Apparently, nowadays there are no people to have never head of bank cards. This novelty became a part of our lives just like the Internet and mobile phones. Yet as the popularity of bank cards is rising, so are cases of card fraud.
We few exceptions, nearly all plastic cards belong to the ATM system (Automatic Teller Machine, sometimes also called Automatic Banking Machine or Payment Banking Machine). In other words, they are ATM cards.
In terms of their functionality, bank cards are divided into credit and debit cards. A credit card allows its holder to borrow a certain amount when paying for goods or services whose price exceeds the bank account balance. In case of such an overdraft, the loan has to be repaid during a period negotiated with the bank.
Meanwhile, a debit card holder can pay for goods and services and withdraw cash from ATMs only to the extent of the amount in the bank account. Debit bank cards are the most popular in Western Europe.
Credit and debit cards may belong to both individuals and corporations. In the latter case, cards are tied to the company’s account and may be issued in the name of a company’s employee only. The money withdrawal limit is set depending on the employee’s status within the company. A family can be a separate bank account user via the system of bank cards. Family cards are issued to every family member with the consent of the account holder, but such cards have withdrawal limits.