Debit Card vs. Credit Card
Debit and credit cards offer more than a way to access money without having to carry around cash or a bulky checkbook.Debit cards are like digitized versions of checkbooks;they are linked to your bank account (usually a checking account), and money is debited (withdrawn) from the account as soon as the transaction occurs.Credit cards are different;they offer a line of credit(i.i., a loan) that is interest-free if the monthly credit card bill is paid on time.Instead of being connected to a personal bank account,a credit card is connected to the bank or financial institution that issued the card.So when you use a credit card,the issuer pays the merchant and go into debt to the card issuer.
Most debit cards are free with a checking account at a bank or credit union.They can also be used to conveniently withdraw cash from ATMs.Credit Cards have the advantage of rewards programs but such cards often require an annual fee to use.Financial responsibility is a big factor in credit card use;it is easy to overspend and then get buried in overwhelming credit card debt at a very high interest rates.
Debit Card
A debit card (also known as a bank card or check card) is a plastic payment card that provides a cardholder electronic access to their bank account at a financial institution.Some cards may bear a stored value with which a payment is made,while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account.The card,where accepted, can be used instead of cash when making purchases.In some cases,the primary account number is assigned exclusively for use on the Internet and there is no physical card.
In many countries,the use of debit cards has become so widespread that their volume has overtaken or entirely replaced cheques and,in some instances,cash transactions.The development of debit cards,unlike credit cards and charge cards,has generally been country specific resulting in a number of different systems around the world,which were often incompatible.Since the mid-2000s,a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases.
Unlike credit and charge cards,payments using a debit card are immediately transferred from the cardholder's designated bank account,instead of them paying the money back at a later date.
Debit cards usually also allow for instant withdrawal of cash,acting as the ATM card for withdrawing cash.
Visa Debit Card
Visa Debit Card is an ATM/Debit card that lets you shop worry-free and cash-free.No bill payments at the end of the month as you make purchases using your own money.Details
Want to access to your money wherever and whenever you want?With the Chartered 'Visa debit card' you get the convenience of making purchases or withdrawing cash wherever Visa is accepted.Visa Debit Card is an ATM/Debit card that lets you shop worry-free and cash-free.No bill payments at the end of the month as you make purchases using your own money.You can see your Visa Debit Card almost anywhere in the world wherever you see the Visa symbol.It's quick and secure and you can use it for purchases big or small.
Features at a Glance
- Use your own money at 27 million outlets and 160 countries worldwide wherever Visa is accepted.
- Each withdrawal taken directly from your Standard Chartered Bank Account.
- Enjoy peace of mind by not having to carry cash.
- You can call support 24 hours a day,7 days a week with any queries.
- All POS transactions on your card are signature based.Simply swipe and sign!
Special Features
Exclusive benefits available on Visa Debit Card:Shopping
Use your debit card for all your shopping,at home and abroad.
Petrol
Use your debit card to pay for petrol at any filling stations.
Restaurant
Use your debit card to pay for dinner at your favorite restaurants.
Cash
Use your debit card to withdraw cash at any Standard Chartered Bank ATM or any ATM worldwide that displays the Visa Symbol.
eStatement Service
With our eStatement service,you can relax and enjoy the convenience of receiving the summary of your debit card transactions on a monthly basis in your email inbox.Subscribe for this service,free of charge by filling out a form at your parent branch.
Choose your own PIN
You can generate your ATM PIN by calling up 24Hr Helpline and following the directions through IVR (interactive voice response). You may change your PIN any time by visiting the nearest Standard Chartered ATM.
Lost or Stolen Cards
If you become aware that your debit card is lost or stolen,immediately call Helpline.
You are protected from financially liability arising from any unauthorized transaction done on your debit card after being reported lost/stolen.
Credit Card
A credit card is a payment card issued to users as a system of payment.It allows the cardholder to pay for goods and services based on the holder's promise to pay for them.The issuer of the card creates a revolving account and grants a line of credit to the cardholder,from which the user can borrow money for payment to a merchant or as a cash advance.A credit card is different from a charge card:a charge card requires the balance to be paid in full each month.In contrast,credit cards allow the consumers a continuing balance of debt,subject to interest being charged.A credit card also differs from a cash card,which can be used like currency by the owner of the card.A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays a seller and is reimbursed by the buyer,whereas a charge card simply defers payment by the buyer until a later date.
