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Discuss The Different Types Of Debit Cards

By Devid M Anderson on July 25, 2011

A large part of modern day living revolves around the use of credit and debit cards. Plastic money is used for buying tickets, pay college fees, purchase goods and services and for many other such purposes. There are a number of credit and debit cards available in the market place that you can choose from.

What is a Debit Card?

A debit card is a card that allows you to access your own money by adjusting it against any expenditure that you may have incurred. This card enables you to spend only if you have sufficient amount in your savings account. With this kind of a card, instead of paying in cash you swipe the debit card and pay out of the money already held in your account.

It is not like a credit card where the system is buy now and pay later. In this case you spend only with your own money and there is no credit involved. There are different kinds of debit cards. Let us discuss some of them.

Prepaid Debit Cards

Prepaid debit cards are similar to secured credit cards. These cards are normally issued either a VISA or MasterCard logo on them. These cards are accepted all over the world and work quite similar to your bank debit cards. Just like your normal debit card, the payments are made from the funds held in your account and unlike credit cards you do not have to make any monthly payments on your card.

These cards are issued quite easily with most issuers not even verifying the address, credit ratings or employment particulars of the applicant since they already hold the money in account.

How is a Prepaid Debit Card used?

Issued by VISA or MasterCard, a prepaid Debit carddoes not require a consignee nor does it require a good credit history to be eligible for a debit card. The best part is you can replenish your account through ATM, phone or online. Since these cards are accepted worldwide, they can be used for a wide range of expenditure ranging from shopping for clothes, groceries to booking of airline tickets and hotel rooms.

Finally, Prepaid debit cards are not ideal for those looking to rebuild their credit rating since cardholder transactions are not reported to credit agencies.

For more information about Debit cards please visit at http://www.compareprepaid.co.uk .

Original article published on SooperArticles.com

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