As we have Automated Teller Machine, you will believe we also have one particular instrument that makes it function properly.
Without you having this so called instrument, there is no way you can have access to ATM and what does that means to you, it means you won't be able to withdraw your funds, transfer funds, there will be no purchasing of airtime, no payment of bills and so on, through ATM .
This instrument I'm talking about is called Debit Card popularly known as ATM Card.
Not everybody knows what ATM /Debit Card really means I've explained what it means in my recent article titled ''How to Collect My ATM Debit Card'' But whether you have an idea of what it means or not, I'll give you a brief explanation on it.
"A debit card is a pin based card issued by a financial institution such as bank to its account holders so as to perform various transactions through the ATM".
With the way technology is fast advancing in this modern world, using ATM card has gone beyond only by way of ATM alone, it can now be used at the Point of Sale machine also called PoS and can also be used to make payment online.
Do you guys know we have different types of ATM card/debit card?
I bet few people do while some of us do not!
Well, we have some.
Different banks have different names for their ATM Cards/debit Cards but I will shed light on those that have the same names and similar features when you compare them.
We have;
- Naira Master Card
- Visa
- Verve
- Platinum Gold
Naira Master Card
You can link this card with your current or savings account and the major advantage you derive from linking it is that you can use it to transact anywhere in the world.
Naira Master card also has a monthly spending limit for international transactions but all banks have different spending limit on their cards.
Banks such as UBA charges 1000 for issuing it while first bank charges 1050 as well as GTB.
Visa
This type of debit card offers you access to everyday banking. Like a credit card, you can make purchases at retails or do routine transactions through ATM.
Verve
You start enjoying services such as payment on PoS terminals, online and cash withdrawal on ATM when you link your Debit Card with your savings or current bank account.
It also gets rid of the risk of carrying cash here and there.
Master Card Platinum
This one offers great services to its holders with some premium benefits such as travel benefits, preferential treatments, rewards, higher transaction limit.
It manages your funds effectively and is valid for 3 years.
Note 1: You have to be invited by first bank before you can apply for this type of ATM Card.
Note 2: For GTB customers, it is available to all platinum plus and HNI customers.
Moreso, local withdrawal is 100,000 while local PoS and online daily transactions is 10,000,000 for GTB customers.
GTB also charges 1,200 for every cash withdrawal made on ATM abroad while PoS and online transactions are free.
You also have 24hrs support to lodge any complaint related to your card and this is applicable to all types of cards.
With this information you have got, I believe you now have knowledge about the different types of ATM Cards and can now differentiate between those aforementioned types.
Do we have any other type of debit card that your bank has issued to you before which I didn't add in this write up?
Tell us by commenting below..
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