ATM Card, Credit Card, Debit Card

An ATM card is a plastic card issued by a bank that allows customers to access their accounts at ATMs.

ATM cards can be used for activities such as cash withdrawals and balance checks.

The standard card size given is 85.60 mm x 53.98 mm.

An ATM card usually has a magnetic stripe or chip containing the card‘s unique number and security information.

ATM cards are also known as bank cards, cash cards, or client cards.

Interbank networks connect ATMs and allow cards to be used across participating machines.

Interac is mentioned as a well-known network in Canada.

Each withdrawal generates a receipt showing the amount and any applicable fees.

Some ATM cards allow purchases at pre-approved or approved retailers.

The passage states that Barclays Bank in London launched the first ATM cards in 1967.

A credit card is a payment card that allows users to borrow funds from the issuer up to a specified limit.

The transaction adds to the cardholder‘s credit card debt rather than immediately reducing the bank account balance.

Interest is often charged when the entire amount is not paid by the end of the billing cycle.

A charge card requires the balance to be paid completely every month.

A credit card uses a line of credit, while a debit card directly deducts funds from a linked bank account.

The passage gives 85.60 mm x 53.98 mm as the standard size.

The EMV chip enhances security by encrypting transaction data and reducing fraud risk.

The unique card number identifies the card and the cardholder‘s account.

The CVV is a 3- or 4-digit security code used as an additional security measure.

BIN stands for Bank Identification Number and refers to the first six digits described in the passage.

A debit card is a payment card that directly debits funds from the cardholder‘s bank account.

The payment amount is directly transferred from the cardholder‘s account, reducing the available balance.

Debit card transactions require funds to be available in the cardholder‘s account at the time of purchase.

A debit card is often called a check card or bank card.

Online debit requires electronic authorization and funds are instantly debited from the user‘s account.

Offline debit uses network processing with a delay before funds are withdrawn and allows signature-based authorization.

An electronic purse card stores a preset value directly on the chip for offline use.

RuPay is identified as a regional debit card network in India.

A virtual card is issued with a card number for online transactions without creating a physical card.

A prepaid card allows purchases until its loaded funds are depleted; many such cards are reloadable.