Types of Cards and ATMs – Banking Awareness Materials

Types of Cards and ATMs were given here which was important Banking Awareness Materials for IBPS, RBI, and SBI Exams. We have already provided more study materials on Banking Awareness and Banking Awareness Quiz, aspirants those who are preparing for the upcoming competitive exams can use this.

Important Banking Awareness Topics – Types of Cards & Types of ATMs

Dear Aspirants, As we know all our IG’ ians are tracking the IBPS Guide for 30 days preparation plan to crack the IBPS Clerk Mains 2017. We provide you study notes on daily basis and today we provide you study notes on the topics based on “Cards and ATMs”. You may also use it for the upcoming bank exams.

Types of Cards:

  1. Credit card
  2. Debit Cards
  3. ATM card
  4. Charge card
  5. Prepaid card
  6. Fleet card

Types of Cards – Credit card:

  • Credit cards are issued by the Banks/others approved by the RBI.
  • This can provide credit facilities beyond the account balance to the cardholder. Credit limits for the card will be varies one to one.
  • These cards issued by local banks or credit unions, but some non-bank financial institutions also offer cards directly to the public.
  • The cardholder can choose either to repay the full outstanding balance by the payment due date or to repay a smaller amount, not less than the minimum amount, by that date.

Click Here to View More Details about Types of Credit Cards

Types of Cards – Debit Cards:

  • The cards which are used to debit the funds from the cardholder’s bank account within the available balance (funds are withdrawn directly either from the cardholder’s bank account).
  • This can be issued by Banks and other financial institutes approved by RBI.
  • No more credits available for these cards and used in ATMs and PoS for payments.
  • Debit cards can also allow instant withdrawal of cash, acting as the ATM card, and as a cheque guarantee card.

Types of Cards – ATM card:

  • This is any card that can be used in ATMs for fund transactions as deposits, withdrawals, transfers and obtaining account details.
  • Most Debit and Credit cards are used as a ATM cards.
  • The use of a credit card to withdraw cash at an ATM is treated differently to an POS transaction, usually attracting interest charges from the date of the fund withdrawal.
  • The use of a debit card usually does not attract interest. Third party ATM owners may charge a fee for the use of the ATM.

Types of Cards – Charge card:

  • By this charge cards, the cardholder can pay the balance amount shown in the statement, usually which is reported monthly with the due date.
  • It is a other form of short-term loan to cover the cardholder’s purchases, from the date of the purchase and the payment due date, which may typically be up to 55 days.
  • No interest will be applicable on these cards.
  • There is no upper limit on the total amount that may be charged.

Types of Cards – Prepaid card:

  • These cards are issued by the banks can be used to withdraw cash from an ATM, purchase of goods and services at PoS/E-commerce and for domestic fund transfer from one to another.
  • The prepaid cards issued by authorized non-bank entities can be used only for purchase of goods and other services like e-commerce and PoS.
  • These cards are independent from the bank account and the maximum amount that can be stored is Rs. 50,000.
  • These are only for domestic usages.

Types of Cards – Fleet card:

  • Fleet cards can be used to pay for vehicle maintenance and expenses, at the discretion of the fleet owner or manager.
  • This can be used as a payment card, most commonly for gasoline, diesel and other fuels at fuel stations.
  • This will eliminates the cash transactions and also helps to prevent fraudulent transactions.

Types of ATMs:

  • White Label ATM – owned and operated by non-bank entities.
  • Brown Label ATM – those ATMs were owned and maintained by a service provider and also cash management and networking are maintained by the sponsor bank.
  • Green Label ATM – Especially provided for Agricultural Transaction.
  • Orange Label ATM – Especially provided for Share Transactions.
  • Yellow Label ATM – Especially provided for E-commerce.
  • Pink label ATM – Especially provided for women banking.
  • On site ATM – These are within the premises of bank.
  • Off site ATM – These are outside the bank premises.
  • Mobile ATM – These are movable ATMs on wheels in different areas for the customers.
  • Cash Dispenser – It is only for cash withdrawals, mini statements and balance enquiries.

Click Here for Types of Bank Accounts and Its Features

Click Here for IBPS Clerk Mains Preparation Time Table (Day-1)

30 Days Study Plan for IBPS Clerk Mains 2017
Days Quantitative Aptitude Current Affairs Static GK / Banking Awareness Reasoning English
Day-1 Simplification, Wrong term in Number Series Sep 1-7 CMs and Governors / About RBI and its Responsibilities Coding and Decoding Errors in Articles and Preposition
Day-2 Average, Percentage and Partnership Sep 8-14 Country, Capital and Currency (1sthalf) – HQ of banks and Heads Relationship Errors in Nouns and Pronouns
Day-3 Ratio and Problems based on Ages Sep 15-21 Country, Capital and Currency (2ndhalf) – Types of Cheques Direction Sense Errors in Conjunction and Tenses
Day-4 Time & Work and Pipes & Cistern Sep 22-30 International Organisations and its HQ – Types of Accounts Syllogism Errors in If clauses and Relative Pronoun

 

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