A debit card (also known as a bank card, plastic card, check card or most popularly ‘ATM card’) is a plastic payment card that can be used instead of cash when making purchases.
A debit card is similar to a credit card, but unlike a credit card, the money in a debit card is immediately transferred directly from the cardholder’s bank account to pay for the transaction.
Debit cards allow instant withdrawal of cash, when used at an ATM location. With a debit card, you can access only the money available in your account or you may face potential fees as in when using a credit card which allows you draw from funding that you do not have currently.
A debit card when used at ATM terminals, on POS or even online usually has daily limits on the amount of cash that can be withdrawn or payments that can be made.
What Are the Features of a Debit Card?
- Debit cards that come from a credit card issuer, might offer a cashback program and other privileges associated with regular credit cards.
- Some debit cards have purchase protection while others dont. Depending on the issuer, but generally, debit cards do not offer purchase protection.
- Debit card holders are required to activate the cards using a Personal Identification Number (PIN) which is used to authenticate cash withdrawals at ATMs and on other when paying for goods and services.
- The time frame for reporting stolen or illegally used debit cards should be as short as possible so that the card can be blocked and money in the account secured.
- You can get a debit card online. Please visit our FirstBank website at www.firstbanknigeria.com, for more enquiries on how to get one.
At FirstBank, there are various types of debit cards issued to suit customers’ needs and preferences, and these include:
- Naira MasterCard.
- MasterCard Platinum.
- Verve Card.
- Visa Debit Multi Currency.
- Virtual Card.
Image Source: firstbanknigeria.com
