debit card


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Related to debit card: credit card

debit card,

card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machinesautomated teller machine
(ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip or computer chip.
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 for withdrawing cash from the user's checking account. Increasingly common in the 1990s as an alternative to credit cardscredit card,
device used to obtain consumer credit at the time of purchasing an article or service. Credit cards may be issued by a business, such as a department store or an oil company, to make it easier for consumers to buy their products.
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, debit cards have been promoted as safer than cash and more convenient than personal checks. By 1998 more than 73 million debit cards had been issued, with a sales volume of $134.7 million attributed to their use. They are typically issued by large credit-card companies through their participating banks. Debit cards offer the holder more limited legal protections than credit cards. Similar cards have also been used to distribute welfare benefits to recipients in some locales.
References in periodicals archive ?
Other than the fact that a debit card would prevent you from making mindless expenditures, it also literally keeps your money secured.
The Virtual Debit Card generated would include all relevant card details to process an online transaction, such as the 16 digit PAN number, expiry date and the CVV.
When the issuing bank requires the usage of a PIN, or if the card does not follow the Visa standard, then we cannot accept the debit card for payment.
Obtaining a debit card is often easier than obtaining a credit card.
Credit card companies have long been trying to augment their customer base as more banks take to the debit card business.
In the same situation, assume the card is stolen and used both as a debit card and as a credit card; for example, the thief makes some purchases using the card as a debit card, and other purchases using the card as a credit card.
Objecting to the idea of paying a service charge for each transaction, they also see the debit card as a means for banks to charge additional fees while reducing the cost of handling cash.
Understand the effects of the Durbin Amendment on US banks' debit card profitability
He advises not to use a debit card for shopping: 'Use it only to take funds from an ATM.
color) Los Angeles Lakers superstar Earvin ``Magic'' Johnson appears on the front of the new Visa debit card, Magic Cash.
You are held liable for $50 if you report, a stolen debit card within two days.
More specifically, this report looks at penetration of debit cards versus EFTPOS cards, awareness of the distinction between scheme debit and EFTPOS cards, and the likelihood that consumers would be motivated to switch transaction account providers in order to upgrade to a debit card.