31 May 2015

Different Types Of Payment Cards

[Payment Cards]
[Payment Cards]
Th Credit Card (Shopping) The purpose o this card is to buy any item withing the limit prescribed by banks to cardholder. These cards can have both Magnetic stripe and Chip cards. Now a days all banks are issuing credit cards with CHIP and PIN. After entering the PIN by cardholder, then transaction starts for further processing.

The debit (ATM, Cash) card is a relatively new method of payment. It is different from a credit card because the debit cardholder pays with the money available in their bank account, which is debited immediately in real time. A debit card seems to be more dangerous compared to a credit card because the debit card is directly linked to the bank checking account and usually allows ATM cash withdrawals. On the other hand, it is more protected by the required two-factor authentication (PIN number plus card itself). The real dangerous element of many branded debit cards is that they can be processed as credit cards, without entering the PIN.

The Gift card is similar to a debit card but usually does not have the protection provided by a PIN. The gift card is not linked to a bank account and normally "contains" fixed amounts of funds. The card itself does not hold any financial information—the point-of-sale (POS) terminal communicates with the gift card provider during payment transactions in order to get authorization. Gift cards are less dangerous than credit and debit cards because only fixed, often very limited, amounts of money can be stolen.

The fleet (or proprietary) card is similar to a credit card but can be used only at particular locations (usually gas stations and convenience stores) and for purchasing only limited types of merchandise (such as fuel and other automobile items). Fleet cards, even though often issued by major card brands, are less interesting to "bad guys" because they cannot be used for ATM withdrawal, online shopping, or purchases in department or 
grocery stores.

CARD TYPE
ISSUED
PURCHASE POWER, $$
ACCEPTANCE
PROTECTED ACCORDING TO PCI DATA SECURITY STANDARDS?
Credit
By banks under payment brands (such as Visa) or directly by payment brands (such as American Express)
Several thousand
Virtually any brick-and-mortar or online merchant.
Yes
Debit
By banks with or without payment brands
Several thousand
Virtually any brick-and-mortar or online merchant; bank ATM.
Only if issued under payment brand
Gift
By payment brands or proprietary providers
Several hundred
If branded, virtually any brick-and-mortar or online merchant. If proprietary, only particular merchants.
Only if issued under payment brand
Fleet
By banks, payment brands, or proprietary providers
Several hundred
Particular merchants (usually gas stations and c-stores) and limited merchandise types (usually fuel).
Only if issued under payment brand


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