Editing Debit card (section)

{{Short description|Card used for financial transactions, usually without a credit line}}
{{use American English|date=July 2023}}
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[[File:Kookmin Bank Debit Card Nori.jpg|thumb|A [[Kookmin Bank]] debit card]]
{{Banking |access/cards}}
A '''debit card''', also known as a '''check card''' or '''bank card''', is a [[payment card]] that can be used in place of [[cash]] to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a [[credit card]], but the money for the purchase must be in the cardholder's [[bank account]] at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.<ref name=XferAlmostImmed>{{cite news
|url=https://archive.nytimes.com/www.nytimes.com/library/financial/personal/090300personal-card-sidebar.html
|title=Adding Up the Drawbacks of a Credit Card That Isn't
|author=Nancy Lloyd
|date=September 3, 2000
|access-date=July 28, 2022
|archive-date=July 28, 2022
|archive-url=https://web.archive.org/web/20220728175151/https://archive.nytimes.com/www.nytimes.com/library/financial/personal/090300personal-card-sidebar.html
|url-status=live
}}</ref><ref name=DeLuxLarger/>

Some debit cards carry a [[Stored-value card|stored value]] with which a payment is made (prepaid cards), but most relay a message to the cardholder's bank to withdraw funds from the cardholder's designated bank account. In some cases, the [[payment card number]] is assigned exclusively for use on the Internet, and there is no physical card. This is referred to as a [[virtual card]].

In many countries, the use of debit cards has become so widespread that they have overtaken [[cheque|checks]] in volume or have entirely replaced them; in some instances, debit cards have also largely replaced cash transactions. The development of debit cards, unlike [[credit card]]s and [[charge card]]s, has generally been country-specific, resulting in a number of different systems around the world that are often incompatible. Since the mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases.

Debit cards usually also allow an instant withdrawal of cash, acting as an [[ATM card]] for this purpose. Merchants may also offer [[Debit card cashback|cashback]] facilities to customers so that they can withdraw cash along with their purchase. There are usually daily limits on the amount of cash that can be withdrawn. Most debit cards are [[plastic]], but there are cards made of metal and, rarely, wood.<ref>{{Cite web
|url=https://www.bankiful.com/debit-cards/top-metal-debit-cards-that-are-stunning-and-easy-to-get
|title=Top metal debit cards that are stunning and easy to get
|date=May 10, 2021
|access-date=September 28, 2021
|archive-date=September 28, 2021
|archive-url=https://web.archive.org/web/20210928005302/https://bankiful.com/debit-cards/top-metal-debit-cards-that-are-stunning-and-easy-to-get/
|url-status=live
}}</ref>&nbsp;