A debit card (also known as a bank card or check card) is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account, or from the remaining balance on the card. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card.

In many countries the use of debit cards has become so widespread that their volume of use has overtaken or entirely replaced the check and, in some instances, cash transactions. Like credit cards, debit cards are used widely for telephone and Internet purchases and, unlike credit cards, the funds are transferred immediately from the bearer's bank account instead of having the bearer pay back the money at a later date.

Debit cards may 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.

Noun

debit (plural debits)

1. In bookkeeping, an entry in the left hand column of an account to record a debt.
2. A sum of money taken out of an account.

Derived terms

• debit card

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See also:

• Business: Financial Services: Banking Services: Credit Cards (34)
• Home: Personal Finance: Money Management: Electronic Cash (7)

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• Frontline: Secret History of the Credit Card
  pbs.org
  FRONTLINE and The New York Times examine how the credit card industry has become so pervasive, lucrative and politically powerful.
• Choosing a Credit Card
  federalreserve.gov
  Tips on how to shop around for a credit card and analyze various offers and agreements. From the Federal Reserve Board.
• CardRatings.com: Credit Related Articles
  cardratings.com
  Offers articles for webmasters and educational purposes.