Credit card is a plastic card issued by a bank or finance organization to enable holders to obtain credit in shops, hotels, restaurants, petrol pumps, etc. The retailer or trader receives monthly payments from the credit-card company equal to its total sales in the month by means of that credit card, less a service charge. Customers also receive monthly statements from the credit card company, which may be paid in full within a certain number of days with no interest charged, or they may make a specified minimum payment and pay interest on the outstanding balance.
Gold card is a credit card that entitles its holder to various benefits (example an unsecured overdraft, some insurance cover, a higher limit, lower interest rates) in addition to those offered to standard card holders. The cards are available only to those on higher-than-average incomes.
Debit card is a plastic card issued by a bank or building society to enable its customers with cheque accounts to pay for goods or services at certain retail outlets by using the telephone network to debit their cheque accounts directly. The retail outlets need to have the necessary computerized input device, into which the card is inserted. Most debit cards also function as cheque and cash card.
Cash card is a plastic card enabling customers of banks to obtain cash from ATM (Automated teller machine), in conjunction with a PIN (personal identification number). Many cash cards also function as a debit card.
Plastic money is a colloquial name for a credit card, debit card or multifunctional card. It is often shortened to plastic.
Multifunctional card is a plastic card issued by a bank to its customers to function as a debit card and credit card. These cards operate in conjunction with a PIN.
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Tags: cash cards, Credit Card, debit card, GOLD CARD, plastic money