Debit card is also called electronic check because it is linked with checking account and it can be used anytime, anywhere just like credit card. The only difference is that money is deducted from your checking account. There are some advantages of using debit card.
(1) It works like an electronic check and hence you don’t need to carry cash or paper checks with you while traveling
(2) Debit cards are widely accepted because the transaction through a debit card is instant
(3) Debit card works throughout the world. A paper check may not be accepted in other state or country but debit card is widely accepted
(4) They allow you to stay within your budget since you can only spend what is on the account ie your real money.
Monday, August 1, 2011
Sunday, July 31, 2011
Internet Purchases
Debit cards have become very common mean of making purchases and paying bills via internet or on a retail store. Debit cards are good to use if you are using them wisely. You must know how to use them because they are very open to fraud attacks. They are linked directly to checking account and when you make a purchase in a retail store, your info gets stored in the machine. The machine owner can get into your account anytime and misuse your info. It is advisable to use credit card or prepaid card for making purchases because a credit card has an additional layer of security. They are covered by a zero liability law which means, for any fraud transaction issuer will be responsible and pay to the card holder. Whereas a prepaid card is safe because they carry limited amount and they are virtual so nobody can access your private info.
Saturday, July 30, 2011
Overdraft Fee
Overdraft fee is the fee which banks charge the consumers when they use the debit card for an amount which is more than the amount present in the checking account. It’s like a check bounce fee which is banks charge when you go to bank with a paper check and your account has the lesser amount. Last year Americans paid an overdraft fee of $35 billion which is too high. Federal rules could cut the amount down. They make banks ask the consumer to opt if he wants to pay the overdraft or not. Earlier banks used to send no notification and a fee was charged. Some banks charge a fee as high as $35 per overdraft.
Not all the banks charge the overdraft fee. It depends on the issuer of the card, features of the card, nature of transaction. You should read all the terms and conditions when you apply for the card. NEXCEL educates their customers at the time of application and we don’t charge any hidden fees.
Not all the banks charge the overdraft fee. It depends on the issuer of the card, features of the card, nature of transaction. You should read all the terms and conditions when you apply for the card. NEXCEL educates their customers at the time of application and we don’t charge any hidden fees.
Thursday, July 28, 2011
Financial Access
Debit cards and Prepaid debit cards are popular among teenagers and students. Legally teen cannot be a credit card holder hence prepaid card is the best option as they don’t have any such criterion. Guardians can give prepaid card to their teen kids and charge it with money when required. This way they can control their spending as well as help them and make them financially secure. Prepaid cards act as good trainers for teens in managing debit and credit card. Not only teens, they are used by elders also as they are very safe to shop and pay inline bills.
Wednesday, July 27, 2011
What is a prepaid debit card?
Prepaid debit card also known as reloadable debit card is also a payment gateway and it appeals to a variety of users. People who don’t have bank account or those who don’t want to use the debit card or bank account for financial transactions use prepaid debit card. Prepaid debit card is the safest way to shop online or offline, pay bills and to make purchases because it is not linked to any or your accounts. The balance which you load onto the card is used for payment. They have all the functionalities of a debit card and are accepted widely. In fact prepaid card is always advisable to use for anybody.
Tuesday, July 26, 2011
What is a Debit Card?
Debit card also is known as bank card or check card is used as a payment gateway for paying online and offline bills and making purchases. Debit card provides the cardholder electronic access. The card is linked to one or multiple checking accounts. When you need money for purchasing goods through a store or through some online medium, this card can http://www.blogger.com/img/blank.gifbe used for direhttp://www.blogger.com/img/blank.gifct transfer into the sellers account from your account. Card contains some electronic codes and when swiped on the machine, machine detects that code (which is unique for every card) and informs the bank about the transfer. Bank then transfers money into the sellers account. This process is very fast and takes seconds in transfer.
Since debit card is linked to checking account and can be used anytime, anywhere, it is also known as electronic check. The money which you use is your real money. Debit cards are not as secure as credit cards. Credit cards are also not very secure but debit cards are more open to frauds because the seller directly gets into your bank account. If you are not aware enough then you can be victimized.
Debit cards usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a check guarantee card. Merchants may also offer cashback facilities to customers, where a customer can withdraw cash along with their purchase.
Since debit card is linked to checking account and can be used anytime, anywhere, it is also known as electronic check. The money which you use is your real money. Debit cards are not as secure as credit cards. Credit cards are also not very secure but debit cards are more open to frauds because the seller directly gets into your bank account. If you are not aware enough then you can be victimized.
Debit cards usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a check guarantee card. Merchants may also offer cashback facilities to customers, where a customer can withdraw cash along with their purchase.
What is a checking account?
Checking accounts or transactional accounts are meant neither for the purpose of earning interest nor for the purpose of savings, but for convenience of the business or personal client; hence they tend not to bear interest. Instead, a customer can deposit or withdraw any amount of money any number of times, subject to availability of funds.
Benefits of using a prepaid card
NEXCEL Card offers debit card, prepaid debit card, prepaid master card and credit card services. We offer our consumers with free prepaid card at the time of signup itself. We educate our customers on how to use a prepaid card and do safe shopping and also how to earn rewards from them. Here are few points why a prepaid card is safe and beneficial
(1) Prepaid card is not linked to a checking account
(2) If you pay your bills or make purchases then money will be deducted from the balance which is there on the card.
(3) since there is no transaction or link with your checking account, your account is not open to the word
(4) If your prepaid card is lost or stolen, you wont loose anything because there is limited balance and the card can be used only by the owner
(5) These cards are easy to get, all that you need to do is a counter payment
NEXCEL offers prepaid master card which works as debit as well as credit card and hence serves all your purposes.
The referral program allows the card owners to generate revenue from the card by sending referrals
(1) Prepaid card is not linked to a checking account
(2) If you pay your bills or make purchases then money will be deducted from the balance which is there on the card.
(3) since there is no transaction or link with your checking account, your account is not open to the word
(4) If your prepaid card is lost or stolen, you wont loose anything because there is limited balance and the card can be used only by the owner
(5) These cards are easy to get, all that you need to do is a counter payment
NEXCEL offers prepaid master card which works as debit as well as credit card and hence serves all your purposes.
The referral program allows the card owners to generate revenue from the card by sending referrals
Wednesday, July 20, 2011
Nexcel Debit Card : Utilizing Debit Will Wreck Your Grocery Finances
On the other hand, when you use your credit card to make a purchase you are using someone's else's funds, particularly the issuer of the credit score card, generally a banking institution.
In result, you concur to spend them back again the dollars you borrowed to make your buy. In addition you will also pay out interest on the income "loaned" to you at the pace which you agreed to when you used for their credit card. This is recognized as the annual percentage rate (APR).
Even though the two cards may act and search alike, the ranges of buyer defense that each sort of card gives can be diverse.
Credit score Cards offer Better Safety!
Beneath federal law, if an individual steals your credit score card you are only accountable to spend the initial $50 of unauthorized charges. Nevertheless, if you notify the credit card issuer before a thief is in a position to make any expenses you may be free from all liability. If the credit card is not physically present when an unauthorized or fraudulent buy is made, these kinds of as over the world-wide-web, you are also free of charge from liability for those expenses.
MasterCard and Visa supply zero-liability protection in which you won't spend any costs if someone uses your credit score card to make an unauthorized invest in.
The defense supplied to debit card fraud is very similar but with a number of exceptions. For case in point, your liability below federal legislation is restricted to $50, the same as for a credit score card, but only if you notify the issuer inside of two business enterprise days of finding the card's decline or theft. Your liability for debit card fraud can leap up to $500 if you never report the loss or theft inside two enterprise days.
And if you are the variety of human being that gives a passing glance to your month to month bank statement, you could be absolutely liable for any fraudulent debit card fees if you wait sixty days or additional from the time your statement is mailed.
Visa and MasterCard zero-liability protection applies to your debit card but only for transactions that do not involve the use of your PIN (personal identification range).
Added safety towards fraudulent use of your credit score or debit cards may possibly be accessible by means of your homeowner's or renter's insurance policies. Verify your policy or with your agent for more details about your protection.
Also be mindful that you need to communicate with your card issuer by certified letter, return receipt requested, after you have contacted them by cell phone to defend your purchaser rights.
As for which card to use for what variety of obtain, most gurus concur that you really should use your debit card for the very same sort of purchases you'd make as if you have been using money. For that reason, it tends to make far more sense to use your debit card than your credit card at the grocery retail outlet or gasoline station (offered you have adequate money to cover these purchases of study course).
In result, you concur to spend them back again the dollars you borrowed to make your buy. In addition you will also pay out interest on the income "loaned" to you at the pace which you agreed to when you used for their credit card. This is recognized as the annual percentage rate (APR).
Even though the two cards may act and search alike, the ranges of buyer defense that each sort of card gives can be diverse.
Credit score Cards offer Better Safety!
Beneath federal law, if an individual steals your credit score card you are only accountable to spend the initial $50 of unauthorized charges. Nevertheless, if you notify the credit card issuer before a thief is in a position to make any expenses you may be free from all liability. If the credit card is not physically present when an unauthorized or fraudulent buy is made, these kinds of as over the world-wide-web, you are also free of charge from liability for those expenses.
MasterCard and Visa supply zero-liability protection in which you won't spend any costs if someone uses your credit score card to make an unauthorized invest in.
The defense supplied to debit card fraud is very similar but with a number of exceptions. For case in point, your liability below federal legislation is restricted to $50, the same as for a credit score card, but only if you notify the issuer inside of two business enterprise days of finding the card's decline or theft. Your liability for debit card fraud can leap up to $500 if you never report the loss or theft inside two enterprise days.
And if you are the variety of human being that gives a passing glance to your month to month bank statement, you could be absolutely liable for any fraudulent debit card fees if you wait sixty days or additional from the time your statement is mailed.
Visa and MasterCard zero-liability protection applies to your debit card but only for transactions that do not involve the use of your PIN (personal identification range).
Added safety towards fraudulent use of your credit score or debit cards may possibly be accessible by means of your homeowner's or renter's insurance policies. Verify your policy or with your agent for more details about your protection.
Also be mindful that you need to communicate with your card issuer by certified letter, return receipt requested, after you have contacted them by cell phone to defend your purchaser rights.
As for which card to use for what variety of obtain, most gurus concur that you really should use your debit card for the very same sort of purchases you'd make as if you have been using money. For that reason, it tends to make far more sense to use your debit card than your credit card at the grocery retail outlet or gasoline station (offered you have adequate money to cover these purchases of study course).
Friday, July 15, 2011
Tips for Consumers
How to use a Debit Card wisely?
1. Know which type of debit card you have, and ask your bank whether you have a choice. Some consumers have complained that the bank changed their ATM cards to debit cards that do not require personal identification numbers without letting them know.
2. Always protect your ATM card and keep it in a safe place, just as you would cash, credit cards or checks.
3. Do not leave your debit card lying around the house or on your desk at work.
4. If your card is lost or stolen, or you suspect it is being used fraudulently, report it immediately to your bank.
5. Close your account and ask your bank for a new account number and PIN.
6. Hold on to receipts from your debit transactions. Don't throw them in public trash cans or even in your own trash without first shredding them. Crooks have been known to "dumpster-dive" for documents that have account numbers and other personal information.
7. Memorize your PIN, and do not write it on your card.
8. Don't choose a PIN a smart thief could figure out, such as numbers corresponding to your birth date or your phone number.
9. Never give your PIN to anyone. Keep it private.
10. Always know how much money you have in your account, and review bank statements carefully. Don't forget that your debit card may allow you to access money that you have set aside to cover a check that has not yet cleared your bank.
11. Keep your receipts in one place for easy retrieval and better oversight of your account.
12. Never give your debit card number over the phone unless you initiated the call and are certain that the recipient is legitimate.
Wednesday, July 13, 2011
Debit Card vs Credit Sore Card
This card is also helpful to these who are obtaining disability, unemployment, social security, veterans' support and other authorities added benefits on a normal foundation. As the U.S. federal government is about to phase out the use of checks by 2013, people today receiving gains have two options. They can open a lender account or use a prepaid card. The second choice is regarded as to be a lot more easy particularly for the elderly.
The prepaid debit cards are frequently favored by folks who do not have or who want to stay clear of lender accounts. At present, reports say that more than 10 million households in the U.S. use this sort of card. It is also anticipated that the volume loaded into these cards will increase to $288 billion by 2014 from only $41 billion in 2008.
Compared with applying a credit score card which involves various service fees from the ATM use, cash improvements to finance fees and interests, the service fees for the prepaid are very minimum. The activation fee can only be all over $10 as well as the month to month charge can only be $9 when the fee for using an ATM for withdrawing capital is at only around $2.50.
Unfortunately, the most up-to-date report states the swipe costs for this sort of card are bound to go up upcoming month. This is via the implementation of a new rule that will demand businesses to reduce their fees in opposition to charge stores. As these types of, the card issuers will be forced to recoup their lost profits and the only way they're heading to obtain that is by raising charges for the people today who use the prepaid debit cards.
The prepaid debit cards are frequently favored by folks who do not have or who want to stay clear of lender accounts. At present, reports say that more than 10 million households in the U.S. use this sort of card. It is also anticipated that the volume loaded into these cards will increase to $288 billion by 2014 from only $41 billion in 2008.
Compared with applying a credit score card which involves various service fees from the ATM use, cash improvements to finance fees and interests, the service fees for the prepaid are very minimum. The activation fee can only be all over $10 as well as the month to month charge can only be $9 when the fee for using an ATM for withdrawing capital is at only around $2.50.
Unfortunately, the most up-to-date report states the swipe costs for this sort of card are bound to go up upcoming month. This is via the implementation of a new rule that will demand businesses to reduce their fees in opposition to charge stores. As these types of, the card issuers will be forced to recoup their lost profits and the only way they're heading to obtain that is by raising charges for the people today who use the prepaid debit cards.
Friday, July 8, 2011
Rewards
What is Debit Card Rewards?
Debit card rewards is suitable for personal use by children from Primary School age onwards because parents can load money on it for them (even from overseas) and monitor the use of the funds by the children and students, seeing at any time where and how funds are spent;
Another great feature of debit card rewards is that you can transfer money abroad at a fraction of the cost of other means – either directly onto another card, to a bank account or to via thousands of agents worldwide. For students from abroad, this has huge benefits, The card makes a great gift.
Purchases you sign for (purchases using your PIN code do not earn points)
Internet purchases
Phone and mail order purchases
Bill payment (including online)
Contactless purchases (purchases made by holding your Visa card or other device up to a secure reader instead of swiping your card)
Small dollar purchases for which the merchant does not require you to sign
Debit card rewards is suitable for personal use by children from Primary School age onwards because parents can load money on it for them (even from overseas) and monitor the use of the funds by the children and students, seeing at any time where and how funds are spent;
Another great feature of debit card rewards is that you can transfer money abroad at a fraction of the cost of other means – either directly onto another card, to a bank account or to via thousands of agents worldwide. For students from abroad, this has huge benefits, The card makes a great gift.
Purchases you sign for (purchases using your PIN code do not earn points)
Internet purchases
Phone and mail order purchases
Bill payment (including online)
Contactless purchases (purchases made by holding your Visa card or other device up to a secure reader instead of swiping your card)
Small dollar purchases for which the merchant does not require you to sign
Can You Use a Debit Card to Lease a Car or truck?
If a vehicle rental business accepts your debit card make positive to look at about any supplemental info that would be necessary. Most providers that accept a debit card will also call for a credit check out at the rental counter and a lot more of a deposit than they require with a normal charge card. Contact your rental place specifically for information and facts on what the credit check out entails. There may perhaps also be age restrictions even if the corporation accepts debit cards.
Note: For most automobile rental businesses, renters under twenty five several years of age may well not use a debit card as Credit Identification at the beginning of the rental. Also, even if a location will accept a debit card from the renter, they could not allow an additional driver to use this sort of credit card.
Some car rental places do not accept debit cards at time of rental to release the auto, but do accept debit cards for payment when you return the auto.
A prepaid debit card is a 1-time use, or reloadable card. You may possibly get this from your tax return or as a reward or "gift card". These varieties of debit cards will not be accepted as credit identification. You must check with the rental auto company to see if this kind of card would be accepted as a method of payment at the finish of the rental.
Note: For most automobile rental businesses, renters under twenty five several years of age may well not use a debit card as Credit Identification at the beginning of the rental. Also, even if a location will accept a debit card from the renter, they could not allow an additional driver to use this sort of credit card.
Some car rental places do not accept debit cards at time of rental to release the auto, but do accept debit cards for payment when you return the auto.
A prepaid debit card is a 1-time use, or reloadable card. You may possibly get this from your tax return or as a reward or "gift card". These varieties of debit cards will not be accepted as credit identification. You must check with the rental auto company to see if this kind of card would be accepted as a method of payment at the finish of the rental.
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