Debit Cards
Debit Cards are used as part of a current banking account in order to make purchases and pay for services without the need for cash. Debit Cards work in the opposite way to credit cards- when they are used to make a transaction the money will be automatically deducted from your current account. Rather than paying for goods from a credit account (i.e. money you don’t actually have), a Debit Card transaction will either take money that you have already paid in, or from your agreed overdraft.
Debit Cards are also commonly used for cash withdrawals and are standard issue with most current accounts. The cards come with a pin number allowing you to use a cash machine to withdraw money. The pin number is also now needed to purchase items in shops and is replacing the signature as a means of security and fraud protection.
The two main types of debit card in operation in this country are the Switch Maestro and the Solo. Debit cards are an easy and efficient way to make use of your banking account without the need to carry around large quantities of cash. Furthermore, many retailers will now allow you to get cash back on your debit card for your convenience, allowing you to purchase goods and withdraw cash simultaneously.
Your Debit Card can also be used to make purchases over the telephone and on the internet and many find that debit cards are a great way of purchasing items without the fear of interest or charges.
