What is a Visa card used for ?
It is a payment card that is managed by the Visa network. It is an electronic payment method that is one of the largest and widely accepted worldwide. Cardholders can do various types of financial transactions such as online or offline purchases, cash withdrawals, etc. Visa cards are different forms of Visa cards like gift cards, prepaid, credit and debit cards, etc. Advanced chip technology makes Visa cards safe and secure. However, cardholders must ensure not to share their PIN and personal details. You can also make contactless payments.
Visa card provides a secure and very convenient method of payment & this is the main function of a Visa card. There is no need to carry a large cash amount. You can carry a valid Visa card to do financial transactions across multiple locations around the globe to make purchases where Visa payments are accepted, including online, offline (in-store purchases), bill payments, and other types of payment.
Visa Credit cards:- With the use of Visa credit cards, you can buy now and pay later. But in credit cards, there is a credit limit means a maximum purchase limit. If the cardholder makes any purchase, then they need to pay back the full borrowed amount within the time limit otherwise after the due date one has to pay the amount with interest and this can also affect the credit score.
Visa Debit cards:- Such cards are linked with your bank account funds & any payment completed is directly debited from your linked bank account. you can also withdraw money from an ATM or bank and check the available balance.
Prepaid Visa cards:- Such cards are very useful to control and manage your budget as Prepaid Visa are pre-loaded with a certain and one cannot use them beyond that amount.
Gift cards:- Similar to Prepaid Visa cards, to gift someone i.e. a preloaded card.
Apart from financial transactions, there are other benefits and features like rewards points, cashback, insurance, warranty coverage, discounts & offers, and other perks as per card issuer on specific types of cards.
Also Read : How can a beginner start a mutual fund
Is Visa card and ATM card same?
ATM cards are issued by financial institutions and are directly linked to your Bank account & the main purpose of ATM cards is for withdrawing cash from ATMs (Automated Teller Machines) and some other purposes are deposits, transfers, balance inquiries, and purchases. You can find that some ATM cards have Logo Visa but not all have.
Visa cards are also issued by financial institutions & Visa is a huge global payment network & their worldwide network facilitates seems financial transactions with the use of Visa Cards. Visa cards can a credit or debit cards & are used for various financial transactions globally where Visa cards are accepted such as online purchases, In-store purchases withdraw cash from ATMs.
Banks issue ATM cards with Visa facility i.e. a debit card. This can be used for cash withdrawals like ATM cards & doing financial transactions like purchase payments globally.
Why is Visa card popular?
Visa cards are widely accepted worldwide. It is a popular choice for consumers because of their factors like:
1. Globally Accepted: Consumers can use Visa cards across the globe in more than 200 countries for financial institutions with ease. It can be very beneficial for travelers.
2. Security payment: Visa offers many security features such as advanced encryption technology, fraud protection, and zero liability policies & these are helpful to protect cardholders from unauthorized transactions.
3. Rewards and Benefits: Visa cards offer rewards programs, cashback options, and other perks to their consumers with some terms and conditions.
4. Flexibility: Visa cards can be credit, debit, prepaid, and gift cards as per consumer needs.
5. Innovation: With their innovation & technologies consumers can visa cards as contactless payments and there a mobile wallet integration. Thus, it makes transactions faster and more convenient.
Can I use Visa at ATM?
Yes, Visa Cards are accepted at ATMs globally & you can withdraw money from ATMs. But you must check that the card is compatible with the ATM. Below are some checkpoints at the ATM:
- Ensure the Visa logo is on the ATM.
- If you are traveling in a foreign country, confirm about bank’s fees for ATM withdrawals.
- Daily withdrawal limits.
- Do not share your card and associated PIN with any strangers to avoid any fraud.
- Collect money, cards, and transaction receipts.
Ensure to follow these simple tips to use a Visa ATM card safely.
