All the facts need to be known about Debit/Credit Cards
A debit card is also known as a bank card or a plastic card which is used to make payments without cash. It is almost like a credit card but the transfer is done immediately from the bank holder's account for transactions. Nowadays there is a virtual debit card available which are registered through the primary bank account number and can be used through the internet and also there is no physical card.
It acts like an ATM card where you can withdraw cash from respective bank ATM or others anytime required. There are many offers related to cards where you can get discounts and even cash back after any purchase.
They are all pin protected and even in case of stealing you can block the card so that the person can't withdraw or use the cash in any form. You can issue a new card in such cases. The card is given as soon as you create a bank account.
Credit cards are mainly used for payments to a merchant for goods and services. The money is borrowed from the bank by making a promise to return the money within a given time period and the number of days differs in each bank. If the money isn’t returned in that time period a particular amount is charged as a fine. Again this Fine amount depends on the amount borrowed and the bank policies.
Visa card is an electronic payment card which is issued by the American International Company - Visa International. This card can be both a Debit or a Credit card. The funds can be transferred throughout the world. The cards are issued by your bank but the bill payments are made to the card issuer. The limit, amount and ranges are decided by the customer itself.
A master card is similar to a visa card issued by the American Multinational Financial services. It is mainly used to make payments from the bank of the customers and the card issuers. It later got issued by the Visa Inc. and is now known as Master Charge.
A discover card is mainly a credit card which is mostly used in the USA. The Greenwood Trust Company has issued this card . It is at the fourth place in the list of all the credit card brands and has the same creditworthiness. The payments are carried out by the Discover network. Discover is not like a Visa or MasterCard it is both an issuer and a card network. It is used for Cash back offers with an annual fee charge. They also don't charge any foreign transaction fees.
American Express Card
It is also known as Amex and is issued by the American Multinational Financial services situated in New York. It is known for its charge card, cheque card, and traveler's cheque businesses. It is one of the partner banks of Google Pay and Apple Pay which can be used wherever NFC is accepted.
How does PayPal Payment work?
PayPal is a Payment app which works online through internet. The payments are between buyers and sellers virtually without any card swiping. It is safe and widely accepted for buying products online. You just need to create a PayPal account and add your credit or debit card and in every transaction just enter the security details. The card details are kept secure and safe and are not shared with any company. You can also transfer the amount to other PayPal accounts without any fees.