Bank Card

A Bank Card is a card issued by a bank, allowing the holder to access their account for various transactions, including making purchases, withdrawing cash, and other functions.

There are different types of bank cards, each serving specific purposes, and they are an integral part of the payment processing industry. Types of bank cards include the following:

  • Debit Cards — These cards are directly linked to a cardholder’s bank account. When the cardholder makes a purchase, the amount is deducted from their account almost immediately.
  • Credit Cards — These cards allow cardholders to borrow money up to a certain limit to purchase goods or services. The cardholder then repays the bank for the used credit, often with interest if not paid back within a specific timeframe.
  • ATM Cards — These cards are primarily used for withdrawing cash from ATMs.
    Prepaid Cards — These cards have a pre-loaded amount of money that can be used for transactions.

Regardless of the type, all bank cards play a crucial role in enabling electronic transactions, thereby forming an integral part of the global financial system.