Times Of Change

Pin-based Debit Card

Pin-based debit card are transactions that can only be performed through a point of sale. This type of transaction requires the customer to enter a pin number into pci-compliant pin-pad. It is also referred to as “Online Debit Transaction.”

Signature Based Debit Card

Branded debit cards such as Visa or MasterCard goes through signature based transactions. These transactions are subject to depending on their brand. The trades will be evaluated for the appropriate rate, similar to a credit card transaction. These types of debit cards are the only ones that can be used on the internet or by phone. A pin number isn’t required for this type of transaction.

Debit cards were launched to assist the customers for withdrawing cash from ATM’s. Debit cards that carry the MasterCard’s logo can be used as an offline tool for transactions and cardholders can buy merchandise worldwide where MasterCard is accepted. These card operations are a combined form of credit cards and ATM cards at a point of sale.

Protecting your Debit Card

A debit card is similar to a blank check, so you need to safeguard the card and the account number cautiously against loss or misuse. A crook can empty out your bank account before you even realize that your card is missing. If your debit card is misplaced or stolen, or if you think someone is using it deceitfully, immediately call your bank. Follow the phone call with a letter.