Bank Card

A bank card is a physical or virtual card that is issued by a financial institution. These cards enable cardholders to make financial transactions. Other than prepaid cards, bank cards are usually linked to a cardholder’s bank account. Common types of bank cards include: 

• Debit cards: These cards are linked to a cardholder’s checking account. When a cardholder makes a purchase using a debit card, funds are deducted directly from the cardholder’s checking account balance.
• Credit cards: Credit cards allow cardholders to borrow short-term funds from an issuer up to a predetermined credit limit. Credit cards are a form of revolving credit, which means that funds can be repeatedly drawn and repaid.
• Prepaid cards: These cards come preloaded with funds that can be used to buy goods and services. If funds run out, cardholders must reload or top up their prepaid card balances before further purchases can be made.
• ATM cards: These cards are linked to checking accounts and are used to make deposits or withdrawals at automatic teller machines (ATMs). Some banks issue “deposit only” ATM cards, which do not permit withdrawals.

Bank cards, which come with security features like PINs and built-in EMV chips, are used to make purchases, deposits, and withdrawals. A bank card typically features the cardholder’s name, a 15 or 16-digit card number, a card expiration date, a card verification value (CVV) number, and the issuing bank’s name.