Student Debit Card
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The ARTICLE: Student Debit Card
If you need an alternative payment method to cash, you might think about a student debit card. Debit cards are a great way for students to go off to college with a cash resource in hand. Using a student debit card is similar to writing a check, without actually writing one. Instead, they function more like a student credit card in that the card is swiped during a purchase.
While student debit cards and credit cards appear to be very similar, they are not. Debit cards draw on funds in a bank account – not credit lines. They are also known as check cards. The term debit card can also refer to a gift card that was purchased to represent an established amount of funds. For safety purposes, debit cards usually require a PIN to authorize a transaction. A PIN is a predetermined series of numbers designated by the bank for cardholder that verifies the person using the card has permission to do so. Additionally, the cardholder may also be required to sign a sales receipt to confirm the transaction.
Unlike student credit cards, debit cards generally are not associated with any fees. The debit card is awarded via the student’s bank where he or she has a checking or savings account.
The downside to a student debit card is, unlike a regular credit card, the cardholder’s use of the card is not reflected on a credit report. In other words, you can’t use a debit card to help build your credit. If you want a card that is going to help you build credit, you may consider a student credit card instead. There is also another option to credit building – a prepaid student credit card. This type of card allows the student to prepay into an account and use a credit card to spend the money. The main difference here is the student’s actions are reported to credit reporting agencies. To learn more about student credit cards, visit www.studentcreditcards.com.
In some countries the debit card is multipurpose, acting as the ATM card for withdrawing cash and as a check guarantee card. Merchants can also offer “cashback” /”cashout” facilities to customers, where a customer can withdraw cash along with their purchase. The use of debit cards has become wide-spread in many countries and has overtaken the check, and in some instances cash transactions by volume.
.
StudentCreditCards.com presents this student credit card AD:
Citi® mtvU(TM) Platinum Select® Visa® Card for College
CLICK HERE for Details
.