Do you find it challenging to draw a comparison of ATM card vs Debit card? If so, you do not need to be confused anymore. This article has complete information to differentiate between these cards.
Both cards are widely used worldwide. But most people cannot find the significant difference between the ATM card vs debit card. The reason is possibly the similarity in their functions.
In this article, we have distinguished ATM cards and debit cards based on their various functions. Hence, jump into the article and get your problem solved.
What is a Debit Card?
Debit cards are called check cards as well. To get a debit card, you must have a current or saving bank account. A debit card can render more services than ATM card that are mentioned below;
You have the advantage of withdrawing cash by using your debit card to a restricted daily limit. Of your last five transactions, you will get a mini statement. It is the exclusive offer by Debit card, and ATM cards do not provide this service.
You have the option to revise your PIN or password number. If you are a debit cardholder, you can make an order for your checkbook. That’s another inspiring feature of the Debit card. You can deposit funds in your account by utilizing an ATM installed on your premises.
At the PoS terminal, you can pay using your debit card whether you are in your country or out of the country. First, ensure that the PoS terminals have a Debit card on their list or not.
In addition to that, you can pay your bills, e.g., gas, electricity, water or mobile bills. In this way, you will not need to stand in the rows for long hours to pay bills.
Can reserve a ticket on the train or bus by using your Debit Card. Therefore, if you are a debit card owner, you can book tickets without any inconvenience.
The card has an offering of recharge mobile too. So, without any hustle, you can recharge your cell phone readily. Furthermore, you can send money to other people’s accounts by using your Debit Card.
By choosing the EMI feature, you can buy items in installments, whether in-store or online. The debit cards and ATM cards are identical as they have almost the same data (name, date of expiry, and card number) printed on them. Want to read similar articles, read financial information.
A little chip is also present on its front side and contains information about your bank account on a debit card. The debit cards are of various kinds that are:
- Classic Debit Card
- Premium Debit Card
- Platinum Debit Card
The debit cards mentioned above are different due to the balance you have maintained in your account and the type of bank you have chosen. The backside of the debit card comprises a line designated for your signature. It has a CVV number of users as well.
Moreover, it has the information relevant to the customers’ assistance and crucial helpline numbers that can aid you in consulting the authorities. In addition to that, the card has a “debit card” or sometimes ” international debit card” written on it.
They provide you with the PIN, and experts suggest that it is better to renew your PIN for more safety and security. Banks come up with Master Debit Card, Visa Debit Card, and the Maestro Debit Card.
They all are international debit cards; on the other hand, RuPay is the domestic or local debit card offered by banks. Hence, by bearing in mind the types, you can go for any card.
What is an ATM Card?
Whenever someone makes his savings account in any bank, the bank gives a card called an ATM card. This card aims to help you withdraw money from any ATM inserted near you. The ATM card is made of plastic. The front side of the ATM card usually has the following data on it;
The payment system logo that issues cards can be Visa or Maestro. The logo of the authority (bank) that has issued the card. Thus, anyone can get to know the card issuance bank just by seeing the card.
The name of the person that is the owner of the card is also mentioned on the card. Additionally, your ATM card also has the card number written on it that is 16 digits—the period of validation and your card’s durability (it is in MM-YY format).
Moreover, your ATM card has a chip that comprises all the details related to the account. If you flip your card, you will get the following details;
- The reverse side of your card has a small line for your signature.
- Information about what to do if your card is stolen or lost.
Furthermore, this side has helpline numbers and e-mails in case of any emergency. So, you can contact the bank for assistance.
You cannot use your ATM card without activation. Therefore, it is of paramount importance to activate your card. You have two options to activate your ATM card: withdrawing money or checking the account’s balance. Almost all ATM cards have a PIN of 4-6 digits. To make a transaction, you must enter the password.
ATM cards used to perform the following significant functions:
- There is a daily withdrawal limit for every ATM card; thus, you can withdraw a specific amount every day.
- By making use of an ATM card, you can have a check on the balance of the account.
- Besides this, you can transfer cash from your account to any other.
Key Differences – ATM card Vs Debit Card
We have mentioned the definitions and card appearances of Debit card and ATM card. To comprehend more deeply the offerings of both cards, we will share some differences between both cards. Moreover, you will come to know” how is a debit card similar to an ATM card.”
Usage of the Cards
ATM cards are mainly utilized for money withdrawal; besides this, it helps you look at your balances. Another significant function of the ATM card is the transfer of money between accounts.
On the other hand, Debit cards have a more extensive list of offerings than ATM cards. By becoming a user of a debit card, you can gain a mini statement of the account.
Furthermore, you have the option to swap your PIN or Password. Debit Card users get the privilege of registering for internet banking services. Additionally, a debit card allows you to pay for the purchases you make on websites national or international.
Payment System Logos
Plus and Maestro is two of the payment systems behind the issuance of ATM cards. The ATM cards have the logos of the payment system on them.
The Debit Cards have the logos of their payment systems embossed on them: MasterCard, RuPay, or Visa. These payment systems assist in the transaction process of their respective cards.
Net Banking Facility
When it comes to net banking facilities, ATM cards do not give this advantage to its customers. But the debit card goes a step ahead in providing their customers better services as they give their users access to net banking facilities.
Moreover, you can go for mobile network services as well. Hence, we can say that Debit cards have more services and offerings as compared to ATM cards.
POS Payments and Online Shopping
If you have issued a debit card for you, you can do online shopping using your debit card. On the other hand, as the services of ATM cards are limited, you do not have an option to pay for online purchases.
Frequently Asked Questions (FAQs)
This section will share some frequently asked questions related to the article ATM card vs debit card.
Can we use an ATM card as a debit card?
Firstly, keep in your mind that ATM and debit cards are different they are not the same. However, there are some ATM cards that we can utilize to buy something online or at retail stores.
I have an ATM card from XYZ Bank. Do I need to pay any charges if I use it at the ATM of A BC Bank?
If you are an ATM cardholder of a bank, let’s say XYZ bank, then you have the opportunity to make five transactions without any fees in a month. These transactions can be financial or non-financial.
For your information, we want to elaborate here what is the difference between these two transactions. Financial transactions consisted of the services, for example, transfer of funds or the payments you made. At the same time, non-financial transactions do not involve any payment or cash withdrawal.
Are there any limits on the amounts that can be withdrawn using a debit card?
Yes, there is a limit for money withdrawal in every bank. It ranges from a minimum of 15,000 to a maximum of 200,000 (it can be higher or lower depending upon the bank you have chosen).
To sum up the article ATM card vs debit card, I will say that this information is enough about both cards. It is of great significance to know what they are and for what they are used to. Therefore, go through this article carefully and enhance your knowledge about both cards.