Debit card

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Debit card

A card that resembles a credit card but which debits a transaction account (checking account) with the transfers occurring contemporaneously with the customer's purchases. A debit card may be machine readable, allowing for the activation of an automated teller machine or other automated payments equipment.

Debit Card

A card entitling the owner to make automatic withdrawals from a bank account to make purchases or to receive cash. That is, when one uses a debit card, the issuing bank transfers funds from the holder's account to the seller electronically. The holder of a debit card may therefore use it to buy a good or service. Debit cards operate much like credit cards but, while credit cards are essentially short term loans, debit cards are more like electronic checks. They are also called check cards, bank cards or, less commonly, asset cards.

debit card

A plastic card that may be used for purchasing goods and services or for obtaining cash advances for which payment is made from existing funds in a bank account. Because a debit card provides about the same float as a checking account (one to three days), it is a less desirable method of payment than a credit card. These cards are often part of the comprehensive all-in-one accounts offered by many brokers.

Debit card.

A debit card -- sometimes called a cash plus card -- allows you to make point-of-sale (POS) purchases by swiping the card through the same type of machine you use to make credit card purchases.

Sometimes you authorize a debit card transaction with your personal identification number (PIN). Other times, you sign a receipt just as you would if you were charging the purchase to your credit card. You can also use the card to make ATM withdrawals.

When you use a debit card, the amount of your purchase is debited, or subtracted, from your account at the time of the transaction and transferred electronically to the seller's account.

You have some of the same protections against loss with a debit card as you do with a credit card, but there is one important difference. While $50 is the most you can ever be responsible for if your credit card is lost or stolen, you could lose much more with a lost or stolen debit card if you don't report what has happened within two days of discovering it.

If you delay reporting a missing card, you could lose up to $500. And if you wait more than 60 days after receiving a bank statement that includes a fraudulent use of your card, you could lose everything in your account including your overdraft line of credit. You can find the specific rules on the Federal Trade Commission website at www.ftc.gov.

In addition, if you purchase defective merchandise with a debit card, there are no refunds. Most credit card issuers do not, generally speaking, make you pay for defective products.

References in periodicals archive ?
OTCBB:GRXI) today announced that wholly-owned portfolio company, Global Travel Exchange, a leading provider of direct access travel distribution technology, has formed a new subsidiary whose core focus is to manage and oversee the expansion of its burgeoning debit and cheque card business.
We have not yet fully explained the full impact that our branded debit and cheque card programs are expected to have on the value of GTREX Capital's portfolio value, but we do plan to elaborate on this side of the business, which is already generating revenues, in the coming months.
Global Travel Exchange recently announced that it had received the first round of licensing fee revenue for the marketing of its Global Cheque Card in Asia.
Worldwide Global Express has already proven to be a highly effective marketing partner for the Global Cheque Card, having paid licensing revenue for three countries and continuing its efforts to grow into additional countries in Asia and eventually worldwide.
This partnership and Global Travel Exchange's ongoing marketing initiative for branded debit and cheque cards across Asia are expected to further bolster Global Travel Exchange revenue potential in this region.
To reach its potential in the travel distribution industry, Global Travel Exchange is pursuing a comprehensive expansion program, which includes the growth of its core distribution offerings, as well as the expansion of attractive add-on products such as the branded Global Cheque Card and related card products," added Mr.
The newsletter also updates shareholders on the marketing program undertaken by Hong Kong-based Worldwide Global Express on behalf of Global Travel Exchange's branded cheque cards and includes a report on GTREX Capital's due diligence process for several North American, Asian and European travel suppliers and traditional travel businesses that have been targeted for potential future investment.