What are the different bank cards?
there are many types of bank cards, that it is a type of card with different denominations and functionalities. There are different cards depending on who issues them, we distinguish between bank cards; which are those issued by banks, non-bank cards; those that can only be used in associated establishments, loyalty cards; issued by businesses or services to accumulate discount points on the purchase of items.
At present, bank cards have become one of the most used financial tools, we have at our disposal a wide variety of types of bank cards.
The keys to its success are given by its comfort and ease with which any type of operation can be carried out. Therefore, it is important that we know how many types of bank cards are there and know if we use them correctly.
Bank cards: types
Next, we show you what types of bank cards exist and its advantages:
This type of cards is one of the most common and easy to use. They are used to use the funds deposited in your associated account, so if you are the holder of a debit card you must have an associated account.
They can be used to pay in shops and withdraw money from bank branches and ATMs, check the balance or movements of the account and send or receive money. These are some of the main differences between credit and debit cards.
The amount of the operations carried out is automatically deducted from the available balance, so if there was not the necessary money in the account, that transaction would not be completed. In addition, they have a daily limit to withdraw funds from the ATM and carry out large operations.
Among the types of existing bank cards, credit cards allow you to defer payments, finance operations or have an amount of money to carry out the expenses that are necessary with a certain amount and time.
This is the main difference with debit cards since operations are not loaded automatically, at the time of purchase it is not necessary to have the estimated amount.
Credit card payments can be made in two different ways, choosing full payment without interest; deferring the payment of purchases made with the card. You can choose the deferred payment or deferment of a purchase, that is, return the amount that there is in several installments with a certain interest rate. In this case, you can choose to pay a fixed fee each month or if you postpone a purchase, you can set a period to return the amount.
Normally, banks request a series of data and requirements to provide a credit card, they will take into account the risk criteria and the client's profile when accepting or denying their concession.
One of the biggest advantages is that they are normally associated with extra benefits, such as travel insurance, loyalty programs or the possibility of managing payments in installments.
Revolving credit card, revolving or deferred payment
They are credit cards in which the modality of flexible payment to defer purchase payments. You can select the fee to pay each month or also a percentage of the outstanding debt. After each installment paid, the credit is available again.
It allows you to return the credit on a deferred basis thanks to the payment of periodic installments, which vary according to the amounts arranged.
They are very useful payment instruments to make daily expenses, withdraw money or make purchases online. Prepaid cards are recharge with the amount of money needed, within the limits established by the bank. Once that amount is spent, it can be recharged.
One of the main advantages is that expenses can be easily controlled, since it is not possible to spend more money than you have.
These types of cards are created to make purchases online, without the need to use cash or physical cards. These types of cards do not have a physical format, but are associated with data similar to that of physical cards to make purchases or pay.
These cards are reloadable and you can only spend the money you have available, which also makes it easier to have greater control of your expenses. In addition, they are associated with applications for mobile devices from where operations are managed safely.
Payment methods have adapted to digitization, which has given rise to a new type of online banking, neobanks, such as Fazil Neobank, a wallet account and free virtual card to make daily payments.
We recommend you take a look at this other post about the free prepaid card without bank account and know their differences and advantages.