An ATM card is a card used to withdraw money or check the balance at an automated teller machine. Different banks issue different ATM cards depending upon the additional benefits. For instance, while some ATM cards come with overdraft facilities, others may have varied overdraft limits.
Most banks issue one debit-cum-ATM card that can be used at ATMs, for online payments and swiping at other card payment gateways. Banks or financial institutions tie up with payment network processing companies like Visa, Mastercard, or Rupay to provide Debit ATM cards. Let’s read further to know in detail about different types of ATM cards.
Types of ATM cards
Each financial service institution like Visa or Mastercard provides several types of cards like Visa Classic, Visa Platinum, Standard Mastercard or Gold Mastercard, etc. Further, these institutions partner with banks and provide many kinds of customized debit ATM card options which are coupled with several benefits and rewards that can be offered to customers. Some of the examples are EasyShop Platinum Debit Card-VISA by HDFC, VISA Classic Debit Card by Axis, Rupay Platinum debit Card by Axis, etc.
Based on financial service providers, there are mainly 4 types of ATM/Debit cards:
- VISA ATM Cards
VISA Cards by banks are actually in partnership with Visa Inc., an American finance MNC. It is one of the most popular and widely used cards; hence, is accepted globally. VISA provides several types of ATM cards like Classic, Gold, Platinum, etc. in association with the banks. These cards come with an Overdraft facility and use the VISA payment gateway which is safe and secure.
VISA also provides the VISA Electron Card that does not have an overdraft facility. It is usually given to younger customers or those with poor credit scores. It is also not accepted in some countries. There is no charge on cash withdrawal with VISA Electron Cards.
- Mastercards ATM Cards
Mastercard is also an American service provider and is globally accepted like VISA. It is a highly safe payment gateway with 24×7 customer service. It is a global bank card payment transaction processor that partners with banks to issue debit cards. Its portfolio of brands and products includes Maestro, Cirrus, and MasterCard PayPass.
- RuPay ATM Cards
RuPay is an Indian multinational financial service provider and payment service system. It is the first of its kind global card payment network from India. It was RBI’s vision and conceived as well as launched by the National Payments Corporation of India in 2012. Since then, Rupay debit cards have been widely accepted at ATMs, shops, and online payments.
- Contactless Cards
Contactless ATM Cards use RFID (Radio Frequency Identification) technology that lets the card communicate with the card reader when held closely. The card reader reads and authenticates the information exactly like it does when other cards are inserted into the card reader space. Some customers feel it’s a better and faster cash transaction experience. Banks like ICICI and SBI offer Contactless cards.
The above-mentioned ATM cards are broadly categorized based on service providers. Different banks partner and provide customized cards that offer different services and benefits. One can compare and choose an ATM card as per their requirement and income.