What is the difference between ATM , Debit or Credit Card ?
In our day to day life, we all use various cards for transaction purpose. But can you tell, the last time you shop online, you have used ATM card or debit card? Can debit card can be used to withdraw money from ATM machines? When we use credit cards? If you're perplexed giving answers to these questions, no worry because today in this blog we will clear all your doubts regarding the use of ATM , debit and credit card.
Let's first know what an ATM card is:
ATM CARD
It is a card especially made to withdraw money from the ATM (Automated Teller Machines), as its name reflects. There is no sign of visa, Rupay or Mastercard on this card..
Disadvantages
This card can't be used for online transaction
It cannot be used for loan purpose
Looking for added advantages of having an ATM card. I am afraid that there is not except the one stated above. But the next card will definitely prove beneficial to you.
DEBIT CARD
Debit card can be used to do online transaction. It enables you to purchase products on an app or website from the safety of your home. It is very similar to the ATM card having Visa, Rupay or Mastercard written on it.
Advantages:
Can be used to withdraw money from ATM machines
With debit card, you can also do the payment using swipe machine.
If you're looking for an option to take emergency loan from the bank, credit card will help.
CREDIT CARD
If you're in need of money and lack enough bank balance, bank can provide you an emergency loan for specific duration of time and when your bank balance will have the amount you borrowed from the bank, that amount will be automatically deducted.
Advantages
Credit card can be used for online payment of products.
Disadvantages
Unlike ATM card, you cannot withdraw money.
Hope you enjoyed the article and have a clear idea of what an ATM , debit or credit card is!
Besides these cards, many other cards are also prevalent these days with their own benefits. You can read our article on Axis Bank Flipkart Credit Card which enables you to earn while shopping.
