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Which payment card to choose?

Which payment card to choose? - photo -

In order to decide on the choice of card, you need to know that there are debit and credit cards.

Debit are intended for payments with own funds. You can pay with such a card only within the limits of the amount that is on the account or the provided overdraft.

Using a debit card you can:

  • withdraw cash from the account;
  • receive and make transfers;
  • pay for goods and services;
  • keep funds in the account.

Some banks offer the service of calculating interest on the balance of funds in the account and cashback. MTB BANK calculates interest on the deposit and on the balance on the current account as part of the «Mobile capital» product . And for credit cards Benefit New  in cashbacks are offered within the Promotions.

A separate type of cards – debit cards with overdraft. Overdraft – this is an opportunity to go "in the red" on your salary card within the limit set by the bank. In this case, after your own funds have been fully spent, you can pay with funds within the limits of the established overdraft. For using an overdraft, the bank charges interest, similarly to a loan. When the next salary is accrued, the bank first of all debits funds to repay the overdraft.  Overdraft – it is a separate banking product that you can opt out of if you don't want to use it.

Credit cards allow you to make payments with the funds that the bank lends within the limits of the credit line. Many banks also offer grace periods when the interest rate for using credit funds is minimal. In any case, it is important to repay the debt on time! MTB BANK provides a grace period of 55 days for the Benefit New card.

By the way, cards are personalized in Ukraine. This means that every card has a holder, even if it doesn't have your name on it. Transferring your card to another person is prohibited.

For family members, in particular for children over 6 years old, additional cards can be issued in their name. These cards are tied to the owner's current account. Children's card from MTB BANK is issued to children aged 6 to 18 years as an additional card  to the account of one of the parents. You can pay with additional cards within the limits of the amount on the account or the established limits.

More about cashless payments here

#Cashless, #Iamcashless


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