What Is Debit Card? Definition Meaning

What is Debit Card? Definition

Debit carte du jour tin sack live defined either inward a unproblematic agency or detailed vogue depending on how it is perceived amongst observe to dissimilar senses of finance. Following statements are few selected ones that lucidly limited the definition of debit carte du jour inside their private perspectives. These definitions of debit carte du jour volition aid to larn its overall understanding.

1. In a General sense,

“Debit carte du jour is a facility or utility provided past times banking companies to their customers to aid them execute (carry on, perform) dissimilar fiscal transactions anytime as well as anywhere that besides amongst ease, comfort, speed as well as safety. Such a customer-friendly facility gives debit cardholders (users) a smarter as well as secured agency to brand quick payments spell purchasing (i.e. during a sale transaction) diverse goods and/or services from whatsoever merchant (one that accepts a debit card) either from a traditional market or an online market.”

2. Within a Business perspective,

“Debit carte du jour is a suitable alternative to cash payment.”

3. In an Academic aspect,

“Debit carte du jour is an electronic carte du jour used to compile as well as execute fiscal transactions of its cardholder (user). Though this carte du jour belongs to its cardholder, inward a existent sense, it ever remains the belongings of its issuing bank. Cardholder is costless to purpose it until its 24-hour interval of expiration provided he/she maintain a residuum inward his or her bank account.”

For a quicker reference, the definitions of debit carte du jour are also depicted below.

Image credits © Prof. Mudit Katyani.

Now let's maintain our give-and-take to encompass the important of debit card.

Meaning of Debit Card

The important of debit carte du jour is depicted inward the nautical chart given equally follows.

Following 10 of import points overall explicate the important of debit card:

1. Debit carte du jour is a synthetic card, as well as its trunk is mainly of a laminated plastic sheet. Some other materials similar a magnetic stripe, a microchip, paints, a hologram, gelatine, etc., are also used inward its making.
2. Generally, depository fiscal establishment issues a debit carte du jour to those customers who hit got applied for it, spell submitting their concern human relationship opening form.
3. It entitles (gives usage rights to) a client to purpose it equally a mode of payment for buying goods and/or getting services.
4. It allows utilization of money alone inside or equal to the total of funds available inward the respective depository fiscal establishment accounts (like saving, current, as well as others) of a debit cardholder.
5. It gives debit cardholder a suitable alternative (option) for making payment of his purchased goods and/or services without a postulate to bear as well as handgrip cash (i.e. currency notes, coins, etc.).
6. It also acts equally an ATM carte du jour which tin sack live used inward Automated Teller Machines to withdraw and/or deposit the cash.
7. It enables the depository fiscal establishment concern human relationship of a debit cardholder to live automatically as well as instantaneously debited upwardly to the extent of a purchase amount.
8. It looks some similar a credit card. However, inward representative of a debit card, money tin sack live withdrawn alone from a respective depository fiscal establishment concern human relationship of the debit cardholder. Here, no involvement is charged on money withdrawals.
9. Unlike a credit card, involvement is non charged on the withdrawals of a debit card. It is so, since no money is borrowed from a depository fiscal establishment else one's ain money is withdrawn.
10. A debit carte du jour is a type of prepaid card, which helps you lot to command your expenditure (spending) of money.