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Apply For A Debit Card - How to apply for a debit card

introduction to debit cards

A debit card is a kind of plastic card that removes cash immediately from an account in a bank or a credit unit when it is used. A debit card can also deduct money from a prepaid supply that was previously deposited into a particular financial network, such as in the case of a gift card attached to a grocery store. Most debit cards may be tethered to checking accounts, savings accounts, or money market accounts. Debit cards are different from charge cards or credit cards because purchases that are made on debit cards do not result in interest. However, it is possible to be charged usage fees for using a debit card in certain situations, such as when making cash withdrawals from automated teller machines that do not belong to the same financial institution the debit card was obtained from. To make purchases with a debit card, it is necessary to have a personal identification number, or PIN number. However, a growing number of debit cards do allow owners to make purchases via a signature rather than a PIN number, provided that the cards are attached to credit networks such as VISA or Mastercard. It is also common to require signature purchases when debit cards are attached to cash back reward programs that owners can enroll in at the financial institutions the cards are attached to. To receive cash back in stores, however, all debit cards require purchases made through use of PIN numbers.

How do I get a debit card from the bank?

When you open a new checking account with a bank or a credit union, they will usually provide you with a free debit card. Certain banks or credit unions will provide you with a card directly at the physical location of the financial institution, but most will mail the card in the following days to your home address. When you receive the card, whether in person or through the mail, your next task will be to either call a phone number listed on the card at no charge, visit the web site of the financial institution, or travel to an automated teller machine in order to activate the card. If you choose to open a savings account with a bank or a credit union, there is also a chance that you will be asked if you would also like to receive a debit card. It is not as necessary to obtain a debit card when opening a savings account since such accounts are more often designed for long term deposits. However, many people still choose to get debit cars for their savings accounts because the card connected to the account offers cash that can be accessed quickly in the event of an emergency. Keep in mind, though, that most financial institutions have it in their policies to levy some sort of fee if you make more than a certain number of financial transactions through a savings account each month, and such transactions will usually include purchases made through debit cards. Once you pass that amount, whether it is in the number of transactions or in the total value of those transactions, you may be given a fee of $20 or more for each purchase you make past that limit.

How do I get a debit card that is prepaid?

Another way to secure a debit card is to get one that is prepaid. This is an option frequently chosen by people who are unable to get bank or credit union accounts due to a variety of reasons, or for people who do not like using ATM cards attached to particular financial institutions. In such cases, debit cards that are prepaid are a good way to obtain the same convenience that is available to people with debit cards attached to banks and credit unions. Online financial payment services are a frequently chosen method of obtaining prepaid debit cards; one of the most popular such services is PayPal. Through PayPal, the person’s account balance is used as the source of income. However, it is necessary to maintain a PayPal account in good working order for 60 days to receive a debit card.

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