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What is a debit card?

It is difficult to imagine our life without a bank account as we live in the era of capitalism. Every day we pay cashless in pharmacies, shops and entertainment centers. A lot of people receive salaries to their bank accounts. In this context, it is important to know what a debit card is, to understand how they differ from other types of cards.

Let us note that having a personal account in the bank system one gets the opportunity not only to make purchases online and offline, but also to control their expenses. Once transactions are made, you can easily track how much money is spent on a particular product or service using a mobile app. At the same time cashless payments have other benefits:

  • fast and convenient payment method: there is no need for a large amount of cash in your wallet;
  • protection from loss: in case of theft or loss of the wallet with credit cards, the client has nothing to worry about, it is enough to contact the bank or block the account by your own; in this case criminals will not have access to your funds;
  • thanks to the convenient service it is possible to receive any bank statement or check by e-mail;
  • it is possible to issue a virtual card, which you don’t even have to carry with you thanks to the NFC wireless information transfer system built into modern smartphones.

At the same time you should bear in mind that there are different types of bank cards in terms of the type of payment system and the type of funds, let us consider this issue in more detail.

What is a debit card?

Today there is a huge number of offers for consumers among banking structures, which also applies to the issuance of bank cards. So, for example, the use of a credit card implies that the client does not pay with his savings, but pays with the bank’s funds, after which he returns them to the bank with interest charged. Exactly the opposite happens when using debit cards. Such bank cards are tied to the owner’s account, and the access is provided only to the funds available. The card balance is replenished by the client or his employer. This type of non-cash payment is also very beneficial for getting cash: in order to withdraw money you can visit an ATM or a bank branch and receive cash with a minimum commission or even without it. Moreover, it can even be a virtual card.

Let’s give an example. You`ve decided to make a purchase for a certain amount of money. During the payment the terminal analyses the information and submits a request to the bank. If there is enough funds, the transaction is completed. If there is even a penny less on the account, it will not be possible to pay for the product or service. Thus the owner disposes only of the funds on their bank account, while the bank awards them interest, but the rates are lower than on a term deposit. This allows you to take into account the inflation and keep your finances which is a great way to keep money completely safe. We emphasize that a banking institution charges a commission for servicing cards depending on their type.

The main function of a debit bank account is to replace cash with cashless payments. There are also hybrid types of plastic cards, such as overdraft ones. They accumulate not only the client’s finances, but also the credit part of the bank, which is provided without prior approval. This type of plastic cards is ubiquitous and is a convenient method of non-cash payment.

What are the features of debit cards?

In order to receive such a card, a consumer just needs to go to the bank branch and show their passport there. Nowadays thanks to the development of technology and the dire consequences of the coronavirus pandemic, a few structures provide the possibility of remote card issuance. While the client is in the bank, his/her application is considered and approved. Within a few days the person will receive the plastic card.

It is also convenient that the bank card can be obtained from the age of 14, but only with the consent of the parents. By the way, pensions and salaries are charged on debit, therefore such cards are the most common.

How to order a prepaid MasterCard?

A prepaid card differs from the debit one in that the client does not need to open a bank account. The settlement is carried out by the issuing credit institution on its behalf. Therefore, it’s really easy and quick to issue such a card. At the same time, each bank sets a limit on replenishment; this should be taken into account when applying for the card.

Also, consumers have the opportunity to open a free online account, the registration will take no more than 15 minutes, and in 24 hours they will be able to use their savings. WestStein prepaid plastic card will arrive at the specified address in a short time. Collaborating with us means high-quality service and complete protection of personal data.