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Different Types Of Payment Cards awesome list people being used

different credit cards
The bank or plastic cards are many in the financial transactions people are using. This post tell you about all the payment cards being used in the financial world with some brief description. The below are the list of credit or payment cards of different types.

Top plastic cards being used in payments

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.
Types of Credit cards
  • Securde credit cards: Card holder deposits certain amount of money. When the card holder goes unpaid, then the card issuer pay from it.
  • Credit Union Cards: The private Credit Union owners issue credit cards. They usually charge less than what banks will charge
  • Pre-paid cards: They technically equal to Debit cards. They pre-loaded with certain amount. So up to that amount you can use your cards

Debit (ATM, Cash) card 

  • It 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.
Offline-Debit Cards
  • They do not require PIN. Also these cards differ from normal Debit Cards.

The Gift card

  • It 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.
Also read: Credit cards domain knowledge

The fleet (or proprietary) 

  • This 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.

Co-brand cards 

  • A co-branded card is a retail merchant credit card that is issued in partnership with a specific network processor. 
  • Co-branded cards are branded with the logo of the network processor and retailer.

A private label credit card 

  • It is a store-branded credit card that is intended for use at a specific store. 
  • A private label credit card is a type of revolving credit plan managed by a bank or commercial finance company for either retail or wholesale manufacturers, such as department and specialty stores

Cash Cards

  • These are Debit cards, Payroll cards, Gift cards and Pre-paid cards. The credit cards does not come under Cash Cards.

Closed Loop Cards

  • These cards have imprinted particular company logo. You can only utilise these cards only in that company. These cards do not contain Master or Visa cards logos

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