People today, along with the shift in technologies have shifted to electronic payment system from the conventional method of cash payment. This is due to advancement in usage of internet which is certainly found to be convenient mode of delivery and payment. Plastic Money which is well-known as Plastic cards thereby is an important tool for day-to-day transactions of people at present as they enable them to carry out their transactions electronically. Following are the various Plastic cards, used by people currently.
ATM Card:
Automated teller machine cards are multi-functional cards which performs cash and non-cash deals in safe environment.
Cash dealings comprises deposits and withdrawals whereas non-cash dealings include bill payments, transfer of funds from one account to another, requisition of cheque books, drafts, etc.
Debit Card:
Debit card also known as bank car, is a card that offers an alternative payment method to cash. It is issued by a bank to that person who is an account-holder in the same. Debit card can also be termed as electronic cheque as it enable us to withdraw funds directly from the bank account or from the remaining balance on the card in order to make payments.
Debit cum ATM Card:
This is a two in one card and nowadays quite common. The debit card can be used to draw money from the ATM and also to make payment in the shops for purchases.
Credit Card:
Credit card is a card enabling its holder to buy goods and services based on the holder's assurance to pay for these goods and services. It also entitles the consumer with its services even when there is no balance in his/her savings or current account as bank sanctions loan to pay assuming the customer will repay it. However bank pre-fixes a limit of the credit, for the amount of purchase to be made by customer.
Charge Card:
A charge card though has all features of credit card is different from the credit cards. Charge card involves the complete payment of balance every month and credit cards on other hand allow the consumers to 'rotate' their balance, at the cost of having interest charged.
Smart Card:
A smart card also known as chip card is a pocket-sized card that contains an electronic chip which can process data. It is useful when you have to pay for small purchases or expenses. Moreover no payment authorization or identification is required for using this card.
Affinity Card:
The card is sponsored by an organization and institutions which are non-profit organizations. So when a card is used by its holder, a definite percentage of amounts are received by the associated organization or institution.
Photo Card:
The card can be used as an identity card as it has photo imprinted on it. It helps identify the user of credit card and thereby considered to be secured.
Global Card:
Global cards are those which can be used as credit cards rather than using cash and traveler cheques when traveling abroad for business or personal purpose.
Add On Cards:
The card is an add on facility offered to the original card holder’s family members. An issuing bank however issues two add on cards per credit card and the expenses invited on add on card are billed to the chief card holder of course.
