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What Are The Differences Between An Atm Card, Debit Card And Pre Paid Card?

By Expert Author: Neha Sharma

The concept of modes of payment has been revolutionized completely with an advent of ATM card, debit card and prepaid card. It is a good example of modern age transnational methods relating to plastic money that replaced the conventional notes and coins. The modern trend of using digital cash via plastic cards has got a worldwide acceptance due to the flexibility and convenience offered by these cards. Most people see it as a vehicle for multiple online and offline transactions. Today, these cards are increasingly being used by people around the world for making different financial transactions for buying products and services.

A major advantage in all these three cards is that in ATM card provides a service that allows us not to visit the banks to collect money. There is no need to stand in line for a long period of time to collect money as you can withdrawal cash whenever you want to from the ATM counter. Today almost everywhere and at each and every corner of the world, there is an ATM counter. This has really helped people to withdrawal cash whenever we want to.

The normal debit card brings you a freedom of spending as much as you want to spend from your saved bank account balance. Essentially, a debit card is a card that accesses your own money. It adjusts expenditure against money in your savings account or against the amount pre paid. In this case instead of paying cash you are swiping a card and paying out of money already held by you.

Prepaid cards are entirely different from both cards because they are periodically updated with cash and some people refer these cards as reloadable prepaid cards that can be used for multiple purposes and oftentimes, put into use as gift cards. Once you've spent all the cash in your card, you will have to top it up to be able to keep using your card. You may add money to your card every time you want, and you'll be able to verify the harmony whenever you would like as well as possibly on the internet, more than the mobile phone, and even at some ATMs.

Using digital cash through credit cards, debit card and prepaid card can be advantageous to you in following manner:

• Convenience: These cards offer you highest degree of convenience of spending everywhere and anytime without any hassle.

• Fast: With these cards, you can easily make all your transactions faster and also keep track of money spend for future considerations.

• Safer than cash: Many people consider these cards more secured option instead of physically carrying cash.

These plastic cards offer all card holders the freedom to make purchases anywhere and anytime without carrying the cash. Using credit, debit and prepaid card is considered a safe and convenient option to make transactions. It is advisable that before applying for a card make in-depth research about all benefits along with applied terms and conditions associated with it. Do not forget to make comparison of benefits offered by different banks to get best value.


Author Bio :- The author is a seasoned writer on finance topics, and her articles help readers manage money mattersmore efficiently. She writes about a variety of topics on personal banking like personal loan, car loan, home loan, credit card, debit card, prepaid card and ATM card in India.

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