Debit cards have become one of the most popular ways of payment nowadays. Many countries are accepting cash even less than before, because of the debit cards. So what are they? Why are they so popular?
Debit card is also known as check card or bank card. It is a plastic card substituting cash operations. Debit card is an alternative and very popular payment option when purchasing (online or land-based) or gambling online.
Debit card is functioning like a paper check or cash, as when paying with debit card money is taking automatically from the holder's bank account. To be more precise, debit card can be even called a paper check because of the similarity in functions.
The debit card usage has become really widespread and common around the world.
Debit cards and credit cards have different functioning peculiarities, though they seem to be very similar in use. Both of them can be used to pay for purchases, make funding and money transfers and even gamble online. So why are they different?
The main and the most important thing to know that a debit card allows its holder to spend as much money, as available at his/her account; whereas a credit card has no such limits, a credit card holder can exceed the available sum by "borrowing" from the bank. Can you see the difference?
After using a credit card, a holder receives a bill and has to pay what was spent over the limit. If it is not done straight away, a bank set certain fees and after some time, the sum will increase.
Some people don't like to use credit cards, as they don't like to borrow and pay back later. It depends on people, as the demand for credit cards is as high as on the debit cards.
Due to the high demand of the money transactions via debit cards, nowadays exists three ways of debit card transactions:
There is no doubt that debit card is very useful "device" at present, but what are the main advantages? Let's consider them attentively:
Debit cards seem to be perfect. Can they have any disadvantages? Yes, let's check them out.
Debit cards entered our lives and place important roles in it. And it is no weird, that debit cards have become the most popular method of payment for purchasing, but also for online gambling. Let's look closer at the list of debit cards most commonly used for online gaming: