With a debit card, you can easily withdraw cash from an ATM. Some banks provide an overdraft facility on the debit card. Debit cards are linked to your savings account or current account. When you use your debit card for any transaction, the money is deducted from your account on a real time basis. The key difference between ATM card and debit card is the purpose for which these cards can be used. When you open a savings bank account, the bank provides you with a card known as an ATM card.
You can use this card to make withdrawals from ATM. ATM card needs to be activated prior to use. It is possible to activate the card by either withdrawing cash or checking your account balance. Debit card looks just like your ATM card. You need to have a savings or current account with the bank which will issue the debit card. But you can do a lot more with your debit card. Right now, a debit card holder can perform the following using a debit card:.
A debit card resembles your ATM card. It has the same details printed on it like your name, digit card number and expiry date. A small chip is also included on the front which has the details about your bank account. The type of card issued to you classic, premium, platinum depending upon the bank and the balances maintained is also indicated. The reverse side has a strip for signature, the CVV number and important customer care information and helpline numbers.
This is one of the best things about debit cards. As long as you have sufficient funds in the checking account tied to your debit card, making a purchase can be possible. To complete a purchase, you will be required to encode your personal identification number or PIN. Be sure not to write it anywhere on your debit card.
However, you should expect overdraft fees. Another option is to tie your card to a checking account which also has a savings account.
This may not guarantee zero overdraft fees but it will cover the needed amount to complete the purchase. A credit card is not in any way similar to a debit card. A debit card deducts funds from a checking account when you use it for purchases. On the other hand, when you use a credit card, it seems like you are taking out a loan which you will have to pay at a later time. Acquiring a credit card requires the approval of a bank or a financial institution.
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