What Is a Debit Card

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What Is a Debit Card

 What Is a Debit Card


A debit card is a payment card that debits money directly from a consumer's checking account when used. Also called “cheque cards” or “bank cards”, they can be used to buy goods or services; or withdraw cash from an ATM or merchant that will allow you to add an additional amount to your purchase.

MAIN FINDINGS

Debit cards eliminate the need to carry cash or physical checks to make purchases, and can also be used at ATMs to withdraw cash.

Debit cards usually have a daily purchase limit, which means it may not be possible to make a particularly large purchase with a debit card.

Debit card purchases can generally be made with or without a personal identification number (PIN).

You may be charged ATM transaction fees if you use your debit card to withdraw money from an ATM that is not affiliated with the bank that issued your card.

Some debit cards offer reward programs similar to credit card reward programs, such as a 1% cash back on all purchases.


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