ATM Credit And Debit Cards: What is an ATM card?: An ATM card is a plastic payment card issued by a consumer's bank that allows users to withdraw money from ATMs. An ATM card should not be confused with a bank or credit card, so it can be more precisely defined as follows:

• With an ATM card, you can only withdraw money from an ATM
• You can check your account balance with an ATM card.
• If you use an ATM outside your bank's network, you will be charged a cash withdrawal fee
• If you want to withdraw money from the ATM, you must enter a 4-digit unique ATM PIN
• The ATM does not offer overdraft facilities
• After withdrawing money from the ATM, the user will receive a notification
• ATM cards are not widely accepted and have limited coverage.

Advantages of an ATM card

• Instant cash withdrawals
• A bank account holder can get an ATM card that allows him to withdraw cash at any time
• ATM- card can be used to request an account balance
• You can withdraw money from any ATM at any bank (however, the user has to pay a small fee for this)
• Mini statements of recent transactions can be checked at ATM
• Every ATM card has a unique 4-digit PIN code that prevents others from making ATM-based transactions
• Your ATM card is locked after 3 failed PIN codes; this prevents the user from losing money if the ATM card is lost or stolen.

ATM Card Limitations

• ATM cards have a daily/monthly/yearly cash limit.
• The ATM card is subject to a fee if it is used at an ATM that is not part of the bank's network.
• ATM cards are vulnerable to theft or fraud. It can be misused if the PIN is not strong
• Lack of PCAT branches or limited availability in rural areas makes it non-existent.
• Lack of money in the ATM does not leave the owner of an ATM card with the opportunity to get cash.

What is a Debit Card?

• Every debit card transaction requires the use of a PIN code
• The user will be immediately notified of the transaction
• Anyone with a bank account can get a bank card.
• You can use a debit card to pay electricity bills and book flight, bus or train tickets
• You can use a bank card to recharge a mobile phone
• You can check your account balance by adding a debit card to an ATM or using a mobile banking application / online banking
• Debit Card- user cannot use an amount that exceeds the linked bank account current balance.

Advantages of a Debit card

• A debit card can be used to withdraw money from an ATM and for online and offline transactions
• A debit card can access online banking services with a debit card
• PIN code can be used for security problems change if necessary to avoid
• Card can be used anytime, anywhere
• Users can freeze their bank card or prevent theft by connecting to their banks
• Some bank cards offer reward points for certain transactions
• Depending on the card, debit cards are accepted internationally

Debit Card Limitations

• The debit card, unlike the credit card. , do not receive credit
• If the CVV or PIN code is disclosed, the possibility of fraud increases
• After a certain number of free ATM transactions, the withdrawal fee must be paid by the ATM.

What is a Credit Card?

Advantages Of Credit Card

ATM, Credit And Debit Cards What is the Difference

Credit cards are like loans on the go. With the right card, you can make payments on time and prove your creditworthiness to improve your credit limit. Improving your credit score improves your chances of applying for credit cards that offer higher limits and better cashback features. However, a credit card should always be used wisely.

ATM cards serve a purpose - instant cash. Money is debited from your account in real time and there is no concept of floating money on this card. Debit cards also double as ATM cards, reducing the hassle of carrying multiple cards.

Debit cards , like credit cards, can be used to pay anywhere, but with the money you already have.

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