Use of Electromagnetic Cards

     In this modern technology world credit cards have acquired a necessary service. Our society is moving towords cashless transactions by use of these credit cards. In this article I am writing about types of credit cards and their information. This credit cards take important role in our life for saving our valuable time. This services are available 24 hours so customer can use it when they want and there is no time limit.

Credit Cards :
Credit card is a generally electromagnetic card which is made up of plastic having a small chip integrated circuit on its surface and associated with the customers bank account. This card is issued by the bank to customer with an agreement. Credit card have customer name and bank account number associated on it. This card is valid up to the validity mentioned on the card, credit card is also embossed with a specimen signature panel on the reverse. There is a fix limit for purchase each month that is informed to customer by the bank, Credit card purchasing limit is known as 'Card limit'. There are many different credit cards we are mentioning some of them here.

Debit Card :
This card is acts like a credit card but the difference is that when you make a transaction by using a debit card your funds are immediately taken from the account. This debit cards are secured with Pin number that is when user uses debit card it will ask for Pin number and Pin number stands for Personal Identification Number.

Charge Cards :
In this type of card service customer can use his card for a specific period that is one month. All the transactions made in the mont have accumulated and total amount have charged i.e. Debited from the account. Credit card holder is given period of 25 to 50 days time to make transactions. The transactions are also made in case of debit. In this card all transactions are accumulated and charged not debited immediately and debited after one month or a specific period.

Credit Card :
This card acts same as charge card. By using credit card you can make transactions over a month i.e. transactions are only charged and accumulated to debit once in month. The main difference between charge card & credit card is credit card holder has two options i.e. Cardholder can pay the entire amount his account is debited or can pay certain percentage of amount and he can pay the amount in monthly instalments later. In case of charge card the amount becomes payable immediately on the debit to account.

Smart Card :
Smart cards are made of plastic and Integrated circuit have associated on it. The quality of the smart card is specified by International standard organisation (ISO 7846). There are two main types of smart cards i.e. Intelligent memory chip and micro-processor chips. Memory chip cards have been used from several years. This memory chip smart cards are used in voting, Identifications, Access control, Pay phones etc.