A bank card is typically a plastic cards issued by a bank to its clients that performs one or more of a number of services that relate to giving the client access to funds, either from the client’s own bank account, or through a credit account. It can also be a smart card. – Wikipedia
Basically bank cards are of two types, the debit and the credit cards. While the debit cards allow a bank customer immediate access and withdrawal from a bank account. The credit cards allows the bank client buy now, receive the bills and pay later.
The bank customer is the person in whose favor the card was issued by the bank. The card is linked to the customers account which can be a deposit, a credit or a e-wallet account. A card linked to a deposit or a wallet account will allow customer access to the amount that has been deposited into the account.
All bank cards will usually have
– The bank customer’s name.
– The issuer or bank name.
– Unique card numbers.
– Chips on the face of the card
– Expiry date
– A magnetic strip on the back.
Here is a quick overview of today’s bank cards
Chips and pin card technology
Almost all bank cards today uses these technology. It is considered safer than the swipe technology that exist before now. Although the swipe technology is still acceptable in US most countries have since adopted the chip and pin technology because its high safety mechanism.
A chip and pin bank card are cards that complies with the EMV standard, they are often called Chip and PIN or Chip and Signature cards, depending on the authentication methods employed by the card issuer. EMV stands for Europay, MasterCard, and Visa, the three companies that originally created the standard.
Contactless bank card or “tap-and-go” cards uses the Radio Frequency Identification (RFID) technology to make contactless payment. It is a secure method for consumers to purchase products or services via debit or credit card without the cards having contact with a point-of-sale (PoS) terminal. A contactless card does not require a pin just tap the card on the terminal and the card is immediately recognized and payment is effected.
Spending limits on contactless cards are however lower and clearing of payments a bit longer because of security of funds.
Expression cards are bank cards that allows you the freedom to create a unique look and feel of your card. Some banks allows their customer the liberty to select the pictures they want on their card thereby creating a personalized card looks. Expression cards. Can be a debit or credit card with the chip and pin technology.
Mobile cards are cards that allows you to download mobile wallet into you phone and add your credit or debit card information to the wallet and choose the card when you are to make payment at a merchant location. Mobile card can allows as a contactless card just by holding your device at the PoS when you are about to make payment.
Prepaid cards/Gift cards
A prepaid or gift card is a reloadable card that is attached to a e-wallet. The card allows you to load the wallet via a bank transfer or deposit across a bank counter and make payment with it. The card also uses the chip and pin technology and can be used online for shopping, bill payments or for everyday purchases.