InvestorQ : What is a debit card used for?
priya Shah made post

What is a debit card used for?

Answer
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1 year ago


A debit card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money is immediately transferred directly from the cardholder's bank account when performing a transaction.

A debit card can be used to:

- Withdraw cash from an ATM

- Purchase goods and services at points of sale (POS) terminals or e-commerce (online purchase).

While debit cards can be used domestically, international usage of the same is also allowed if requested by the card holder.

Debit cards can also be used for domestic funds transfer from one person to another subject to prescribed limits and conditions.