Friday, July 10, 2009

International Debit Card Types



use of international debit cards has become a regular part of the lives of most Americans today. It has in fact overtaken the credit card as the king in the electronic payments scene. But though using international debit cards for purchases and cash withdrawals has become an ordinary act, many still know little about these revolutionary cards. Succeeding are information about the two general types of international debit cards and other useful information to cardholders, cardholder aspirants and merchants engaging in the electronic payment network.

Two General Types of International Debit Cards
On-line International Debit Cards
On-line international debit cards are like enhanced ATM cards which allow the holder to withdraw cash from his related bank account via any ATM outlet anywhere in the world. It can also be used as a means of payment in which it acts as a medium in immediate electronic money transfer wherein money from the cardholder’s bank account is transferred to the merchant’s bank account. To access your bank account at a store terminal using your international debit card, all you need is to input your PIN and the system will check your account if it has sufficient balance to cover the costs of the transaction.

Off-line International Debit Cards
Off-line international debit cards look more like credit cards than ATM cards and are used in ways similar to that of a credit card. The merchant’s terminal analyzes your card and determines whether it is a credit card or an international debit card, and creates a debit against your bank account by the amount of transaction costs. However, the debit is stored for later processing and is actually deducted from your bank balance usually after two to three days. There are still a few terminals that do not verify if there are sufficient funds for international debit card purchases. In these cases, the holder must sign a receipt instead of using his PIN.

Reasons Why On-line and Off-line International Debit Card Distinction Matter
1. Your financial institution charges transaction or monthly fees.
2. You prefer the security of a PIN-required transaction.
3. You prefer that both options not be on one card.

Tips for the Responsible Use of International Debit Cards
1. Notify your financial institution as soon as possible if your international debit card is lost or stolen.

2. Notify your financial institution as soon as possible if you think your international debit card is being fraudulently used.

3. Keep your receipts for your international debit card transactions. A receipt may provide a thief with your name and card number thus allowing him to order goods by mail or by phone and have them charged to you. Your card can be abused by opportunists even while it is still in your possession.

4. Memorize your PIN. If you need to keep a copy of your PIN don’t keep the said copy together with your international debit card. Do not use obvious PINs like birthdays, anniversaries, phone numbers, etc.

5. Never share your PIN number to anyone. Keep your PIN strictly private.

6. Always know the balance of your bank account.

7. Keep your receipts in one place for easy retrieval and oversight of your bank account.

Lost or Stolen International Debit Cards
Just as your money may be stolen and your credit cards may be lost or fraudulently used, an international debit card may be lost, stolen, or used without your knowledge. As a cardholder, you need to know the extent of your protection.

Government regulations require debit card issuers to set a maximum liability of $50 if the debit card is reported lost or stolen within two days of discovery. Liability increases to $500 if the lost or stolen debit card is reported within 60 days. Neglect to notify the bank of the theft within 60 days after a bank statement is sent and you could lose everything in your checking and overdraft accounts.

Check with your financial institution about your liability. Many issuers offer consumers better protection than what is required in government regulations. One type of check card offers consumers “zero liability” in cases of fraud, theft, or other unauthorized card usage if reported by the cardholder within two business days after discovery. After the two-day period, the cardholder could be liable for a maximum of $50. Some other cards limit consumers’ liability for fraudulent use of stolen debit cards to $50.

Get the 2-GetCash International debit card now and start experiencing great convenience in managing your finances.


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