Definition of Debit Card

One of the most widespread financial instruments in the world

The card of debit is today one of the most widespread payment instruments in the world together with the credit card and the traditional cash payment.
Countries' economies are increasingly dependent on institutions financial and this causes them to generate effective and simple financial tools for their clients.

A magnetic card that stores the information of its holder and allows making payments and the withdrawal or deposit of money in the account

And the debit card is one of them, it is precisely a card, which has a magnetic bar on its back and a chip where it keeps the Sensitive information such as access data, account number, name of the owner, among others, and that is used by its owner to make payments in shops, to extract cash from your bank account or also to deposit more money in it, among the main operations which enables.

Instantly debit the money from the account

In the case of purchases

in businesses the money is instantly debited from the account when the business swipes the card through the machine and the payment is authorized.

It is no longer necessary to carry cash with you because almost all businesses accept it as a means of payment

One of the main advantages attributed to the debit card is that it is no longer a obligation Carrying cash with you certainly reduces the risks of losing all your money in a street robbery as used to be the case in the old days. Today, it is common for people to carry a minimum amount of cash and their debit card, while, in case If you need to buy something, you can use the card since almost all commercial establishments accept it as a means of pay.

Promotions and benefits obtained from its use

Another advantage of using this type of card is that banks, to encourage its use, offer significant discounts in the businesses that are attached to them and that sign an agreement. For example, it is common for debit card issuing banks to offer their customers a discount 30% in the heading clothing on Thursdays, if they pay with this means of payment.

On the other hand, it has become common practice for banks to return to their customers a percentage of the value added tax (VAT) for purchases made with this card. It is returned at the beginning of the month and it is also an attraction when deciding to pay for a purchase with the card.

Debit Card Topics