Money Card Basics & Advices
There is no official definition of money card, or is there anywhere else mentioning this term. It's a generic term referring to the type of card that contains monetary value. Read what MoneyCard.org come up with.
Definition of Money Card
Money card can be defined as a card that contains monetary value. It's simply just a card you can use to spend money instead of using cash.
Overview
Money card can be classified based on usage, such as saving card, credit card, debit card, etc. They also can be classified by physical state, as a physical card, or a virtual card.
Types of Money Card
Because of its nature being generic term, money card has a lot of specific types. Those types can be classified based on they way you spend, the physicality, and the type of account.
Spending types
Base on they way you spend, the card can be:
- Credit card, pay for purchase before you pay the bank
- Debit card, pay for purchase after you deposit money
- Prepaid card, pay the bank first, then pay for purchase
- ATM card, pay at cashier machine
- Gift card, you pay the bank, someone else spend your money.
- Discount card, pay less for your purchases
- Phone card, pay for calling
- Travel card, pay while travelling.
Physical types
Base on the physical attributes, a money card can be classified as:
Account types
Base on account it can be:
- saving account card,
- cheque card,
- transaction account card,
- term deposit account,
- credit account,
- guarantee account,
- etc.
Physical Money Card
Physical money card is a tangible card, that is visible, touchable, and holdable. This type of money card is carried around by almost every adult person in developed countries, and is become more and more popular world wide. Here are some characteristics of physical money card.
Virtual Money Card
Virtual money card is not tangible. There is no real "card" but a presence of the card as an account. You still have the card number, pin and everything related to a card. Virtual money card normally is branded as prepaid card.
