Credit cards, debit cards and prepaid cards

Co Branded Prepaid card programs

Credit cards, debit cards and prepaid cards

Credit card

credit card

The credit card is a tool user identification material, which can be a plastic card with a magnetic strip, a microchip and a number embossed. It is issued by a bank or financial institution that authorizes the person to whom it is issued, use it as payment in business attached to the system, by signing and display of the card. It’s another form of financing, therefore, assume the user is required to repay the amount drawn and for the interest, bank charges and expenses agreed.
Among the best known Credit cards of the market are: Visa, American Express, MasterCard, Diners Club, JCB, Discover, Cabal, among others. Large stores and warehouses of the world also issue credit cards to their customers.
Users have limits on the amount that can be charged according to the risk policy at any given time and the personal characteristics and financial solvency of each user. Generally not required to pay the full amount each month. Instead, the balance (or “revolving”) accumulates interest. You can make only a minimum payment and pay interest on the outstanding balance. If you pay the full balance, no interest is paid.

Prepaid cards

Prepaid card

A prepaid card is one in which the amount is expected to be held in consumption with the card. It made ​​a load of money on the card and operations can be performed up to consume this amount.

One major difference between stored value cards and prepaid debit cards is that prepaid debit cards are usually issued in the name of individual account holders, while stored value cards are usually anonymous.

With prepaid cards the data is maintained on computers affiliated with the card issuer. The value associated with the card can be accessed using a magnetic stripe embedded in the card, on which the card number is encoded; using radio-frequency identification (RFID); or by entering a code number, printed on the card, into a telephone or other numeric keypad

Debit cards

Debit card

The debit card is a plastic credit card 8.5 × 5.3 cm with a magnetic strip on the back (and now also includes an electronic chip) that stores information about data access, the name and account number of the owner, used to make her relevant borrowing (increasing the balance), passive (decreasing the balance) or neutral (no increase or decrease the available balance).
In this type of debit card the money is used which is taken to debit the owner has in his bank account and the bank pays you as with credit cards. Some banks make agreements with its customers to enable them to take money overdraft, generating a loan with their respective interests.
Your annual fee is cheaper than credit or even is free and is one of the most widely used financial instruments in the world.

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